Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem

Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem

The past few weeks have been interesting for blockchain platforms, many of them seeing greater adoption beyond just cryptocurrency development.

This week, Polygon secured a monumental partnership with one of the “Big Four” accounting firms to improve transaction efficiency.

Moving On from Etheruem

In a press release, financial services giant Ernst & Young (EY) confirmed that it would integrate its flagship blockchains services into the Polygon suite. The announcement explained that this partnership would improve EY’s blockchain functionality, allowing enterprise clients to make better, cheaper transactions.

The partnership will focus primarily on the EY OpsChain and EY Blockchain Analyzer. Both tools will be integrated into Polygon, offering EY’s clients increased transaction speed and more predictable fees. Both partners will also look to provide permissioned, private optimistic rollup chains – essentially, layer-two solutions that improve transaction speed and cost compared to the Ethereum mainnet.

Ethereum’s transactions problems are well known. The Ethereum blockchain remains highly congested, thanks to increased activity in spaces like decentralized finance (DeFi) and non-fungible tokens (NFTs). This congestion issue has led to rising gas fees and concerns about scalability. Etheruem is looking to address these issues by migrating to a proof-of-stake (PoS) mechanism in its ETH 2.0 upgrade, but that will not come until 2022 at the earliest.

With ETH 2.0 on the way, several blockchains have looked to step up in Ethereum’s palace. Polygon (MATIC) is just one of the many names, with blockchain like Fantom (FTM), Solana (SOL), and much more throwing their hats into the ring. The Cardano (ADA) blockchain also recently implemented smart contracts, putting it on the same pedestal as Ethereum (ETH) for developers.

With so many competitors now looking to steal the spotlight, there is incredible pressure on the Ethereum blockchain to become more scalable when ETH 2.0 comes. If it is unable to, then Ethereum would lose even more market share than it already has.

EY’s Blockchain Exploits

EY has been doing a great deal of work to improve its blockchain infrastructure. The company is blazing the trail for financial services using blockchain technology, doing much more than the rest of its “Big Four” competitors for blockchain development.

Earlier this year, the financial services giant invested $100 million into development and engineering for several blockchain product offerings.

The company launched second-generation Smart Contract & Token Review tools through the Blockchain Analyzer suite as part of the move. These included a testing studio for simulated smart contract execution, which will help complex applications in the decentralized finance (DeFi) space.

EY also pointed out that Italian beer company Peroni has been using its EY OpsChain Traceability – an Etheruem-based supply chain solution, to notarize company information. Peroni also plans to mint NFTs to identify and track data for patches of its beer.

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Author: Jimmy Aki

Polygon Continues Expansion Play With DeFi Focus, Forming A Decentralized Autonomous Organization

Polygon Continues Expansion Play With DeFi Focus, Forming A Decentralized Autonomous Organization (DAO)

Ethereum infrastructure developer Polygon is making some big moves as it seeks to appeal to the decentralized finance (DeFi) space.

On Thursday, the company announced that it would increase its focus on DeFi as it looks to capture the space. First on its agenda is the formation of a Decentralized Autonomous Organization (DAO).

Polygon’s blog post invited community members to share their views on a possible DAO. The company plans to create committees that will promote possible discussions between projects such as Sushi Aave and QuickSwap as it looks to bring DeFi to its users.

The blog post went on, highlighting Polygon’s belief that a DAO is the next logical step in its DeFi mission. Polygon also explained that it would use part of its #DeFiForAll fund, which stands at $100 million, to begin the process of forming a DAO.

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products. Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO token holders.”

Polygon Grows its Ecosystem

Polygon’s focus on DeFi is coming just a week after the company incorporated ZK-rollup project Hermez Network in a deal reported to be worth $250 million. In an announcement, Polygon explained that Hermez would be a part of its suite of solutions, with its name changing to Polygon Hermez.

As a zk-rollup, Hermes helps to verify the accuracy of a large batch of crypto transactions. The transactions themselves are executed by an outside ecosystem, and proofs are immediately generated. These proofs are posted to the Ethereum blockchain, helping the chain to save block space and speed up transaction confirmation times.

