The team is pleased to announce that we are currently integrating Polygon support into the FunFair wallet.
Polygon, or Matic, as it was previously named, has grown in leaps and bounds since its release on Mainnet last year.
Following the same guiding principles as our BSC integration – we want to give dApp (decentralised app) developers the best chance to succeed in blockchain. And that includes a fully integrated wallet solution that is interoperable with all major ecosystems.
What is Polygon?
Matic was launched on mainnet in early 2020 but was founded way back in 2017 as a team of four engineers were searching for a way to alleviate the pain points of Ethereum. Namely, high transaction costs and slow transaction speeds. This was delivered in the form of a layer 2 scaling solution or a sidechain, “the MATIC network”.
The Matic sidechain is an independent and Ethereum-compatible blockchain, utilising its consensus model to process transactions efficiently. Essentially, it can process transactions quicker and faster, running parallel to the Ethereum blockchain.
The Matic team tasked themselves with enabling dApps to compete with the user experience that is offered by centralised apps – correctly identifying that for true adoption of blockchain to hit the masses. They needed to improve the pain points above.
However, this was the first stage, and the rebrand to Polygon occurred in February this year. But this wasn’t a name change only. The entire scope of the Matic network grew to include interoperability between all blockchains.
No longer would users be siloed in a single blockchain. Polygon allowed dApps and their users to switch between Ethereum to Binance Smart Chain (BSC) and many more without even realising it. While still benefiting from the blisteringly fast speeds and low costs already provided via the Matic sidechain.
Hence it has often been described as “Ethereum’s internet of blockchains”.
So how popular is Polygon?
While it is not at the dizzying heights of perhaps Ethereum and BSC, here is a quick breakdown of growth.
- Matic is, on average, 99.99% cheaper than writing a transaction on Ethereum. ($3.01 vs. $0.00025)
- Major DeFi networks have integrated Polygon such as 1inch, Aave, Curve and SushiSwap.
- As of the beginning of August, over 6 billion was locked in smart contracts that DeFi protocols operate on, which is staggering considering that it was only $151,000 at the beginning of the year.
- Active addresses have grown by 2,192% since January.
- There are now over 350 dApps utilising Polygon and continuing to grow.
Polygon is on an upward trajectory, and of course, having investors such as billionaire Mark Cuban also helps adoption and can cut through a lot of the crypto community noise.
Polygon’s goal is to enable an open world in which users can interact seamlessly with decentralised products and services without navigating through closed-off siloes and proprietary communities.
We can already see this taking shape in DeFi’s quick adoption of Polygon with its clear benefits, and it seems to be making good on that promise of creating a hub where different blockchains can easily interact with each other.
And coupled with its clear trajectory, the addition to the FunFair wallet simply “makes sense”.
Keep an eye on our socials for the official launch of Polygon support shortly.