Polygon, a leading scaling solution built atop the Ethereum blockchain, has shown commitment to supporting its ecosystem’s growth. The network has announced a $100M fund to go towards the development and adoption of Supernets.
$100 million for Polygon Supernets
In a blog post, the Polygon team said the $100 million will be focused on Polygon Supernets, which are blockchains customized for individual applications. Polygon Supernets boast of high performance, and the Polygon team recently released a blog post explaining the different features of these Supernets.
The Polygon Supernets are supported by Polygon Edge, a modular blockchain stack created to support the development of customized blockchain networks.
Edge’s superior features and come with a higher level of performance.
The Polygon team also said that Supernets can be created to run a wide range of applications, projects and use cases. Their security is assured by the Polygon network and is maintained by certified partners.
Supernets’ upgrades are also supported by the Polygon Edge architecture.
Supernets boast of compatibility with each other and the Ethereum blockchain. The recently announced $100 million funding will support projects that will develop atop the new ecosystem.
The Polygon team also said that “we envision Polygon as a massively scalable, interconnected multi-chain system, and we are announcing a $100m fund to ignite this vision.”
Projects interested in benefiting from this fund can apply for them to assist in their R&D, onboard new projects, mine liquidity and interact with third parties.
In particular, on Saturday, May 23rd, 2020, it reached its highest ever figure of61.673 billion.
The current growth trend of this metric began in January, after a drop lasting since the previous peaks in September 2019.
All this indicates thatthe Ethereum network is currently experiencing its highest-ever period of use, which could also be linked to the price of ETH.
Admittedly, the current price is lower than it was in mid-2019, but apart from the momentary slump in mid-March, it has risen a lot from $130, where it fluctuated at the end of 2019.
It is possible that the price of ETH is positively affected by the news about the future launch ofEthereum 2.0, but it is also possible that demand is sustained precisely because of the need to finance gas.
In fact, the price of gas is alsorising.
Polygon, the popular Ethereum scaling platform, has been broadening its ecosystem. The protocol announced today that it is committing $100 million to promote the development and adoption of Supernets, its application-specific blockchains with higher performance.
What are Polygon’s Supernets?
Supernets are Polygon’s latest addition to its multi-chain L1 blockchains powering ecosystem.
In ablog post, the Polygon team explains the key features of Supernets.
Supernets are powered by Polygon Edge, a modular blockchain stack that enables the building of custom-madeblockchainnetworks. Supernets take on these characteristics, added with higher performance.
Interested project teams can apply for funds to aid their R&D, project onboarding, liquidity mining, third-party integration, and acquisition while building a Supernet.
Polygon’s rapidly growing ecosystem and MATIC
Before the emergence of Supernets, there were already over 20 projects building on Polygon Edge which first launched last year. Similarly, the rest of the Polygon ecosystem is rapidly expanding.
Polygon ecosystem projects recently reached over $1,446 with DeFi platforms, NFT projects, and gaming dominating their number.
The protocol also recently announced a $20 million commitment to use in driving the blockchain to become Carbon negative this year.
MATIC, the native token of the Ethereum-compatible blockchain ecosystem, has traded like the rest of the crypto market. MATIC is trading at around $1.40, down 4.2% in the last 24 hours.
It will also assist in acquisition while creating a Supernet. 0701101749
Polygon’s ecosystem records massive growth
Before Supernets came into existence, there were more than 20 projects creating projects on Polygon Edge, a protocol that launched in 2021. Moreover, the entire Polygon network is still recording massive expansion.
Projects on the Polygon network recently surpassed 1400, and decentralized finance (DeFi) protocols, non-fungible token (NFT) projects and gaming protocols.
The Polygon network further announced a $20M funding to support the transition of the blockchain into being carbon neutral.
Despite the rigorous efforts to support the growth and adoption of the Polygon network, the MATIC token has failed to register any notable gains. MATIC has continued to trade low like the rest of the crypto market.
The team noted that Supernets can be built to run a specific application, project, or use case while being secured by the Polygon protocol, maintained by certified partners, and receiving further upgrades from thePolygonEdge architecture. Supernets are also compatible with each other and the Ethereum blockchain by default.
The $100 million funding the protocol is providing is the support projects that will build on the new framework.
“We envision Polygon as a massively scalable, interconnected multi-chain system, and we are announcing a $100M fund to ignite this vision,” the team said.
The use of the Ethereum network is currently at an all-time high. Taking as a parameter theEthereum Daily Gas Used,the graphshows that since the beginning of May it has been continuously reaching itsall-time highs.
Already in September 2019, there were some peaks, but it was only for a relatively short period, from the 20th to the 30th of the month, for only 11 days during which it remained around 60 billion.
But then it first returned to around 50 billion and then dropped to 40 billion.
This time, however, it rosesteadily above 50 billionfrom March 9th, and has been above this threshold for two and a half months.
Actually, since May 7th it has been stablearound 60 billionand this time it does not seem to be a momentary peak lasting a few days.
It is not at historical highs due to the fact that in the past, in some moments, there have been very high peaks, but when considering the period between September 2019 and today, it turns out that on the day of the collapse of the financial markets, March 12th, 2020, and the following day, the average daily price of Ethereum gas rose to 85 Gwei, and from May 10th, it has been fluctuating around 35 Gwei, with peaks of 48.
For example, in September 2019 the maximum peak was 35 Gwei on average per day, so its current cost is higher than the maximum peak in September 2019.
Wei is the smallest exchangeable unit of Ether (ETH), equal to 10^-18 ETH, and Gwei is one billion Wei, equal to 10^-9 ETH (or one-billionth ETH).