As part of the deal, all holders of Hermez’s native HEZ token will be able to exchange them at a swap ratio of 3.5 MATIC: 1 HEZ.

Polygon added that HEZ will be phased out, although it hadn’t set a date for that yet. The company will also absorb Hermez’s team, which comprises 26 people. The employees will be deployed to join Poygon’s team, working on projects such as an Ethereum Virtual Machine (EVM)-compatible solution.

Polygon has also made strides in improving its MATIC token’s utility. Last month, the MATIC mainnet was fully incorporated into the Binance platform, making it easier for Binance traders and users to make MATIC-based transactions through their accounts. The integration also allows them to interact with decentralized applications like Balancer and SushiSwap.

While the move focuses specifically on the MATIC mainnet token, Binance also plans to support BEP20, ERC20, and BEP2 MATIC associated tokens. The exchange is the latest to receive MATIC mainnet integration, with Polygon also completing the steps with Huobi and the Coinbase Wallet.

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Author: Jimmy Aki

Ethereum Blockchain Developer Platform, Alchemy, Integrates Scaling Solution Polygon (MATIC)

Ethereum Blockchain Developer Platform, Alchemy, Integrates Scaling Solution Polygon (MATIC)

Blockchain developer Alchemy has added support for the second layer scaling solution, Polygon.

Faster Product Launches on Polygon

Alchemy is an infrastructure provider that helps developers build decentralized apps (dapps) on Ethereum and other networks.

With this new integration, developers on the Alchemy platform can now launch their Ethereum applications on Polygon.

Currently, Alchemy is home to about 70% of all Ethereum applications. This includes decentralized finance (DeFi) platforms like OpenSea, Aave, and Yearn.Finance.

The issue of limited throughput and high gas fees on Ethereum has driven developers and users alike to layer two solutions like Polygon.

The new support for Polygon will make it easier for Alchemy developers to access the layer two solution’s high-speed, low-cost, and scalable ecosystem.

Polygon has gained massive popularity lately due to its cheap transaction fees and scalability possibilities. The network has supported more than 380 million transactions from its 1.7 million unique wallets. It has also attracted several leading DeFi platforms in recent months, such as Aave, Kyber Network, SushiSwap, and Curve Finance.

Last month, Polygon announced its partnership with decentralized exchange (DEX) protocol 0x to raise $10 million for the DeFi sector. The capital would help support developers and fund relevant projects in the DeFi sector.

Alchemy Expanding Partnerships As Part Of Multi-chain Plans

Alchemy’s latest partnership with Polygon is part of its efforts to offer developers access to multiple networks as it aims to build a multi-chain system.

Last month, Alchemy announced that it would be supporting Ethereum scaling solution Optimism. This partnership would enable developers to build quickly and scale inexpensively, without touching a node.

With Optimism’s optimistic rollup Layer 2 technology, the major issues that exist in the Ethereum network, which has seen several developers opt for competitive networks, would be addressed.

Before Optimism, Alchemy had previously been partnered with Offchain Labs’ Arbitrum, Dapper Labs’ Flow, and Crypto.com’s Crypto.org as part of its greater plan to become multi-chain.

Meanwhile, Alchemy has had a good year so far. In April, the firm raised $80 million to power the blockchain industry.

The round was led by Addition and co-led by Coatue Management, the tech investment manager led by hedge fund maven Philippe Laffont.

Alchemy claims to have powered over $30 billion in transactions for tens of millions of users in 99% of countries worldwide and is committed to increasing its number of users.

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Author: Jimmy Aki

DeFi Platform Balancer to Join Layer 2 Solution, Polygon Network, In A Bid to Reduce Fees

DeFi Platform Balancer to Join Layer 2 Solution, Polygon Network, In A Bid to Reduce Fees

Balancer joins Polygon, formerly Matic network, to reduce the fees and improve scalability on its platform. Token incentives of up to $10 million will be distributed to users in line with the move to Polygon.

