In a recent episode of the Open Metaverse Podcast by Animoca Brands, the hosts discuss the emergence of Polygon as a leading Layer 2 scaling solution for Ethereum and its potential impact on the blockchain industry.
The hosts are joined by Sandeep Nailwal, co-founder of Polygon, who shares his insights on the growth of Polygon and its role in addressing the scalability issues of Ethereum. Sandeep discusses how Polygon’s technology works, its partnerships with other blockchain projects, and its plans for future development.
Let’s fill you in on some of the latest Polygon stats:
- Daily Transaction Volume has been steady and slowly trending upward with yesterday’s volume being over 3.18 million.
- The amount of unique Polygon addresses also continues to rise at a steady clip, with an average daily increase for 2023 holding around 100,000 new addresses.
- Daily active Polyogn addresses have also been rising, hitting a peak in January 2023 and rising to a new high; which is estimated to be hit in April 2023.
- Here’s a fun one. Currently, 97% of Coinbase users that currently own some amount of $MATIC, are buying more. In other words, 97% of Coinbase customers have increased their net position in Polygon over the past 24 hours.
If those stats don’t get you excited (which they should), PolyCon certainly will! PolyCon is an annual event hosted in collaboration with the Polygon Network that brings together developers, entrepreneurs, investors, and other stakeholders in the blockchain industry to discuss the latest developments and innovations in the space.
The event typically features keynote speeches, panel discussions, fireside chats, and workshops covering a wide range of topics related to blockchain and decentralized technologies. Speakers at past PolyCon events have included industry leaders, investors, and prominent figures in the blockchain and cryptocurrency space.
In addition to providing a platform for thought leaders and innovators to share their insights and experiences, PolyCon also serves as an opportunity for developers to showcase their projects and applications built on the Polygon Network. Attendees can explore the latest dapps and other decentralized solutions, network with other members of the community, and learn about the latest trends and opportunities in the blockchain space.
In the podcast interview, Sandeep Nailwal discussed the unique features and benefits of Polygon, such as its fast transaction speeds, low fees, and ability to support a wide range of applications and use cases. Sandeep emphasized that Polygon is not just a scaling solution for Ethereum, but a full-fledged ecosystem that is capable of hosting its own decentralized applications and services.
The conversation delved into the challenges and opportunities of building applications on the blockchain, including the need for better user interfaces and experiences, the importance of community building, and the potential for blockchain technology to disrupt traditional industries.
Throughout the episode, the hosts and Sandeep provided valuable insights and perspectives on the rapidly evolving blockchain industry, and the ways in which technologies like Polygon are helping to drive its growth and innovation.
Polygon has been working on some exciting developments, including Polygon zkEVM and Polygon Edge.
Polygon zkEVM is a layer 2 scaling solution developed by the Polygon Network that uses zk-rollups to enable fast and low-cost transactions on the Ethereum blockchain. Zk-rollups are a type of scaling solution that allows multiple transactions to be processed and validated off-chain, and then submitted to the Ethereum blockchain as a single batch. This significantly reduces the amount of computational power required to process transactions, and can greatly increase the speed and efficiency of the network.
The zkEVM is a specialized virtual machine that is designed to work with zk-rollups, allowing developers to build and deploy smart contracts on the Polygon network that can take advantage of this new scaling technology. It is fully compatible with the Ethereum Virtual Machine (EVM), which means that developers can use familiar programming languages and tools to build their applications.
One of the key benefits of Polygon zkEVM is that it can handle complex smart contracts and other advanced functionality, while still providing fast transaction processing and low fees. This makes it an attractive option for developers looking to build powerful and scalable decentralized applications on the Ethereum network.
Polygon Edge is a Layer 2 scaling solution developed by the Polygon Network that is designed to help developers build fast, secure, and scalable decentralized applications (dapps) on the Ethereum blockchain.
Polygon Edge essentially works by creating a sidechain that is interoperable with Ethereum, allowing developers to build dapps that can benefit from the speed and efficiency of a layer 2 scaling solution while still being able to interact with the Ethereum network and its user base.
One of the key features of Polygon Edge is its support for a wide range of development tools and programming languages, making it easy for developers to build and deploy dapps on the network. Additionally, Polygon Edge offers low transaction fees and fast confirmation times, making it an attractive option for developers looking to build dapps that can handle high volumes of transactions.
With this constant innovation, Polygon has solidified its spot in the top 10 of all cryptocurrencies and shows no signs of slowing down. Right behind Polygon is Doge, sitting in the 9th spot. In the interview, Sandeep mentioned Dogechain being one of the largest Polygon sidechains.
Dogechain is a Proof-of-Stake (PoS) blockchain that is EVM-compatible and designed to complement the Dogecoin cryptocurrency. The blockchain is not built on the Dogecoin network but rather interacts with it to bring stability, robustness, security, and utility to Dogecoin. It aims to provide smart contract capabilities and access to features such as NFTs, blockchain-based games, and DeFi to enhance the utility of the Dogecoin token. Some of the main features of Dogechain include EVM compatibility, decentralized governance, cross-chain compatibility, and IBFT Proof-of-Stake consensus. The primary goal of Dogechain is to increase the utility of the Dogecoin token and provide a wide range of applications for users. This includes participating in the NFT market, accessing GameFi opportunities, joining DEXs, and accessing financial features such as staking, borrowing, lending, and liquidity mining.
The combination of Polygon and Dogechain would be an unstoppable force, and Polygon’s battle-hardened code deployed through Dogechain would result in a safe haven for memecoin lovers everywhere. Will we see this type of partnership in the future? Only time will tell.