In the past few years, Polygon has emerged as one of the fastest-growing blockchain ecosystems. Occasioned by its unique infrastructure, many projects have chosen to run on the blockchain network in a bid to enhance the experience of their respective users. According to our findings, Polygon has already amassed not less than 190 DeFi projects on its network, with at least 60 built on it. Some of these projects include OpenSea, Covo Finance, Balancer, Curve, and many more. More so, it boasts of over $1.1 billion in its Total Value Locked according to DeFi Llama. How Polygon has been able to attain this lofty height is not far-fetched. It relies on its major strengths like high throughput, security, and cost-effectiveness among others.
Polygon as a vehicle to web3
Over the years, the blockchain firm built its reputation as an efficient vehicle to web3. By integrating and collaborating on numerous projects, Polygon is aiming to onboard billions of users to the emerging space. The project’s commitment to serving users diligently earned it the patronage of top innovative brands like Nike, Meta, Flipkart, Firozabad Police Department, Robinhood, Wild Card, Midnight Society, Starbucks, Reddit, and One Planet Lending Solution. Meanwhile, Polygon is not intending to stop there.
Just recently, it launched its zkEVM solution to effectively scale Ethereum by running transactions on rollups into a zero-knowledge proof. According to the description of the solution, it is specifically designed to help unclog Ethereum by reducing transactions into small pieces of data. zKEVM is also regarded as the “holy grail” of blockchain scaling, geared towards advancing scalability, security, and EVM compatibility.
Meanwhile, its latest development which forms the basis of this article is the unveiling of Polygon 2.0. This new upgrade, according to findings, comprises ZK-oriented L2 chains to foster the development of its tokenomics, architecture, governance, and many more. Notably, this latest Polygon upgraded version supports an unlimited number of chains. This thus means several cross-chain interactions can now take place on the network without any security threat. Although Polygon is yet to give full details about the upgrade, our researchers embarked on a research to carefully analyze it.
Is Polygon 2.0 the value layer of the internet?
Polygon 2.0 is a blueprint for building the value layer of the internet. The latest version of the Layer 2 network emanates as an attempt to allow users to build, transmit, and program value. Further, the new version will replicate how the Internet allows people to generate and exchange information. Also, just like how the internet has redefined access to information in a democratic way, Polygon through its blueprint is aiming to use the Value Layer to decentralize access to the global economy.
By this virtue, Polygon is aiming to correct the status quo, and divert how the internet has served big tech companies and other third parties. Now, users will be at the center of attention, as the internet will be in a position to serve them more. Additionally, the latest effort from Polygon will further complement the existing pursuit of actualizing a decentralized internet; Web 3.0.
However, it is worth establishing that the Ethereum network ushered in the concept of the Value Layer. Similarly, the Ethereum through this concept illustrates how people can design, exchange, and program value without support from third parties. So Polygon as a Layer 2 network built on Ethereum intends to enhance the initial effort with its latest version. Polygon through the new version is working to expand Ethereum to become serve its true purpose. Simply, Polygon 2.0 will be the Value Layer that is similar to the rest of the Internet.
It is worth establishing that the Polygon 2.0 is far from a finished project at the moment. As revealed, Polygon is set to release the roadmap on how it intends to become the true Value Layer of the Internet. Owing to that, the network intends to release the details of each component relating to the new version. It is worth establishing that Polygon through its latest version is only attempting to be the true Value Layer of the internet. Therefore, the network is only one of the contemporaries of networks that are attempting to become the true Value Layer as it is not at the moment. Nevertheless, it will help push efforts for a decentralized web.
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