This altcoin has been in the limelight in crypto for the past few weeks. In addition, analysts’ predictions for the altcoin are that it will rise.
The background of this altcoin
Polygon was released in October 2017. Its founding partners are Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. They launched their own mainnet in 2019. They have contributed a lot to the Ethereum network so far. You can also use the same address for your Ethereum and Polygon account.
Polygon is the Layer-2 solution. They address Ethereum’s scalability issues. This means that they are built on top of Ethereum. In other words, they are a side chain. They are also EVM (Ethereum Virtual Machine) compatible. This means they can use Ethereum security.
- Higher processing speed:They managed to hit 10,000 TPS on an internal testnet.
- Cheaper transactions:Fees are very low.
Polygon’s technologies and bridges
Polygon is a separate blockchain built on top of Ethereum. This is unlike other L2 solutions like Arbitrum or Optimism. They offer developers of other projects different options for their sidechains. Polygon acquired Hermez Network in August 2021.
As a result, the two blockchains merged. This is the first time such a merger has taken place between the two chains. Also, Polygon put $250 million in MATIC tokens on the table for this deal. They can save space by commissioning their technology. A standard Ethereum transfer can take up to 100 bytes. On the other hand, Hermez uses only 10 bytes.
Polygon DAO and its bridges
They formed a DAO shortly after this acquisition. This should lead to more decentralization of Polygon. Other technologies Polygon is working on are still under construction. Here are some developments:
- nightfall : A review focused on privacy for businesses. It combines optimistic rollups with ZK rollup cryptography.
- stomach: A general purpose ZK based on Stark ZK technology.
Also, Polygon has two bridges. They are slower but also safe and reliable. These:
- POS bridge: It supports ETH and other common ERC tokens. For example, ERC 20, ERC 721 and ERC 1155. Deposits are almost instantaneous. However, withdrawals can take a little longer, up to 3 hours.
- Plasma bridge: This bridge leverages the Ethereum plasma scaling solution. You can transfer MATIC, ETH, ERC20 tokens and ERC 721 tokens. This bridge has better transfer security. On the other hand, withdrawals take 7 days.
Polygon’s Web2 partnerships
In the last weeks and months, Polygon has always been in the news. Much of this was due to their partnerships with Web2 companies. They want to have a place in Web3 and have chosen Polygon as their platform. These are some top names that everyone is familiar with. Among them are Starbucks, Stripe, Adidas, Adobe, Meta, Reddit and NFT.
They have also partnered with the Swiss city of Lugano. They did this together with Thether known from USDT. Lugano aims to become the blockchain capital of Europe. They introduced their own stablecoin, LGVA.
Games, NFTs and Metaverse
Polygon has a special section for this section, it’s Polygon studios. This could become one of the largest divisions within the altcoin. They are already active in the gaming industry. According to DappRadar, they support projects such as:
- HunnyPlay for gambling.
- Planet IX.
- BenjiBananas.
- Arc8 by Gamee.
But the biggest fish they have pulled out of the river is the y00ts collection. They will be moving from Solana to Polygon in the next few months. Frank, the owner of Y00ts, receives an amazing $3 million grant for this transfer. Still, NFTs don’t have much traction at the moment. Transaction volume is still low but Y00ts can change that. Meanwhile, the base price of the Y00ts has increased from 150 to 190 SOL. He momentarily reverted to 154 SOL. cryptocoin.comAs we mentioned, MATIC is trading at $0.91, up 2% in the last 24 hours.
