Polygon to Receive Blockchain Analytics From Google Cloud

Polygon is leveraging Google Clouds Big Query tool to simplify on-chain data.

By
Robert D. Knight
on
June 2, 2021
Category:
Blockchain News

Google Clouds Big Query Tool

Polygon, the Ethereum scaling solution which has witnessed strong growth in recent months, has announced that its blockchain datasets will be viewable via Google Cloud’s Big Query tool. The integration with Google should enable users to analyze on-chain data in a simple and clear fashion. Some of the data points available to users will include the most active and popular tokens, contracts, and apps on the network. The upgrade is predicted to become an in-depth tool for analysts, data scientists and developers who are seeking to extract meaningful insights from Polygon.

Polygon From Matic

Polygon was born out of Matic, the project which set out to create a layer 2 scaling solution for Ethereum. Having successfully created that scaling solution, the project decided to scale up their ambition in February. In an announcement on their blog Matic announced it was to become Polygon, Ethereum’s ‘Internet of Blockchains’. The change brings Ethereum closer in line with multi-blockchain ecosystems such as Cosmos, Avalanche and Polkadot.

Source
Jaynti Kanani, co-founder of Matic Network said, “Founding and building Matic Network has been an exhilarating and rewarding experience; we have built one of the leading scaling platforms in the Ethereum landscape today. From the beginning, we have had one and only one mission — scale Ethereum for mass adoption. With that mission in mind, we believe we are now ready for the next, even more impactful chapter. With Polygon, we want to enable Ethereum to become a robust, highly-scalable multi-chain environment that acts as the backbone of the Web3 revolution.”

This platform comes in a time of need. The bull market is in full effect but Ethereum is plagued by high transaction costs and long wait times. With the introduction of Polygon and other layer-2 networks Ethereum DeFi is becoming ever more prospective.

Growth

The $MATIC token, which underpins Polygon, has experienced tremendous growth. When Matic announced its change to Polygon the token was trading at a mere 7 cents. Today, the token sits at $1.89, representing 27x growth.

Blockchain lending platform, Aave, is one among the many projects which have now launched on Polygon as a means of avoiding the slow transaction speeds and rocketing gas costs on Ethereum. This month 1inch joined them. Greater numbers of projects are now integrating with Polygon, driven primarily by user demand. Two BSC based yield optimizers have also leveraged the situation, Beefy and AutoFarm, launching cross-chain support.

Conclusion

The latest development in the Polygon ecosystem is great news for analysts, researchers and ordinary users. With existing big names such as Aave and 1inch migrating some of their services to Polygon, the layer 2 solution or “Internet of Blockchains'', looks set to be one of the big stories of 2021.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

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