Polygon, formerly known as MATIC, is making waves in the crypto world with its layer 2 blockchain that scales better, has cheaper fees and runs transactions faster than Ethereum. The project, which has gained mainstream adoption with partnerships with companies such as Dolce and Gabbana, Disney and Stripe, has secured deals to support Instagram’s NFT minting feature, DeFi pilot trades by JPMorgan and Nike’s NFTs, among other notable collaborations. Polygon also allows for zero-knowledge generation of cryptographic proofs to reduce transaction costs and increase speed. The platform has even surpassed Ethereum’s daily active user addresses, cementing its usability and value to corporations and tech companies.
The question of how cryptocurrency can break into the mainstream may not be rocket science or quantum physics. According to this YouTube script, all that is required is for mainstream partners to come on board. One project that appears to have done this exceedingly well in recent years is MATIC, also known as Polygon.
Polygon’s Mainstream Adoption
Polygon has made waves in spite of the bear market by acquiring numerous partnerships, including ones with Dolce and Gabbana, Disney, and Stripe. These partnerships have made it clear that Polygon is a trusted corporate partner of major corporations in the crypto space, leading to even more significant partnerships.
The Functionality of Polygon
Polygon is a layer two blockchain that exists on top of Ethereum, allowing it to scale exponentially, process transactions at a much higher input/output rate, and lower fees. In essence, it serves as a band-aid for Ethereum.
Polygon’s zkEVM Technology
Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet beta network is set to launch on March 27. The technology aims to increase transaction speed, lower costs, and generate cryptographic proofs that facilitate faster processing of transactions before sending them back to layer 1 networks. As a result, businesses have become increasingly bullish on Polygon.
The popularity of Polygon is evidenced by its use in a growing number of mainstream companies: Nike, Instagram, Reddit, DraftKings, and OpenSea, among others. It has also been reported that daily active users on Polygon have surpassed those on Ethereum.
In the end, Polygon cannot exist without Ethereum, and its existence is partly due to the problems that Ethereum is facing. The need for scalability, congestion, and speed in Ethereum is what has made projects like Polygon necessary. Polygon is well on its way to leading the charge in the next bull run by its partnerships and expanding mainstream adoption.