• Polygon has set aside $100 million for a new blockchain system called Supernets.
  • Supernets will make it easy for developers to develop applications with robust customizability and low costs.
  • The $100 million will go towards encouraging development on Supernets.

The Polygon project has announced a budget of $100 million towards a new blockchain network specifically for Web3 projects. Called Supernets, the network aims to foster an ecosystem of projects focused on innovation on the Polygon network and Web3 in general.

This Supernets will have both a sovereign chain and a shared security chain to suit various needs. These chains are fully customizable and can be run without cost. The idea is to accelerate development in Web3 and lower the barrier of entry as far as development is concerned.

Polygon is a blockchain network that provides scalability solutions for Ethereum. In the past two years, it has quickly become a hub of activity, with applications covering both DeFi and gaming. The project’s MATIC token has grown considerably alongside it.

To ensure security, each Supernet will see validators stake their MATIC tokens on the mainnet. The Supernet is somewhat similar to what Polkadot offers, though there is a difference when it comes to the details.

Polygon co-founder Sandeep Nailwal said spoke of the project’s mission to enable Web3 adoption, saying,

“The infrastructure tooling enables users to achieve desired outcomes easily and quickly. Polygon’s goal is to bring mass adoption to Web3 as the key to blockchain adoption is to provide a comprehensive range of options for enterprises.”

Polygon Really Gearing Up for the Future

This $100 million fund is far from the first fund that Polygon has set up. The project has set aside money for furthering all sorts of initiatives, including DeFi. The project is keen on fostering ecosystem growth as well as general infrastructure development.

It has also been expanding its team, welcoming hires from big tech firms like Amazon, Google, Electronic Arts, and YouTube. Some of these are so that it can bolster its gaming initiative. Polygon is also very keen on the blockchain gaming space.

Even in 2021, daily transactions on Polygon Network were eclipsing that of Ethereum. This is mostly because Polygon offers transactions at a much lower cost.

However, with Ethereum set to roll out its own upgrades in the near future, that could change. Perhaps that is why Polygon is expanding its focus, becoming more than just a project that offers scalability solutions on Ethereum.

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