Decentralized asset management platform, Balancer is expanding to Polygon, Ethereum’s Layer 2 solution, to reduce transaction fees and increase scalability for users. Announced Thursday, the move to Polygon responds to the high fees experienced on Ethereum and the boost in user activity on Polygon in recent months. A tweet from the Balancer team reads,

“We are thrilled to announce that Balancer Protocol has expanded to layer 2 solution, Polygon.”

“We believe that Balancer Labs and Polygon can work closely to increase liquidity in DeFi, lower trading fees to zero, and make DeFi accessible to everybody!”

As DeFi liquidity programs advance, high gas costs have made it practically impossible to experiment o different liquidity pools due to the costs involved in creating, joining, or exiting a pool. Furthermore, aggregating liquidity across several uniquely composed pools is also a challenge due to high gas costs.

Polygon does away with the high gas costs by offering users close to zero-fee transactions enabling experimentation on several pools. As such, several DeFi platforms, including AAVE, Sushi, and Curve, have deployed pools there, and it is quickly becoming “one of the preferred scaling solutions for Ethereum,” Fernando Martinelli, Balancer Labs CEO & Co-Founder said in a statement. Martinelli said,

“We have noticed the amount of traction that Polygon has been getting and the great user experience that it provides, and our community really wants that.”

“Polygon will enhance Balancer’s ability to scale further using L2s.”

Following the expansion to Polygon, Balancer’s liquidity mining committee voted to extend incentives to users on the platform with BAL, MATIC, and Qi rewards to be disbursed every week. Moreover, Balancer aims to introduce its index liquidity mining program featuring a “base pool” featuring (WMATIC/USDC/WETH/BAL), two “DeFi indices” (LINK/WETH/BAL/AAVE), a Polygon index (SUSHI/WMATIC/USDC/QI/WETH/QUICK/BAL/ADDY) and a Qiswap index (WMATIC/USDC/QI/BAL/MAI).

The incentives started on June 28th, 2021, with 25,000 BAL distributed per week from Balancer, 375,000 MATIC from Polygon, and 30,000 Qi per week by the Qi DAO pool.

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Author: Lujan Odera

Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program

Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program

Decentralized finance liquidity hub Kyber Network would expand to Ethereum layer 2 scaling solution Polygon network later this month.

The Kyber community is said to have voted in favor of the move according to the Kyber Improvement Proposal for the expansion.

Kyber’s New Program Aimed At Enhancing DeFi Liquidity

Kyber also disclosed that it would be rolling out its first liquidity mining program called Rainmaker on the platform’s Dynamic Market Maker (DMM) protocol. This would be launched on Polygon on June 30th to mark Kyber’s expansion into the network.

The DMM is an improvement of an automated market maker design. It enables users to trade ERC-20 tokens in capital-efficient liquidity pools that are less prone to impermanent loss and slippage.

According to the firm, the Rainmaker program aims to enhance the liquidity of Ethereum and Polygon-based decentralized finance (DeFi) ecosystems.

The program will run for two months and distribute $30 million in rewards to liquidity providers on the Kyber DMM across both Polygon and Ethereum.

Under the program, 2.52 million Kyber Network Crystal (KNC) tokens worth about $5 million and another $500,000 worth of MATIC tokens will be distributed to liquidity providers (LPs).

Kyber would also allocate $25 million worth of rewards to liquidity providers for the existing Ethereum-based DMM.

Kyber becomes the latest of many other leading Ethereum-native projects to join Polygon. Speaking on the Polygon partnership, co-founder of Kyber Network, Loi Luu, said,

“Through this partnership, Polygon’s vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol, and we believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance.”

DeFi Protocols Migrating From Ethereum To Polygon

Polygon has recently exploded in popularity as major DeFi protocols have switched to the layer 2 scaling solution to bypass higher fees and congestion on Ethereum.

According to data by blockchain data research firm Nansen, between June 1 and 7 alone, more than $1 million valued stablecoin transactions dominated 65% of daily transaction volume on Polygon.

This emphasizes the shift of large-valued players in the decentralized finance (DeFi) sector migrating from Ethereum to Polygon’s fast-growing ecosystem.

DeFi protocols such as Aave, Curve, Sushiswap, 1inch Network, and Ren have joined Polygon this year, attracting billions of dollars in liquidity.

