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Scaling the Multi-Chain World: Polygon AMA
Polygon is kicking Layer 2 into hyper drive. Check out the AMA below. Learn more about Polygon’s missions and their perspective on multi-chain DeFi.
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Growth across the ecosystem is remarkable. In the last week, DEX volume surged by 50%. Ethereum is quite literally ‘bursting at the seams’ as other Layer 1 and Layer 2 networks absorb liquidity and gain traction.
Over the last few months, massive ecosystem coordination has brought power users closer to a product with competitive advantages over the TradFi system. Build Szn has been swift and effective.
Polygon has been a pioneer of innovation. With their recent acquisition, Polygon is uniting the two previously opposed scaling solutions. In addition to scaling Ethereum, the Polygon team is pushing the ecosystem towards a multi-chain world.
Check out our deep dive with Polygon below:
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Polygon AMA Qs
1. Why Polygon?
Ans: Polygon is the leading Ethereum scaling solution provider with a proven and battle tested track record. The unique architecture of Polygon is its main advantage as it allows dAPPs a level of flexibility which is unmatched when compared to other L1 and L2 chains. From a users point of view, the high TPS and low gas environment allow them to truly enjoy the benefits of defi and does not price users out based on the depth of their pockets. This is in line with the main objective of DeFi for all.
2. The Polygon ecosystem is seen as the lead scaling solution right now for Ethereum, lets talk about the approach y’all took to the community. It came with a very mutually beneficial approach for everyone. How did you guys launch a successful sidechain all while avoiding the vampire, centralized, vaporware attacks that many other side chains had?
Ans: Polygon had the first mover advantage among the Ethereum scaling solutions and it has been battle tested and proven to be safe and reliable. The high transactions per second, low gas environment, on-ramp and off-ramp solutions and unmatched DeFi composability makes it resistant to the above mentioned attacks and threats.
3. When the bull market eventually picks up steam again, there will be a very high demand for Ethereum block space causing gas price spikes. Do you expect to see more transactions happening on the Polygon network when these spikes occur? What other events cause a higher number of transactions on Polygon?
Ans: Over the last few months, the number of transactions per day on Polygon > Ethereum+Binance. As of now all the bluechip DeFi protocols are already on Polygon and when the bull market resumes it will definitely cause a rise in transactions. Some other reasons for higher transactions could be:
Expansion of web 3.0 gaming on Polygon
Increase in DeFi composability
Increase adoption of SDK chain
Impact of ETH 2.0 (Contrary to belief)
4. What are the biggest gaps in the scaling solution ecosystem that Polygon is aiming to fill come Q4 ‘21 & 2022?
Ans: Polygon is expected to make some announcement with respect to its rollup solutions in q4 2021.
5. Bridges like Hop Protocol make using Polygon far easier than before, does the Polygon team offer incentives for projects looking to improve the ecosystem. How can these projects reach out to collaborate?
Ans: All projects are always free to contact us and receive the equal amount of help as Polygon is a public blockchain and does not discriminate between various projects. We are extremely supportive to projects that help us improve of ecosystem and user experience and in return we provide them with all sorts of support ranging from technical, co-marketing, collaboration, synergies, product development etc.
6. How many validators does the Polygon network currently have? What are the plans for expansion to create a more decentralized, robust architecture?
Ans: Currently Polygon network has 100 validators ,this enables the network to be sufficiently decentralized . We will be rolling out plans for onboarding new validators , this will be auction based mechanism and sets up our path for a more decentralized, robust architecture .
7. Being in India during the pandemic has been an extremely tough experience, how has the team adapted to flourish in such difficult conditions?
Ans: The pandemic has been very difficult for our team as majority of the team members reside in India. However, as a team we have managed to overcome the challenges and grew the TVL from a mere $200M in Feb 2021 to $9B in May 2021. Like most industries we have learnt how to manage work from home and there is a very healthy and supportive work culture at Polygon which really helped its employees stay motivated and achieve new heights.
8. Where does Polygon fit in the grand vision of DeFi: banking the unbanked, tearing down the middlemen, and creating an equitable global financial system?
Ans: Polygon's ultimate objective is to do all of the above and more. Our ultimate objective is to become a self sustainable decentralized infrastructure solution that gives people the power to be their own masters.
🙌 Together with:
Degate,a Decentralized Layer 2 Exchange based on optimistic rollups. DeGate will offer secure order-book trading that is faster and cheaper than mainnet. Degate also offers a fast and efficient L1 - L2 Bridge, testnet is operating now. Try it HERE!
👀 WHAT’S HAPPENING IN LAYER 2👀
Recently added to the Polygon Network is Crypto Refills & they are bringing you cash back in crypto! Check it out below!
🔥 Partner Project Updates
Babylon Finance is an ecosystem of community-built DeFi strategies. Non-custodial, completely trustless and transparent asset management with traceable performance history.
Hermez Network is an open-source ZK-Rollup optimised for secure, low-cost and usable token transfers on the wings of Ethereum. Check it out here!
⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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