2022 is the year that belongs to Polygon.
When the market was taking a beating throughout the year, there was one blockchain company that kept working and helped reach web 3.0 among masses.
As per Dune Analytics, Polygon has now more than 1.5Million wallets and majority of them got added in the last 12 months, thanks to the endless partnership with web 2.0 brands.
Sandeep Nailwal, co-founder of Polygon (formerly Matic) also said he is not going to rest until he sees Polygon in the top 3 list by marketcap, beside Bitcoin and Ethereum.
I will not rest till @0xPolygon gets its well deserved “Top 3” spot alongside BTC & ETH.
No other project comes even close.
This is all when Worlds first “FULLY BUILT zkEVM” mainnet is almost here, its not .. 1/2
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 3, 2022
And it is not just the talk, but the walk that impressed many, including us. If there is one crypto project that showed the world how fast web 3.0 adoption can take place, it is Polygon. With new brands and investors and the rising value of its native coin, Polygon has quickly become one of the most trusted and hyped platforms.
In this article recover everything you need to know about Polygon’s growth and the new project that brands are building on the network.
What is Polygon.Technology?
Polygon is a “decentralised Ethereum scaling platform” that has created an ecosystem for developers to engineer marketable dApps that have the utmost security and the least possible transaction fees. In other words, it is the best layer 2 protocol where developers can build dapps, and users can transact, with the same security as Ethereum, but paying very low gas fee.
They have a huge array of scaling solutions including Polygon PoS, Polygon zkEVM, Polygon Avail, Polygon Edge, Polygon Nightfall, Polygon Miden, Polygon Zero, Polygon Supernets, etc.
It has also initiated a carbon initiative to create greener and more environmentally friendly practices.
Polygon is not just India’s best web 3.0 company, but it is indeed one the top 10 blockchain projects in the world.
Polygon’s Growth: Some Stats
As of 16th November 2022, Polygon has 13K Delegators on PoS, 1.8 Billion Total Transactions, 4 Billion Total Matic Staked, 145K+ Contract Creators, $140M Avg Daily Gas Saved, 100 Active Validators and 135M+ Unique addresses.
Since June of 2022, Polygon has grown by almost 270% (early November 2022).
Partnering with globally recognised companies has been attributed as one o the top reasons for the massive growth.
MATIC, Polygon’s native token has a market cap of $8,274,922,288, a fully diluted market cap of $9,455,866,249. Currently, it is running at a price of $0.95.
What brands are building on Polygon Technology?
In recent developments, many internationally acclaimed brands have adopted Polygon and are building on the platform.
Here is an infographic released by Polygon team that lists all the web 2.0 partners of Polygon.
The major brands that announced partnership with Polygon so far are:
Let’s take a look at each brand and its partnership with Polygon in a little detail.
Nike, Inc. is one of the biggest giants in the world when it comes to the fashion and sportswear market. With the advancement of Web3, Nike also entered the industry in 2021 when it acquired RTFKT. On November 14th 2022 it was announced that Nike, Inc. will be teaming up with Polygon to launch the .Swoosh platform. .Swoosh is touted as the company’s specific platform to harbour their NFTs and virtual apparel initiatives and would allow users to be a part of their digital products. Nike will be aided in doing all this and a lot more by Polygon, the platform on which .Swoosh will be minted.
As i said yesterday that from today we go back to our savage best. Wait for a week filled of amazing news from Polygon Ecosystem
Polygon ecosystem continues to grow at exhilarating pace be it ..1/2
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 14, 2022
Adidas AG and Prada S.p.A
In January 2022, Adidas AG along with Prada S.p.A, both being massive players in their respective industries, joined hands with Polygon to enter the metaverse. They announced the launch of a new non-fungible token (NFT) that was built using the Polygon blockchain. With this project, users can now contribute their own designs by registering with a digital wallet and creating NFTs.
On September 12, 2022, the Polygon team announced that the Coffee Company Starbucks Corporation is working with Polygon for their new initiative Starbucks Odyssey. Polygon will be providing the blockchain to build this Web3 experience for the users of Starbucks Odyssey. This new project enables customers to collect rewards and buy digital collectables, all in the form of non-fungible tokens (NFTs).
You can register with the waitlist to be a part of Starbucks Odyssey here: Join The Waitlist
Social networking company Reddit listed their NFTs on OpenSea in August 2022. The NFTs are their Reddit Collectable Avatars. These Avatars can easily be procured, stored and managed on Vault which is Reddit’s own blockchain wallet. These collectables are in fact Polygon based and were created with the help of the platform.
Polygon recently on 2 November 2022 announced that Instagram users will in the recent future be able to mint, showcase and sell digital collections which will, in turn, empower creators to further strengthen their community and engage with them on another scale. The collectables will be backed by non-fungible tokens (NFTs) on Polygon. The technology is currently under testing protocol and a small group of US creators will be given access to the feature in order to attain feedback.
Read more about this on Polygon’s official website: Meta to Let Users Mint and Sell Polygon-Powered NFTs on Instagram
Robinhood Markets, Inc. has collaborated with Polygon to launch its first Web3 wallet. This was announced on September 27 2022 but the waitlist was put out for users in May of this year. Polygon is helping Robinhood develop a high-quality trading experience with the feature of DeFi (decentralized finance). Users will be able to swap and manage tokens, earn rewards, interact with dApps and a lot more.
Polygon released a detailed blog about this deal which you can read here: Robinhood Selects Polygon to Launch Web3 Wallet Beta
eBay Inc, a prominent name in the e-commerce fraternity, in May this year also released NFTs on Polygon. While the reselling of the non-fungible tokens is available on the OneOf marketplace, the collectables are hosted on the Polygon blockchain.
This deal with the media company Disney led Polygon to see even more surges in the prices of MATIC, their native token. Walt Disney Co. announced its 2022 Accelerator program details in July, and Polygon was one of the six members selected for the same, with Polygon being the only blockchain-native company chosen. This program is the company’s efforts to move ahead with the times and create a Web3 project within augmented reality (AR), non-fungible tokens (NFT) and artificial intelligence (AI)
The Financial services company Stripe, Inc. released that it is using the help of Polygon to initiate a project that would let users make payments to sellers, freelancers, content creators and service providers in crypto. The program would begin with USDC stablecoins, which are native to Polygon. This initiative would begin with twitter first to support monetisation on the platform.
In March 2022 Adobe Inc. onboarded Polygon into Behance, their social media platform. Polygon will be assisting in using its scaling program to allow creators to put a spotlight on their NFT creation without causing a huge impact on the environment. The platform will also be helping Adobe in solving several issues with Behance like the Content Credentials.
With the ever-growing popularity of Polygon, the platform is being adopted by giant and reputed players in every industry. From apparel to fintech and from media to social networking, every fraternity has realised the power of Web3 and is making every effort to harness its benefits. Polygon has in a very short time become the answer to all the corporations looking for blockchain support to build and develop these Web3 programs and unlock their potential. It will be interesting to see if Polygon becomes the top 3 crypto projects by marketcap in 2023. For us, they absolutely deserves the spot. Fingers crossed.
Learn more from our article on: Polygon (Matic Network): Everything an Investor needs to know