Polygon, Polycat, Polyfox - How these Projects FUEL Ethereum!
The crypto sphere has many new and exciting projects. Most of them are new to the scene and are trying to kick-start their journey. Holding some “Top 5” coins is a good investment, but profiting significantly and breaking through is definitely too late. To make high gains in the crypto sphere, the game changed from holding solid cryptos to finding new projects. Most of those projects aren’t simple cryptocurrencies anymore, but rather projects that have to do with DeFi and Yield Farming. Thanks to smart-contracts, those two industries came to life, and are making huge gains for the ones who enter early.
What is Polygon (MATIC)?
Ethereum was the first blockchain that introduced smart-contracts. This lead to the creation of new industries that work on top of this blockchain. One of those projects is Polygon, which was the first to provide a nice platform for projects to easily integrate into the Ethereum blockchain, and utilize its smart-contracts feature. That’s why today, Polygon helps in Ethereum scaling, which is opening up the way for smaller projects to utilize a decentralized smart-contract ecosystem. This is definitely good news for Ethereum, as the more projects use its blockchain, the more adoption it has, and the more valuable it will become.
Polygon is the new brand name, which previously was “Matic Network”. Binance and Coinbase are two huge exchanges that back up this network. Having this backup is a huge advantage, as both exchanges seek to spread blockchain technologies as part of their business plans.
Today, many interesting projects work on top of the Polygon network, and that’s exactly what we’re going to talk about.
Why did Aavegotchi migrate to Polygon?
Aavegotchi is a project that combines Non-Fungible Tokens (NFTs) with Decentralized Finance (DeFi). Their game avatar tokens can be staked and people can earn staking rewards. Originally, this project was running on the Aave protocol. But recently, they made the shift to the Polygon network primarily due to the high fees that occur every time a holder transacted. This resulted in a debate in the Aavegotchi community. They all decided to make the move and shift to a scaling solution network. Many options were laid out:
- Ethereum 2
- Flow Blockchain
- Polygon Matic
- OMG Network
Polygon Matic was the only one that was basically reachable. Also, they provided Aavegotchi with decentralization, EVM compatibility, and ready infrastructure. Additionally, Polygon held an “Ask Me Anything” session where they answered all the questions and concerns. As a result, they were the clear winner.
Projects on Polygon Matic worth Mentioning
Polywhale (KRILL) – The first Yield Farm on Polygon!
Like every network, the very first project that uses your infrastructure has a certain kind of nostalgia. That’s EXACTLY what Polywhale is to Polygon. Polywhale is the very first yield farm on the Polygon Network. It is also a pioneer in DeFi on the Polygon Network. The project aims to incorporate multiple protocols and maximize the return of the users for the crypto assets. Krill is the native token of the project, and it is used to transact on the platform. Krill tokens get burned as part of the platform fees.
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