|
|
| (43 intermediate revisions by 2 users not shown) |
| Line 1: |
Line 1: |
| Text for summary
| | #REDIRECT [[Polygon (MATIC)]] |
| | |
| | |
| | |
| {{Crypto_info_template|website = https://matic.network/|launch = 29-4-2019|total_supply = 10,000,000,000 MATIC}}
| |
| | |
| == Basics ==
| |
| * Based in: Bangalore, [https://decrypt.co/57129/matic-network-pivots-to-help-ethereum-fight-blockchain-rival India] and British Virgin Islands
| |
| *Started in: 2017
| |
| * [[Mainnet]] release: [https://blog.matic.network/mainnet-is-going-live-announcing-the-launch-sequence/ In steps] (12-5-2020), with the first step on 17-5-2020.
| |
| *After its [https://decrypt.co/57129/matic-network-pivots-to-help-ethereum-fight-blockchain-rival rebrand] into Polygon, it wants to be a multichain, instead of purely Ethereum linked (9-2-2021). Is called a sidechain, but could be seen as its own [[Layer One|Layer 1]], since it has its own consensus and native token.
| |
| | |
| * [https://coinmarketcap.com/currencies/matic-network/ From] [[CMC]]:
| |
| ''"Matic Network describes itself as is a [[Layer 2]] scaling solution that uses [[sidechains]] for [[off-chain]] computation while ensuring asset security using the [[Plasma]] framework and a decentralized network of [[Proof-of-Stake (PoS)]] validators. Matic aims to be the de-facto platform on which developers will deploy and run [[decentralized applications]] in a secure and decentralized manner.''
| |
| | |
| ''Matic Network claims to have worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol, and the [[Ethereum]] event notification engine - [[Dagger]]. Matic intends to provide Matic [[wallet]], payment [[API|APIs]] and [[SDK|SDKs]], products and other solutions that will allow developers to design, implement, and migrate [[DApps]] built on platforms like Ethereum. Matic plans to support other [[blockchain|blockchains]] in the future to offer interoperability alongside scalability to existing [[public blockchains]]."''
| |
| * From [https://news.bitcoin.com/whats-being-built-and-whats-not-on-2019s-smart-contract-blockchains/ this piece], by [[Bitcoin.com]] (9-2019):
| |
| "''[[Decentraland (MANA)|Decentraland]] and [[MakerDAO|Makerdao]] are among the partners Matic can count, while on the dapp side it’s got a handful of applications up and running. Matic Network uses an adapted version of [[Plasma]], a scaling technology originally conceived for [[Ethereum]]. It enables fast and cheap transactions, which attain finality once confirmed on the [[mainchain]]."''
| |
| * [[Testnet]] [https://twitter.com/maticnetwork/status/1227580874440335360 went live] (12-2-2020):
| |
| "''Matic’s incentivised [[staking]] testnet, CS-2001, is now live! Stage 1a of Counter Stake is now underway, with the purpose of preparing for the basic network rollout. Beginning with 20 active validators, we will add more as the stage progresses."''
| |
| == History ==
| |
| | |
| * Originally was called Matic Network, but [https://decrypt.co/57129/matic-network-pivots-to-help-ethereum-fight-blockchain-rival rebranded] into Polygon (9-2-2021).
| |
| | |
| ==Audits & Exploits==
| |
| | |
| *Polygon [[Bug bounty|Bug Bounty]] is [https://twitter.com/0xPolygon/status/1439990295093993474 live] on [[ImmuniFi|Immunefi]] with a maximum bounty of $2,000,000 per critical bug found (28-9-2021). Got paid out, see below.
| |
| | |
| ===Bugs/Exploits===
| |
| | |
| * Polygon Plasma bridge [[Double Spend|double spend]] [https://weekinethereum.substack.com/p/week-in-ethereum-news-october-23?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0Mjk4MTY3NiwiXyI6Ikh0OWhhIiwiaWF0IjoxNjM1MTM3NjIxLCJleHAiOjE2MzUxNDEyMjEsImlzcyI6InB1Yi0xMDcxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.gX8BqJt29c1U0 vulnerability] (23-10-2021):
| |
| *# $2 million bounty [https://medium.com/immunefi/polygon-double-spend-bug-fix-postmortem-2m-bounty-5a1db09db7f1 paid]
| |
| *# Exit transaction could be resubmitted 223 times
| |
| *# ~$850 million was at risk
| |
| | |
| *After getting more active accounts than even Ethereum, Polygon's founder [https://forum.matic.network/t/recommended-min-gas-price-setting/2531 recommends] (5-10-2021) higher minimum [[gas]] prices due to a flood of spamming txs (probably causing the activity spike).
