POLY
by BSCN
August 10, 2023
Positioned as Ethereum's scaling remedy, Polygon's strategic prowess has eased Ethereum's transaction congestion and sparked a wave of major global brands' interest.
Polygon, formerly Matic Network, swiftly rose to prominence as a top-tier scaling solution for Ethereum. Due to its strategic position as a Layer 2 blockchain on Ethereum's foundation, it can solve Ethereum's scaling challenges, which are crucial for mass adoption.
With a user-friendly approach, Polygon distinguishes itself from some blockchain solutions that might deter newcomers.
Polygon's rise to prominence isn't solely grounded in theory; it has transformed practical sectors, with the gaming industry as a prime example. With its rapid, cost-effective transactions, Polygon has become a preferred choice for gaming platforms. Moreover, integrating Non-Fungible Tokens (NFTs) empowers players to take ownership of their assets in-game.
Having grown in popularity and well-established trust within the industry, Polygon has successfully raised $450 million through a MATIC token sale on Feb. 7, 2022. The funding round was led by Sequoia Capital India, with participation from Tiger Global, SoftBank, Galaxy Digital, and others. As a result of the significant funding, Polygon has grown over the last year, as seen in the number of active addresses and transactions.
Initially, Polygon focused on Decentralized Finance (DeFi) solutions, such as Decentralized Exchanges (DEX), carving a niche in the financial world. But a noteworthy pivot followed.
In recognition of the growing potential of the gaming world, Polygon expanded its canvas to include Polygon Studios. Their overarching goal is to become the ultimate destination for NFTs and Web3 gaming.
Delving into performance metrics, Polygon's numbers speak volumes. The number of transactions processed by Polygon has recently surpassed that of Ethereum by two to three times.
Further, since its inception, the Polygon blockchain has been on an upward trajectory, quietly accumulating a dedicated user base. Active addresses have surged over the last 12 months, and with this growth, a diverse array of partnerships spanning different sectors have converged around the platform.
Further, while Altcoins declined, Polygon's total value remained almost unchanged since January.
As major brands recognize Polygon's prowess, it continues to establish itself as a trailblazer, inviting users, developers, and businesses to shape its future.
In the following sections, we will explore Polygon's journey alongside leading brands.
Through Polygon's growth, major brands have seamlessly woven their presence, leveraging the blockchain's capabilities to enhance their offerings. Since the beginning of 2022, more than 80 brands have launched non-fungible tokens (NFTs) on the Polygon network until May 2023, according to insights from NFT Tech.
The growth isn't limited to NFTs; Polygon's broader ecosystem has also seen substantial traction. From 2022 until last May, 320 brands have participated in Web3 projects. In particular, 90% of these projects utilize Ethereum Virtual Machine-compatible blockchains, with Ethereum and Polygon combining to account for 67% of total activity.
Delving deeper into the fabric of these collaborations, several stand out:
With each partnership, Polygon's resonance in the Web3 landscape amplifies, affirming its mission to lead the evolution of blockchain-enabled experiences.
In the captivating narrative of Polygon's growth, one resounding truth echoes: the collaboration between major brands and the blockchain ecosystem has unveiled a promising horizon for Web3. As mainstream companies intertwine with Web3-native applications, the boundaries of decentralized finance, NFTs, and blockchain gaming expand, transcending the confines of early adoption.
This confluence of established brands and the Web3 landscape signifies the dawn of a new era—an era where accessibility and innovation converge. The embrace of mainstream companies brings an audience unfamiliar with the intricacies of cryptocurrency. It's a pivotal step toward Web3's evolutionary journey, which inches closer to mass adoption over the upcoming years.
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