POLY

Polygon (MATIC) Ecosystem Update

by BSC News

October 2, 2023

chain

Polygon's ecosystem is thriving, with significant developments in the past week showcasing its growing influence in the crypto world.

TL;DR

  • Google Cloud joins as a validator for Polygon PoS.
  • Astar Network introduces the Astar zkEVM, combining Gelato and Polygon tech.
  • Native USDC is launching on Polygon PoS, backed by Circle.
  • Benetton NFTs debut on Enefty App on Polygon.
  • Yat Fantasy offers free NFT gaming on Polygon without a wallet.
  • FireDrops 2.0, a loyalty program powered by Polygon, goes live.
  • Polygon becomes the second-largest Layer 2 network by TVL.
  • The Polygon community sees considerable growth.

Polygon, a pioneer in Layer 2 scaling solutions within the cryptocurrency industry, has led innovation in this field. Polygon was designed as a dynamic extension to the Ethereum blockchain with a focus on minimizing fees and speeding up transactions. 

The MATIC token, the native cryptocurrency that drives its multifaceted functionalities, is at the center of its ecosystem. In this comprehensive overview, we delve into the significant updates that took place within the Polygon ecosystem over the past week.

Ecosystem Update: A Week of Milestones

There were a number of major milestones and collaborations in Polygon's Layer 2 network last week. Here's a closer look at the noteworthy developments that unfolded within the Polygon ecosystem:

1. Google Cloud Joins Polygon Labs as a Validator

On September 29, Polygon announced the addition of Google Cloud to its roster of validators for the proof-of-stake Network.

Google Cloud now stands as one of over 100 validators dedicated to securing the Polygon PoS Network, an innovative Layer 2 solution intricately intertwined with the Ethereum blockchain.

The partnership extends the reach of Google Cloud's infrastructure, previously synonymous with platforms like YouTube and Gmail, to support critical components of the Polygon PoS Network. 

2. Astar Network's zkEVM

Astar Network unveiled its Astar zkEVM, a project developed in collaboration with the Gelato zkRaaS platform, harnessing Polygon Labs' open-source framework.

This new Layer 2 solution combines the usability of Gelato, the scalability of Polygon zkEVM, and the security inherent in Ethereum's architecture.

Its notable features include Native Account Abstraction, Built-in Smart Contract Automation, Off-chain Data Access, high Transactions Per Second (TPS), and cost-effective transaction fees. 

3. Native USDC to Arrive on Polygon PoS

Polygon Labs announced the imminent launch of native USDC on Polygon PoS, set for October 10th. This USDC variant, issued by Circle, will serve as the official USDC standard within the Polygon PoS ecosystem.

The benefits are manifold: it's fully reserved and always redeemable at a 1:1 ratio for US dollars, supported by Circle Account and its APIs, and facilitates institutional on/off-ramps.

Native USDC will gradually replace bridged USDC liquidity sourced from Ethereum via the Polygon PoS Bridge.

4. Benetton NFTs Debut on Enefty App

In a fusion of digital art, style, and blockchain, Benetton NFTs debuted on the Enefty App powered by Polygon. Enthusiasts can acquire 500 unique NFTs, offering distinct utility and a glimpse into the evolving landscape of digital collectibles.

5. Yat Fantasy: NFT Gaming on Polygon

Yat Fantasy, a new NFT fantasy collecting game on Polygon, ushered in a free-to-play gaming experience that doesn't require a wallet. Using Polygon Labs' support, players can buy, sell, and soon even short Polygon NFTs, expanding the possibilities of NFT gaming.

6. FireDrops 2.0: A Loyalty Revolution

FireDrops 2.0, powered by Polygon, went live, allowing users to earn enticing rewards while engaging with their favorite brands. This gamified loyalty program, a collaboration between Flipkart, Polygon Labs, and Hang, harnesses NFT technology to enhance the user experience, fostering brand loyalty and creating new revenue streams.

Polygon's Rise in the Crypto Realm

Polygon's ecosystem continues to evolve and expand, and it is apparent that the network is becoming a force in blockchain and cryptocurrency. Here, we've witnessed a week filled with significant achievements and partnerships that illuminate the path forward for Polygon.

In the competitive arena of Layer 2 scaling solutions, Polygon stands tall with a Total Value Locked (TVL) of 792.31 million. This achievement secures Polygon's position as the second-largest Layer 2 network by TVL, trailing only behind Arbitrum with its 1.187 billion TVL, according to DefiLlama.

The vibrancy of Polygon's community is palpable, as demonstrated by the impressive 29% increase in daily active addresses within the Polygon PoS network over the past week. 

Polygon’s MATIC is trading at $0.5607, up 4.89% in 24 hours. 

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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