| |
| *[https://blockthreat.substack.com/p/blockthreat-week-33-2021?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0MDQ0NjYyNiwiXyI6IitrN3VtIiwiaWF0IjoxNjMwMjk2NzA3LCJleHAiOjE2MzAzMDAzMDcsImlzcyI6InB1Yi04MTA1Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.lnnHHtbs4T337FTkGmFil1Md From] [[BlockThreat]] (25-8-2021):
| |
| | |
| ''"Polygon patched a [https://iosiro.com/blog/temporary-denial-of-service-vulnerability-disclosed-to-and-remediated-by-polygon DoS vulnerability] in its StakeManagerProxy and StakeManager contracts after it was responsibly disclosed by [[Ashiq Amien]]."''
| |
| | |
| == Governance ==
| |
| === Admin Key ===
| |
| | |
| * When Polygon pushed a [[Hard Fork|hard fork]] through in a very short time, [https://thedefiant.io/polygon-forking-controversy/ discussions] arose over its decentralization. Answers from the team were not very clear nor conclusive (17-12-2021).
| |
| *From their [https://twitter.com/0xPolygon/status/1393256861315436546 Transparency Report] (15-5-2021):
| |
| | |
| ''"Polygon uses three different [[Multisig|multisigs]], each for a different purpose.''
| |
| | |
| #''MS1: [[PoS]]/[[Plasma]] [[contract]] upgrades''
| |
| #''MS2: Custom "Child [[ERC20]]" contract upgrades''
| |
| #''MS3: Mapping of "Child ERC20" contracts''
| |
| | |
| ''The first two require 5 out of 8 signers. The signers are Polygon cofounders and people* from reputable Polygon/Ethereum projects:''
| |
| | |
| #''[[Curve Finance (CRV)|CurveFinance]]''
| |
| | |
| #''[[QuickSwap (QUICK)|QuickswapDEX]]''
| |
| #''MUSTCometh''
| |
| #''0xHorizonGames''
| |
| | |
| ''*identities protected''
| |
| | |
| ''As the contracts secured by multisigs become battle-tested, we will be exploring introducing the following optimizations/changes:''
| |
| | |
| #''Moving from multisigs to governance-controlled proxies''
| |
| #''Introducing [[Timelock|timelocks]]''
| |
| #''(Eventually) Completely removing multisigs/upgradability."''
| |
| | |
| * One of the reasons the above was made public was due to [[DeFi Watch]] asking questions. [https://defiwatch.net/second-letter-to-polygon/ Most of its questions] revolved around the multisig and what they held and how they were generated.
| |
| | |
| === DAO ===
| |
| | |
| === Treasury ===
| |
| | |
| == Token ==
| |
| ===Launch ===
| |
| === Token allocation ===
| |
| | |
| * Will [https://cryptobriefing.com/polygon-launches-40m-liquidity-mining-program-with-aave/ start] [[Liquidity Mining|liquidity mining]] for [[Aave (AAVE)|Aave]] on its chain (14-4-2021):
| |
| | |
| ''"The team behind the protocol has allocated $40 million in rewards for lenders and borrowers, the bulk of which is made up of 1% of the total MATIC supply. Users will be able to earn rewards by depositing and borrowing assets on Aave’s Polygon market."''
| |
| | |
| * [https://research.binance.com/en/projects/matic-network From] [[Binance|Binance Research]]:
| |
| | |
| # ''Private Sale tokens comprise 3.80% of the total supply''
| |
| # ''Launchpad sale tokens comprise 19% of total supply.''
| |
| # ''Team tokens comprise 16% of the total supply.''
| |
| # ''Advisors tokens comprise 4% of the total supply.''
| |
| # ''Network Operations tokens comprise 12% of the total supply [staking].''
| |
| # ''Foundation tokens comprise 21.86% of the total supply.''
| |
| # ''Ecosystem tokens comprise 23.33% of the total supply.''
| |
| | |
| === Utility ===
| |
| * [https://cryptobriefing.com/whos-afraid-ethereum-top-12-smart-contract-platforms/ From] [[Crypto Briefing]] (7-6-2020):
| |
| ''"The network’s token, MATIC, is used in a similar way to [[Ethereum]] to pay [[gas]] fees for transactions."''
| |
| | |
| === Token Details ===
| |
| === Stablecoin ===
| |
| | |
| == Coin Distribution ==
| |
| | |
| == Tech ==
| |
| *[[Whitepaper]] can be found [https://whitepaper.matic.network/ here].
| |
| * Code can be viewed [https://github.com/maticnetwork here].
| |
| * Programming language used:
| |
| === Transaction Details ===
| |
| * Capacity ([[TPS]]) [https://cryptobriefing.com/whos-afraid-ethereum-top-12-smart-contract-platforms/ From] [[Crypto Briefing]] (7-6-2020): ''"a throughput of 65,000 transactions per second without compromising on [[decentralization]]." ''Update (14-7-2020): ''"Stress Test Results: 7,200 TPS" ''
| |
| * [[Latency]]:
| |
| === How It Works ===
| |
| | |
| *[https://defillama.substack.com/p/defi-deep-dive-4-polygon From] [[DeFi Lama]] (27-4-2021):
| |
| | |
| ''"Unlike several other chains, Polygon was architected with [[Ethereum Virtual Machine (EVM)|EVM]] compatibility in mind. This has made it very easy for so many top [[Decentralized Finance (DeFi)|DeFi]] project to port their services onto Polygon. In fact, Polygon is architected as four layers which can easily interact amongst themselves.''
