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Layer-two protocols are meant to take the weight off the base protocol. However, it looks like one such scaling solution is rapidly becoming an ecosystem in its own right.
Over 60% of Projects Build On Polygon
The Polygon network is a popular choice for several decentralized applications (dApps) protocols and this interest has been tracked down by a recent report by blockchain development company Alchemy. According to the piece, 62% of all projects run natively on the Polygon network compared to the 38% that run in parallel on the Ethereum and Polygon networks. Further buttressing its point, the report noted that over 3,000 dApps have launched on Polygon compared to 30 in October last year. Meant to help in network congestion and high gas fees in peak trading periods, Polygon’s month-over-month usage growth has spiked to 145% in October with a further 61% more development teams building on the layer-two protocol compared to September. Commenting on the protocol’s remarkable growth, Alchemy product manager Mike Garland noted that the scaling solution was growing “two times faster than Ethereum did at this point in its lifecycle.” Polygon’s modular, flexible framework called the Polygon SDK has served as a huge draw for many developers. This has seen it become the number one scaling solution for the popular dApp facilitator. This is coupled with its 65,000 transactions per second (TPS) throughput, low-cost, and energy-efficient appeal for validating and deploying apps on it rather than the base protocol. These figures position Polygon as a top rival to the Ethereum network. However, many believe that this puts the multi-chain protocol as a suitable complement to the older blockchain while fledgling out an entire ecosystem for itself alongside.
Polygon Racking Up Crypto Attention
With only $15.7 billion in market cap, Polygon’s MATIC token is considered a small-cap project. However, what it lacks in size, the scaling solution makes up for it with integrations and fundamental adoption. In a business release, crypto asset management firm Bitwise, announced the launch of its Bitwise Polygon (MATIC) Fund. The investment initiative is meant to provide a low-cost and secure way to invest in the native token of the Polygon network. Another remarkable feat is the launch of the Polygon Ecosystem Index (PECO) token that will provide exposure to Polygon native projects. This will track the performance of Quickswap DEX, DFyn, among several others. Also, sports-betting company DraftKings Marketplace is collaborating with the Polygon network to enable a more accessible non-fungible token (NFT) marketplace. Alongside this, DraftKings will also run a validator node on the Polygon network. [deco-beg-single-coin-widget coin="MATIC" graph="true"]