What's new in 2023?
Photo by GuerrillaBuzz Blockchain PR Agency on Unsplash
It's been a while since I took a look at Polygon. The last time I paid close attention was when I wrote up my deep dive in July 2022, at which point MATIC had pretty much tripled in value since the LUNA / 3AC crash.
Fast forward to Q1 2023 and the native Polygon coin is still floating around the $1 mark.
Image credit: https://coinmarketcap.com/currencies/polygon/
Not bad considering the widespread FTX contagion.
How about TVL on Ethereum's hottest scaling solution?
Image credit: https://defillama.com/chains
Over 2% according to Defi Llama - not too bad in this crowded pie chart.
New Solutions
Two new solutions have also popped up since my deep dive last summer:
- Polygon ID
- Polygon Supernets
What is Polygon ID?
Image credit: https://polygon.technology/
According to the Polygon team, this tech will allow for "Scalable blockchain ID with ZK-based privacy."
This sounds very promising, zero-knowledge experiences will be a big game changer once the gigabrains finally get it up and running in blockchain format.
What about Supernets?
Image credit: https://polygon.technology/
According to their site, this will provide an "End-to-end service to build and power your dedicated blockchain."
I think we'll be seeing much more of this going forward. DeFi, GameFi, ticketing, micropayments, etc., all sharing the same block space simply isn't efficient.
I wonder though, what the main differences are between this Polygon solution and Avalanche subnets?
Polygon NFTs
NFTs are getting more and more popular on Polygon too. The bear market with its low gas fee environment has become the perfect time to migrate NFT projects over from the Ethereum main layer.
Polygon as an NFT ecosystem also gained a lot of interest from Solana based projects after the caused to Solana by the FTX collapse. Coinsidering the strength of their business development, I don't see this slowing down any time soon.
Speaking of Business Development
They just don't stop, do they? All of these brands have something cooking on Polygon:
✅ Nike
✅ Reddit
✅ Adidas
✅ Disney
✅ Starbucks
✅ Instagram
And there's plenty more to come I imagine.
If all this doesn't make you bullish on Polygon or the future of Web3 adoption, I don't know what else to say…
Dive Deeper!
If you liked this Polygon wrap up and want to learn more about the blockchain, its history and flourishing ecosystem, check out this deep dive:
Polygon: A Deep Dive
That's it for now, catch you next time.
Jason
P.S. Don't sleep on crypto, that's just what they want you to do…
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Original content, copyright © JaseDMF 2023. First published on Medium.
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