Polygon’s network grows as it offers more solutions to the Ethereum developers for Ethereum’s problems while still operating as a protocol and a framework for connecting Ethereum-compatible blockchain networks so let’s find out more in today’s Ethereum news.
MATIC recovered since the crash at the start of December and made a 35% correction while approaching its highest closing price in seven months. This came after the news that venture capital firms like Sequoia Capital India and Steadview Capital are planning to invest the $50 million to $150 million in MATIC. Polygon still aims to solve some of Ethereum’s issues including Poor UX, Low throughput, no sovereignty. Polygon is one of the sidechain solutions that makes Ethereum more efficient and this also includes xdai and Ronin.
Polygon’s network grows as it is a protocol and framework for building and connecting ETH-compatible blockchain networks. As the scope of Matic expanded from the Layer 2 scaling solution for blockchains to the network of networks, the name was changed to Polygon officially. Polygon is a protocol and framework for building and connecting ETH-compatible blockchains and aims to transform Etheruem into a multi-chain ecosystem that has secure Layer 2 and standalone chains. Polygon’s design offers a number of advantages that helped it become one of the most attractive ETH-scaling platforms available.
According to Footprint Analytics, the TVL is now over $5.1 billion on Polygon while the token trading volume is $4.2 billion. Polygon offers scalability as it specialized in Wasm execution environments, customized blockchains, and scalable consensus algorithms which brought to shorter transaction speeds and lower gas fees. It is ETH-compatible because of the established tech stacks, languages, tools, and standards, but it is also compatible with other blockchain networks.
The developers can establish a preset blockcahin network via Polygon with qualities specific to their needs and there’s also a growing collection of modules for developing the custom networks that will enable extensibility, customizability, and upgradeability for faster access to the market. Polygon also processes transactions off-chain before confirming them on Ethereum and uses a technology called Plasma. Polygon is intended to be a complete framework for the development of the blockchains and comes with built-in support for arbitrary message passing that allows it to connect to external systems. Polygon has zero gas transactions and instant transaction finality and requires no protocol knowledge, approvals, and deposits. Its design makes it simple to create customized solutions.
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