Decentralized exchange 0x protocol also partnered with Polygon this year. The protocol launched an API tool to enable Ethereum-based DEXs to interact with the Polygon ecosystem.

The 0x API features DEX liquidity channels like SushiSwap, Dfyn, and Curve, as well as Dodo, mStable, QuickSwap, and Cometh.

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Author: Jimmy Aki

DeFi Dashboard Zapper Finds and Exploits A Vulnerability in Old ‘Polygon Bridge’ Smart Contract

DeFi Dashboard Zapper Finds and Exploits A Vulnerability in Old ‘Polygon Bridge’ Smart Contract

Sidechain project Polygon is currently enjoying a record $11.6 billion of total value locked (TVL) in it, up from $1.16 billion just two months back, as it continues to gain adoption.

Ethereum scaling layer 2 solution, Polygon, has been seeing a lot of adoption as more and more projects integrate with the sidechain in order to lower the fees.

Polygon allows users to enjoy faster transactions, lower gas fees, and more scalability as the crypto market continues to grow, which led to congestion on the second-largest network.

Originally launched in 2019 as Matic Network and later rebranded as Polygon (MATIC), it gained the backing of billionaire investor Mark Cuban this year.

The protocol has a record $11.6 billion of total value locked (TVL) in it, up from $1.16 billion just two months back, as per DeFi Llama.

The token MATIC is a $10.6 billion market cap coin trading at $1.66, down 36.5% from its peak of $2.62 about a month back.

Polygon is also integrated by the popular dashboard for DeFi users Zapper, which reported a vulnerability in their old Polygon Bridge contract. Their new Polygon Bridge contract went live less than a month ago.

On Monday, the team announced on Twitter that they “discovered a vulnerability in our old “Polygon Bridge” smart contract that would allow an attacker to steal funds that had unlimited approvals.”

The team exploited the vulnerability themselves, and “all the funds have been rescued.”

If a user is affected by the vulnerability, they would see a prompt on Zapper to revoke, if you had an infinite approval for the bridge contract. “If you don’t see anything, you were not affected by the vulnerability,” noted the team.

Zapper further said the current polygon bridge contract does not have this vulnerability and only affected its old smart contract.

Last month, Zapper closed a $15 million funding round by Framework Ventures with other participants, including Spartan Group, DeFiance Capital, Mark Cuban, ParaFi Capital, Aave founder Stani Kulechov and Ashton Kutcher.

Coinbase Ventures, Delphi Digital, Synthetix founder Kain Warwick and Libertus Capital were Zapper’s seed investors.

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Author: AnTy

Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers

Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers

Polygon, formerly known as Matic Network, has announced that it will be partnering with decentralized exchange (DEX) protocol 0x to raise a total of $10.5 million.

The network aims to attract at least one million users into choosing its platform and the Ethereum blockchain through 0x’s decentralized exchange liquidity aggregator API.

Pushing Developers Into Building DeFi Infrastructure

According to the firm, the funding is focused on supporting developers and projects to build a robust and secure decentralized finance (DeFi) infrastructure on Polygon.

Polygon said that the 0x API would enable DeFi projects to easily integrate Polygon trading seamlessly, aggregating liquidity across all existing sources. The announcement read,

“With 0x API now on Polygon, we anticipate an influx of new DeFi projects onboarding into the 0x ecosystem seeking to combine our deep and easily accessed liquidity with Polygon’s fast and flexible architecture.”

0x launched a Polygon version of its decentralized exchange liquidity aggregator API last month, thereby expanding to the Polygon market.

Support for the 0x API on Polygon would be launched alongside initial DeFi innovators such as Matchaxyz, Dexguru, Dexkit, MyCrypto, Set Protocol, Zapper.fi, and Zerion.

The API already allows major Ethereum-based DEX liquidity channels, including SushiSwap, Dfyn, Curve, Dodo, mStable, QuickSwap, and Cometh, to integrate Polygon.

Since its launch in 2020, 0x’s API has powered over 1.5 million trades from 300,000 unique traders, representing more than $27 billion in volume.

