The Merge has excited the market again and Polygon has taken the spotlight by becoming the blockchain with the lowest CO2 emissions in the Web3 space. This quarter is probably the most important quarter of the year for the Polygon Ecosystem. The series of events and educational series about zkEVM – the most optimal scaling solution for Ethereum at the moment are organized by Polygon to help users better understand this solution. The number of new unique addresses on Polygon this quarter outperformed BNB Chain and Ethereum and the number of dApps also reached 39K+ dApps. Polygon DAO is ready to support and fund the next 10K dApps to come and build on Polygon.
Now, Let’s dive deep into what happened with Polygon in Q3 2022
Although the market is bearish, Polygon’s Daily Transactions and Active Users numbers have remained stable with 2.75M transactions per day (~ 2 times ETH) and an average of 300K daily users.
This quarter also marks the milestone of achieving more than 172 million wallet addresses on Polygon. The growth of new addresses this quarter is more than Q1 and Q2 combined and also more than BNB Chain and Ethereum. Polygon is becoming the most accessible Blockchain Platform compared to Ethereum and BNB Chain.
Total Value Locked
In this quarter, Polygon has consecutively surpassed Solana and Avalanche thanks to the amount of value locked (Reached ~ $550M) in MM Finance, the new DeFI hub on Polygon but was unable to keep value due to market conditions.
Although the market is bearish, Quickswap also shows that they are an important native DEX that attracts a large number of users and is reliable in capital optimization for Polygon Ecosystem.
What happened with Polygon Ecosystem in Q3
The events contribute to the development of the Polygon Ecosystem:
PolygonDAO introduces WAGMI Job Drops: A virtual job fair to land your dream job in Web3.
Polygon introduces #GreenBlockchainSummit, an open forum for a decentralized collective.
Polygon became the only blockchain selected to be part of the Disney Accelerator program.
#PolygonVillage, an initiative of PolygonDAO, supports all DAO developers.
Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.
PolygonDAO introduces Village Wonders with dedicated support, mentorship, and funding.
Introducing Decentralized Science (DeSci) in an effort to facilitate the progress of academic research
Polygon Launch a series of educational sessions in association with ZKHack
Polygon Avail Testnet is live
Introducing Polygon Wallet Suite
OnePlanet successfully landed on Polygon
The Merge: Polygon 99.91% greener post-merge
Polygon zkEVM is an open-source ZK-Rollup providing EVM opcode compatibility for a frictionless user experience and the security of Ethereum. Dev and users on Polygon zkEVM can use the same code, tooling, etc that they use on ETH, but with much higher throughput, lower fees, and offer compatibility, and scalability without compromise.
Polygon has been building a system of infrastructures compatible with EVM at Bytecode-Level, which can not only achieve compatibility at the solidity language level but also achieve full compatibility at the EVM opcode level. While competitors are at language-level that transpile an EVM-friendly language (e.g. Solidity or Yul) into a zk-friendly language (e.g. zkSync’s Zinc, and StarkWare’s Cairo)
One word to definition Polygon zkEVM strength is “ETHEREUM”
The Effects of Ethereum The Merge on Polygon
Ethereum the Merge is to transition Ethereum from its current proof-of-work consensus mechanism to the proof-of-stake model. Simply put, a miner becomes a holder and staker. So how does The Merge affect Polygon?
As the L2’s role, what Ethereum achieves, Polygon will raise it to a new level. During The Merge and then, nothing changes to the user experience. The factor that strongly impacts Polygon is probably the Carbon Footprint because Ethereum transitions from PoW to PoS, so Polygon reduces up to 99.91% of CO2 emissions. That footprint, a fraction of Polygon’s closest competitors, will make the chain one of the greenest in Web3.
Highlight Projects Invested by Polygon Q3 2022
This is the quarter Polygon is most active in investing this year. The main funding categories are Web3 Finance and Gaming. 2 projects with the most achievements of all are Safe and Unstoppable Domains. Through the projects that Polygon invests in, we can be seen that Polygon’s development orientation is mainly focused on asset management, Web3 gaming, Security, and identity.
Top Partners of Polygon in Q3 2022
Major Brands Partnering with Polygon
Polygon is the only blockchain chosen by big corporations to adopt NFT, metaverse, and payment methods. Polygon is gradually becoming more mass adopted and becoming closer and simpler for users. There will be many more major brands coming to Polygon in the near future because of the advantages that Polygon brings.
MM Finance, a new DeFi hub launched on Polygon in August and it only took 5 days to reach $500M TVL. Although TVL has been reduced quite a bit so far, the model potential of MM Finance will get more attention when the cash flow returns.
OnePlanet introduced NFT Alliance on Polygon (NAP), a joint initiative between Polygon and OnePlanet that aimed to develop and grow the native Polygon NFT community and deliver a best-in-class NFT experience for creators and collectors. OnePlanet also successfully landed 60+ projects on the Terra ecosystem to Polygon which has become the ideal place for NFT projects to come and BUILD.
Polygon Ecosystem Landscape
Web3 Gaming and Metaverse Landscape
Projecting the Polygon Ecosystem
This quarter witnessed many technological innovations, the ecosystem’s growth, and a positive environmental impact. Polygon has built the infrastructure so that scaling solutions can support each other, the important thing that other L2 solutions are not available yet. This quarter, the Polygon team struck deals with numerous traditional industry-leading brands like Mercedes-Benz, Disney, Starbucks, etc. In tandem with these deals, Polygon spent more time than many other chains focusing on capturing the retail and non-crypto native users.
Despite being in a bearish market phase, Polygon still attracts talent to work while creating hundreds of jobs and millions of dollars in funding for projects coming and building on Polygon. The number of daily active users is not only stable but even increasing and the number of new addresses on Polygon outperforms Ethereum and BNB Chain. Polygon is the perfect blockchain to adopt Web3, especially for finance, technology, and gaming
Currently, although Polygon is delaying in launch zkEVM public testnet, but it is ready. Next quarter will be the time for Polygon to complete scaling solutions and be ready to launch. Polygon has now become more environmentally friendly and this will make Polygon the most suitable blockchain platform to receive capital from institutional investors according to ESG standards.
Source : Coinwire