- One fast-rising star in the scalability race is Polygon, a sidechain network that is slowly becoming a second home to many Ethereum projects.
- In the last six months, many Ethereum dApps including Aave and Sushiswap have ported their contracts to this Polygon’s Plasma-PoS chain.
- Since October 2020, the total value locked on Polygon has grown, from ~$5 million to more than $800 million currently.
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Ethereum’s exorbitant gas fees have made headlines all year long. But for every bottleneck lies a business. And one fast-rising star in the scalability race is Polygon, a sidechain network that is slowly becoming a second home to many Ethereum projects.
How Polygon Reduced Costs to Pennies
Since October 2020, the total value locked on Polygon has grown from less than $5 million to ~$830 million at press time, as per data from The Block.
Much of the recent growth on Polygon has taken place on its EVM-compatible blockchain that leverages the Plasma scaling solution. The Proof-of-Stake (PoS) blockchain functions as a bridge for Ethereum and boasts up to 65,000 transactions per second (TPS) with a block time of two seconds.
In recent times, many leading Ethereum dApps have ported their contracts to Polygon’s Plasma-PoS chain. The list includes popular DeFi protocols (Aave, Sushiswap), blockchain games (Avegotchi, Decentraland, Atari), prediction markets (Polymarket), and NFT projects (OpenSea, SuperFarm). Infrastructure projects such as Graph and Chainlink have expanded to Polygon as well.
In a conversation with Polygon’s co-founder Sandeep Nailwal, he explains Crypto Briefing why his project is gaining so much traction. He said:
“Because of the developer experience and EVM compatibility, many third-party developers are building on the Plasma-POS blockchain. Our design goal is simple, if you are an Ethereum [developer], you are already a Polygon [developer]. We are happy to achieve 99.9% compatibility, be it solidity, developer…