Founded in 2016 by Will Warren and Amir Bandeali, 0x is a foundation for building decentralized exchanges on top of Ethereum. The 0x platform, which seeks to promote interoperability between dApps, has become increasingly popular as DEX users and trading numbers have exploded lately.

Polygon’s Rapid Growth Attracted 0x

Polygon has been on a steady rise this year. 0x previously disclosed that one major reason it launched on Polygon was due to the network’s significant growth over the past few months.

Before 0x integration on Polygon, it put up a poll asking its community to choose among Polygon, Solana, and Avalanche, where it should expand to next.

The poll saw about 38% of the 21,444 respondents choosing Polygon ahead of the other networks.

Polygon is focused on bringing massive scale to Ethereum. It runs its own Proof-of-Stake algorithm that can settle transactions at a much higher speed and lower cost than Ethereum’s mainnet.

The project has welcomed several leading DeFi projects to its network, such as Aave, Curve, 1inch Network, and SushiSwap, thereby attracting billions of dollars in liquidity. AAVE -7.85% Aave / USD AAVEUSD $ 284.43
-$22.33-7.85%
Volume 249.68 m Change -$22.33 Open $284.43 Circulating 12.8 m Market Cap 3.64 b
3 w Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 3 w Software Provider Temenos Enables Crypto Trading for Banks 4 w Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
CRV -4.32% Curve DAO Token / USD CRVUSD $ 2.16
-$0.09-4.32%
Volume 196.45 m Change -$0.09 Open $2.16 Circulating 358.02 m Market Cap 771.81 m
9 h Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 1 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC) 3 w Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
1INCH -9.68% 1inch / USD 1INCHUSD $ 2.73
-$0.26-9.68%
Volume 75.72 m Change -$0.26 Open $2.73 Circulating 172.68 m Market Cap 472.19 m
9 h Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 2 w PwC Report: Boom Time For DeFi Sector As Crypto Hedge Funds Show Growing Interest 3 w Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market
SUSHI -8.66% SushiSwap / USD SUSHIUSD $ 8.55
-$0.74-8.66%
Volume 223.54 m Change -$0.74 Open $8.55 Circulating 127.24 m Market Cap 1.09 b
9 h Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 4 d Crypto Derivatives Market Now Represents 53.3% of Total Cryptocurrency Space: CryptoCompare Report 1 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC)

The network has the support of major investors, including billionaire and Dallas Mavericks owner Mark Cuban. Polygon announced the billionaire’s investment in a tweet last month while Cuban confirmed it on his website.

Meanwhile, the price of Polygon’s native token, MATIC, exceeded $2 for the first time in May but has fallen to $1.35, according to CoinMarketCap.

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Author: Jimmy Aki

Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum

Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum

Ethereum layer 2 scaling solution Polygon has been seeing a meteoric rise over the past few months.

The sidechain currently has over $9.5 billion of total value locked (TVL), up from just $1 billion less than two months back, with 3.71 million in ETH and 26.87 million in BNB. BNB -1.15% Binance Coin / USD BNBUSD $ 353.84
-$4.07-1.15%
Volume 4.49 b Change -$4.07 Open $353.84 Circulating 153.43 m Market Cap 54.29 b
8 h Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum 6 d ETH 2.0 is Already the Largest Proof of Stake Network and Vitalik isn’t Concerned About Competitors 1 w China’s Regulatory Crackdown Focused on High Leverage Derivatives Trading

This growth of Polygon has been the result of the Ethereum network working at capacity and rising gas costs. ETH -2.99% Ethereum / USD ETHUSD $ 2,519.04
-$75.32-2.99%
Volume 41.91 b Change -$75.32 Open $2,519.04 Circulating 116.21 m Market Cap 292.74 b
6 h NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season 6 h Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live 8 h Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum

Up until now, there has also been a lack of layer 2 solutions, though popular ones Arbitrum and Optimism have yet to be user-ready. Layer 2 solutions are expected to bring the fees down on layer 1, Ethereum as well; however, according to long-term ETH investor Tetronode,

“L2 will cause L1 fees to go up, not down. Demand for L1 interaction is unlimited and only curbed by what the market is willing to pay. L2 settlements are valuable and worth almost any gas price. Arbing makes L1 fees dependent on value onchain, not TX throughput!”

