POLY

Polygon (MATIC) in Q3 2023: Report

by BSC News

September 25, 2023

chain

A look at the notable developments in the Polygon ecosystem within the past three months.

There has been a lot of innovation in the Polygon Layer2 network ecosystem. However, this article focuses primarily on the Q3 update, comprising the protocol’s innovations and developments from July to September 2023. 

Polygon, renowned for its innovative “layer two” scaling solution, is built on the Ethereum blockchain, optimizing speedy transactions and low fees, and utilizes MATIC as its native cryptocurrency.

Here are some of the network's notable developments:

Polygon ID Release 4: Emphasizing Seamless Integration

On July 20, Polygon unveiled the Polygon ID Release 4, encompassing an array of tools to streamline the incorporation of Polygon ID modules into developer projects. 

Built on the iden3 protocol, Polygon ID is a platform for decentralized identities, leveraging zero-knowledge proofs. It has evolved into a sprawling ecosystem, hosting numerous innovative projects from issuers to trusted networks.

“Polygon ID is a platform for decentralized identities using zero knowledge proofs. It's built on the iden3 protocol, which is an open source project using some common building blocks shared with Polygon's zk rollup solutions,” the blog read. 

Launch of Immutable zkEVM Testnet

August 11 saw the release of the Immutable zkEVM Testnet, an amalgamation of all of Immutable’s platform products, resulting from a collaboration between Polygon Labs and Immutable. 

It's a chain devised for games, harmonizing the perks of zk-rollup technology and the potency of the Ethereum ecosystem. It's a revolutionary endeavor, offering extensive scale, reduced costs, and unmatched security, positioning it as a pivotal entity in the gaming domain.

“The Immutable zkEVM chain is a dedicated chain for games that offers Ethereum Virtual Machine (EVM) compatibility, low cost, massive scale, and enterprise-grade security. It combines the benefits of zk-rollup technology with the power of the Ethereum ecosystem, all while offering access to the entire suite of Immutable gaming products,” Polygon's Blog reads. 

Lufthansa’s Uptrip Loyalty Program 

Uptrip, a travel platform that rewards users for flights, was launched on the Polygon network. The innovation was announced on August 31. 

Uptrip is a groundbreaking travel platform on the Polygon network that transforms trips into a collection of rewarding experiences by rewarding travelers with NFT trading cards for each flight, yielding unique rewards like business lounge vouchers and frequent traveler status unlocks upon completion of collections.

Announcing Polyhedra Network’s Zk-Powered Cross-Chain Bridge 

On September 4, Polygon Labs reported that Polyhedra Network, a Web3 infrastructure builder, is developing a cross-chain bridge powered by zero-knowledge (ZK) technology to deliver on its mission of building a value layer of the Internet.

“In collaboration with Polygon Labs, Polyhedra will enable fully trustless and efficient interoperability based on zero-knowledge proofs between Polygon and other Layer-1 and Layer-2 networks, and the security is guaranteed by proving Ethereum full consensus in ZK,” Polygon Labs wrote. 

The ZkBridge provides a secure and efficient protocol for cross-chain interoperability, synchronized with the consensus results of other blockchains.

Canto’s Migration to ZK L2 Powered By Polygon Chain Development Kit (CDK)

September 18 marked the announcement of Canto’s migration to a zero-knowledge Layer 2 on Ethereum via Polygon CDK. It aims to construct a blockchain concentrated on real-world assets, retaining independence and modularity whilst being part of a cohesive ecosystem of ZK L2s connected with fast and seamless access to Ethereum.

Polygon CDK is permissionless and open-source tech that can be leveraged to design and build ZK chains to reflect any community’s ethos. Blockchain networks designed with CDK retain independence without sacrificing modularity, and join a unified ecosystem of ZK L2s connected to one another, with fast and seamless access to Ethereum. 

Polygon zkEVM: Dragon Fruit Upgrade

The Polygon ZkEVM first upgrade, known as Dragon Fruit, was introduced on September 20, adding support for the latest EVM opcode and making Polygon zkEVM the pioneer in supporting PUSH0 in Ethereum L2 scaling.

Comparison with Other Ethereum Layer 2 Networks

Compared with other prominent Ethereum Layer 2 Networks like Arbitrum and Base, Polygon manifests a substantial presence in daily active addresses and transactions, with 338.83K unique wallet addresses and over 2 million transactions in the last three months. 

Daily Active addresses on Polygon, Arbitrum, and Base, in the past three months | Source: Artemis

However, in terms of Total Value Locked (TVL), Polygon, with a TVL of 792.31m, ranks second, trailing behind Arbitrum, which has a TVL of 1.72 billion.

TVL of DeFi platforms on Arbitrum, Polygon, and Base in the past three months | Source: Artemis

Conclusion

Q3 2023 has been a significant quarter for Polygon with its many innovations and developments. The protocol continues to enhance the developer experience and expand its ecosystem. It is a testament to Polygon's commitment to fostering advancements in decentralized finance and blockchain technology.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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