As 2022 is coming to a close, it’s time for a review. We’ll discuss some of the major events that shaped Polygon’s 2022 and answer the question we see online: Does Polygon MATIC have a future?
Spoiler alert! Yes, a very bright future and we’re not alone. Decrypt has listed Polygon as the project of the year.
Will MATIC rise again?
This year’s bear market has been brutal. Few tokens have escaped the carnage.
As of December 19, 2022 the MATIC token is down around 65% year over year. For comparison, BTC is also down around 65% and ETH is down 70%.
Then, how can we be so optimistic about Polygon’s future?
Blocks United lives in the trenches of crypto. We’re in touch with builders and developers. We see what’s going on behind the scenes, while everyone else is focused on token prices.
We know that Polygon is developing its ecosystem and forming partnerships faster than any other crypto project. The team is laser-focused on becoming the 3rd largest token by market cap.
Here’s what Polygon has to offer so far:
The best of the Polygon web3 ecosystem
The major ecosystem developments that make us bullish on Polygon and the MATIC token:
- The Proof of Stake chain, which we validate enables easy transfers to and from Ethereum. The PoS chain can handle up to 7000 transactions per second, so it has exploded with users. Over 1.3 billion transactions have been recorded. There are over 130 million unique wallet addresses, with 2.7 million monthly active users.
- Polygon Hermez is a layer 2 solution on top of Ethereum that stores just the proof and compressed data of batch transfers. That means that Ethereum gains efficiency and throughput. It is the only open-sourced and fully community-driven ZK rollup.
- Polygon Nightfall is a privacy focused rollup for institutions. It’s designed to bring private business transactions to blockchain and Web3.
- Polygon Supernets allow those who desire premium support to seamlessly launch their own blockchains. We believe that companies, like Starbucks, Meta and Nike will eventually launch their own supernets.
Each supernet validator set is bootstrapped from the 100 MATIC validators. Supernets can be quickly scaled using ZK rollups. Supernets are excellent options for corporations that want private blockchains too. - Polygon Edge goes beyond supernets by allowing developers to launch their own blockchains using a modular and extensible architecture. This makes their lives much easier by using plugins.
- Polygon Zero layer 2 scaling solution for Ethereum. It uses a prover called, Plonky2 which is faster than any other ZK solution out there.
- Polygon ID has brought censorship resistant identity and zk-based digital privacy to the blockchain. This allows users to prove reputation and access rights on-chain, while maintaining privacy.
- Ryan Wyatt, former head of gaming at YouTube joins Polygon Studios.
Polygon Studios is the hub for all NFT, gaming and metaverse activities on Polygon.
Want to stake MATIC now? Connect directly to Blocks United's Polygon validator node using Metamask, Coinbase wallet, Trust wallet, Torus and Bitski.
What Polygon has in the works
- Polygon ZK EVM is in public testnet. It’s the first ZK rollup with publicly available, open-sourced code. It’s the fastest ZK proof available. All EVM opcodes are supported. Listen to Polygon co-founder, Mihailo Bjelic describe it here.
According to the Polygon website, “By storing just the proof and the compressed data of a batch of transfers, the efficiency and the throughput of the network is multiplied.” - Polygon Avail is a modular blockchain in public testnet. It records transaction data for other blockchains to lighten their load.
- Polygon Miden is a Stark-based ZK rollup that bundles thousands of Ethereum’s transactions into a single rollup transaction. The Miden virtual machine provides advanced features and safety, not currently available to Ethereum developers.
Polygon news and 2022 year-end review
Here are the noteworthy Polygon news events of 2022:
- Meta and Instagram select Polygon network for its NFTs.
- Nike selects the Polygon network for it’s NFTs.
- Starbucks selects the Polygon network for its NFTs. There is said to be “unprecedented interest” in the Starbucks Odyssey program, and that the response from customers has been overwhelmingly positive.
- Institutional platform, Coinbase Prime integrates MATIC staking. We’re totally against staking cryptos with centralized exchanges though.
Please stake your tokens with independent validators, like us. Check out our MATIC staking tutorial. - Axelar Network partnered with Polygon. This allows developers to launch their dApps across multiple ecosystems at once. Also check out, What Is Axelar Network?
- OpenSea integrates with Polygon, allowing users to save tons of money over using Ethereum to mint their NFTs.
- Reddit launches its user avatar NFTs on Polygon and has already doubled the volume of OpenSea.
- JP Morgan uses AAVE on Polygon to conduct its first cross-border digital transaction. We’re not fans of JP Morgan at all. The firm is often referred to as the “vampire squid” of finance and crypto exists to circumvent players like this. But, their power cannot be underestimated.
- Orbeon crowdfunding protocol chooses Polygon as one of its fractional NFT chains.
- Robinhood integrates with the Polygon network. Users can now deposit and withdraw their MATIC tokens. This will bring many users into the ecosystem.
- Disney chooses Polygon for its Accelerator Program.
- 48 projects leave Terra for Polygon after the UST and LUNA collapse.
- Accounting mega firm, Ernst and Young partners with Polygon for its blockchain solutions.
- Polygon raised $450 million in funding from Sequoia Capital India, Softbank and Tiger Global. This money goes toward building the infrastructure and partnerships mentioned above.
Does Polygon have a future?
Undeniably, the answer is yes!
If you know of any major news items we may have missed, please let us know.
For more reading check out our MATIC price prediction and for a more basic understanding check out, What Is Polygon?
Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Blocks United expressly recommends that you seek advice from a professional. Neither Blocks United nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.