As can be seen currently, the fees on Ethereum are extremely low, the gas price is actually set to tumble into a single digit, but this is actually indicating a lack of activity on DeFi.

The gas issue was also what led to the explosion of the Binance Smart Chain (BSC) in the DeFi scene. Hundreds of projects launched on BSC, and the network scaled from under a million transactions a day to more than 11 million at its peak.

image2

Polygon’s growth, in contrast, has been steady. Those already familiar with Ethereum went to the sidechain trying to escape the extremely high cost of transactions on the second largest network.

The layer 2 solution has its own variation of Uniswap, QuickSwap, which has risen in popularity. Its rapid growth can be attributed to the fact that it enables over 10,000 swaps, constantly indicating users make use of the lower transaction fees.

Additionally, the average value of swaps on this automated market maker (AMM) has risen from just $186 to the north of $30k at its peak.

image1

Popular lending protocol Aave which currently dominates the DeFi space, is also contributing to the share of transactions on Polygon. AAVE -1.24% Aave / USD AAVEUSD $ 331.35
-$4.11-1.24%
Volume 406.83 m Change -$4.11 Open $331.35 Circulating 12.79 m Market Cap 4.24 b
3 w Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 3 w Software Provider Temenos Enables Crypto Trading for Banks 3 w Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov

Aave was integrated on Polygon for less than a quarter, but the average user on Polygon’s implementation of Aave does about 5 transactions on any given day, noted Joel John. The combined gas cost for supporting over 4,000 users as of early June was under $15.

In the meantime, Polygon’s $9 billion market cap coin MATIC is feeling the market woes, trading at $1.40, down 46% from its all-time high of $2.62.

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Author: AnTy

Bitwise Replaces ATOM with MATIC in Crypto Index; Okcoin Integrates Polygon for Cheaper & Faster DeFi Entry

Bitwise Replaces ATOM with MATIC in Crypto Index; Okcoin Integrates Polygon for Cheaper & Faster DeFi Entry

The Ethereum scaling solution is enjoying elevated levels of total value locked (TVL) despite the recent deep rut in the market, the same as its price.

Digital Assets manager Bitwise has added Polygon (MATIC) to its Large Cap Crypto Index.

This new addition has been part of Bitwise’s May month-end index reconstitution process, where Polygon has replaced ATOM. ATOM -9.33% Cosmos / USD ATOMUSD $ 15.08
-$1.41-9.33%
Volume 358.17 m Change -$1.41 Open $15.08 Circulating 210.77 m Market Cap 3.18 b
9 h Bitwise Replaces ATOM with MATIC in Crypto Index; Okcoin Integrates Polygon for Cheaper & Faster DeFi Entry 1 w Ethereum Layer 2 Solution Polygon Launches SDK to Transform Ethereum Into An Internet of Blockchains 2 w DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19

Polygon is a decentralized scaling solution that provides faster and cheaper transactions on Ethereum by using scaling technologies like side-chains.

With adoption skyrocketing and with that Ethereum’s first layer becoming slow and expensive, development on layer 2 solutions has become a priority in the ecosystem, especially amidst the rapidly growing DeFi sector, while Ethereum continues on its transition to Eth 2.0. ETH -5.79% Ethereum / USD ETHUSD $ 2,691.62
-$155.84-5.79%
Volume 34.18 b Change -$155.84 Open $2,691.62 Circulating 116.16 m Market Cap 312.65 b
9 h Crypto Exchange FTX Joins the NFT Trend, Launches Non-Fungible Token MarketPlace 9 h Bitwise Replaces ATOM with MATIC in Crypto Index; Okcoin Integrates Polygon for Cheaper & Faster DeFi Entry 10 h Crypto Market Hedging; Momentum ‘Continuing’ as Digital Currencies Seen as the ‘Future’ of Financial Systems

While Arbitrum and Optimism are currently popular Ethereum Layer 2 solutions, Optimism has postponed the public launch of its mainnet to at least July, and Arbitrum’s mainnet launched last month is only live for developers, so far.

Polygon, which recently got the backing from billionaire investor Mark Cuban, is gathering all the attention. This helped the total value locked (TVL) in Polygon climb past $10 billion from a mere $1 billion less than two months back.

image1

The Ethereum sidechain’s TVL remains near its all-time high despite the recent deep rut in cryptocurrency prices, thanks to yield farming incentives. In recent weeks, Ethereum’s dominance has also been trending up, “potentially indicating a “flight to quality”’ while Bitcoin’s declining.

Interestingly, while the majority of the crypto market is still severely down from their ATHs, MATIC prices recovered fast and are currently around $1.67, down 38% from the May 18 peak of $2.62.

This week, cryptocurrency exchange Okcoin also integrated Polygon, describing it as “the fastest-growing scaling solution for Ethereum.” By supporting Polygon, Okcoin now offers a cheaper and faster way to USD and EUR into DeFi.

In its official announcement, Okcoin noted that despite the ongoing development with Layer 2, there are still hurdles to access them as one has to go through layer 1 first and then access layer 2 that involves time and extra fees.

This integration with Polygon removes the need to go through layer 1 to access the sidechain, removing some of these fees.

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Author: AnTy

Ethereum Layer 2 Solution Polygon Launches SDK to Transform Ethereum Into An Internet of Blockchains

Ethereum Layer 2 Solution Polygon Launches SDK to Transform Ethereum Into An Internet of Blockchains

Popular Ethereum layer two scaling solution Polygon has added another milestone to its cap. Polygon said its SDK stack is now available for use on the Ethereum network in a Medium post.

Polygon SDK Is Live

This will see developers build Ethereum-compatible blockchains easily and seamlessly. With its pluggable modules, developers can finally utilize consensus algorithms like Istanbul, Hotstuff, and leverage on the Ethereum Virtual Machine (EVM).

The multi-chain scaling solution noted that the SDK release would further establish the importance of Ethereum to the blockchain ecosystem. This will transform the protocol into a full-fledged multi-chain system like an Internet of Blockchains (IOB).

Compared to other decentralized applications (dapps) facilitators, Polygon’s multi-chain Ethereum system will be similar to protocols like Polkadot (DOT) and Cosmos (ATOM) but with a few major upsides.

Developers using the Polygon SDK will be able to benefit from Ethereum’s network effects. They will also enjoy higher security as Polygon Chains will tap from the security architecture of the Ethereum network and grow further while enjoying more flexibility and power.

The Polygon SDK will support stand-alone chains – sovereign Ethereum chains in charge of their security for a start. Later on, it plans to include layer two solutions or secured chains like Optimistic rollups, zkrollups, Validium, and Plasma.

Commenting on the new development, Polygon co-founder Sandeep Nilwal noted that the layer two protocol is fixated on ensuring the multi-chain future of Ethereum.

According to him, Polygon’s SDK deployment is targeted at solving the pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-layer two communication.

Polygon is not done yet with its SDK deployment. The protocol plans to launch more consensus algorithms, enabling inter-chain or bridging modules, plugin systems, and enterprise modules for businesses later on.

Polygon Outshines All Layer 2 Protocols

The boom in decentralized finance (DeFi) has served as a wake-up call for the Ethereum network, given its slow march to a PoS consensus algorithm. Ethereum, which currently shares a proof-of-work (PoW) mining protocol with Bitcoin, has seen its gas fees shoot up and experienced slower transaction validation time due to network congestion.

Layer two scaling solutions like Polygon have retained the relevance of the Ethereum network as more developers have sought alternatives in building dapps.

Polygon, one of a multitude of scaling solutions, has quickly separated itself from the crowd, and its token price has been a reflection.

Polygon’s steady growth seems to have caught the eyes of billionaire Mark Cuban, as the Dallas Mavericks owner recently invested in the company. The company announced this feat in a tweet yesterday as Cuban also added Polygon to his website, further confirming his investment in the project.

After a run-up in price due to the news, it hit a 24-hour peak at $2.30. At press time, Polygon’s MATIC is trading for $2.14.

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Author: Jimmy Aki