| |
| | |
| ''Of the four layers, only the Polygon Networks and Execution layers are mandatory. Polygon Networks are sovereign [[blockchain]] networks that serve a specific community. Polygon networks are independent, but can send messages to other Polygon networks using the Polygon Protocol.''
| |
| | |
| ''The Polygon Networks are collectively governed by the Execution layer, which interprets and executes all transactions passed to it from the Polygon Networks layer. The Execution layer itself consists of two sublayers, an Execution Environment that serves as a plug-and-play virtual machine running [[Ethereum-flavored Web Assembly (eWASM)|eWASM]], and a [[Smart Contract|smart contracts]] layer that handles execution logic in EVM.''
| |
| | |
| ''The Ethereum and Security layers are optional, but useful for interoperability and validation. The security layer can be used by any Polygon network to verify its chain integrity for a fee. The Ethereum layer allows any Polygon network to lean into Ethereum’s smart contracts, to provide functionality like checkpointing, staking, and messaging."''
| |
| | |
| * [https://twitter.com/MihailoBjelic/status/1383091793441533958 From] [[Mihailo Bjelic]] (16-4-2021):
| |
| | |
| ''"Polygon is a suite of [[Ethereum (ETH)|Ethereum]] scalability solutions, it's not a single solution. Currently we offer Polygon [[Plasma]] and Polygon PoS [[commit chain]], and in the future we will offer other major scalability architectures (e.g. zkRollups and Optimistic [[Rollups]]).''
| |
| | |
| ''Plasma fully relies on Ethereum security and it is, to the best of my knowledge, the only [[decentralized]] [[Layer Two|L2]] solution (it has a decentralized operator set). Polygon PoS has it own [[Public Blockchains|permissionless]] validator set, and it uses Ethereum for [[Node|validator]] staking/[[slashing]] and checkpointing.''
| |
| | |
| ''[Polygon PoS] is not really a [[sidechain]] and it's actually *fully decentralized*. It has an open validator set + huge number of delegators. Anyone can participate in securing the network, with any amount.''
| |
| | |
| ''There are many more differences compared to other chains that you mentioned. For example, our two-way [[bridge]] to Ethereum is run by the whole PoS validator set, i.e. it is secured by the whole amount staked in our system ($600M+). Usually bridges are run by a few [[Proof-of-Authority (PoA)|PoA]] authorities."''
| |
| | |
| * [https://twitter.com/sassal0x/status/1394663947278569478 From] [[Anthony Sassano]] (18-5-2021):
| |
| | |
| ''"The PoS chain is what people refer to as a “[[sidechain]]” to Ethereum because it has its own [[Public Blockchains|permissionless]] [[Node|validator]] set (100+ who are staking MATIC) which means it doesn’t use Ethereum’s security (aka Ethereum’s PoW). The PoS chain goes beyond a standard sidechain and actually relies on and commits itself to Ethereum (what some people may call a “commit-chain”). It relies on Ethereum because all of the validator/staking logic for the PoS chain lives as a smart contract on Ethereum. This means that if the Ethereum network went offline, the Polygon PoS chain would also go offline. Secondly, the PoS chain actually commits/checkpoints itself to Ethereum every so often. This has 2 benefits: it provides Ethereum-based finality to the PoS chain & it can help the chain recover in case of catastrophic event. This also means that Polygon is paying Ethereum to use its blockspace (in ETH) & paying for it to secure the contracts & checkpointing."''
| |
| | |
| ===Fee Mechanisms===
| |
| | |
| ===Upgrades===
| |
| | |
| *When Polygon pushed a [[Hard Fork|hard fork]] through in a very short time, [https://thedefiant.io/polygon-forking-controversy/ discussions] arose over its decentralization. Answers from the team were not very clear nor conclusive (17-12-2021).
| |
| *From their [[Mainnet]] [https://blog.matic.network/the-matic-network-mainnet-is-now-live/ announcement] (3-6-2020):
| |
| | |
| "''Currently, we have started the network with a set of 7 Matic Foundation [[nodes]]. DApp partner nodes will be joining this set in the coming week."''
| |
| | |
| ===Staking ===
| |
| | |
| * From their [https://blog.matic.network/how-matic-token-holders-can-participate-in-staking-on-matic-network/ blog] (19-5-2020):
| |
| "''MATIC holders will be able to delegate their tokens to Matic Foundation [[nodes]] in the initial phases."''
| |
| * This [https://blog.matic.network/staking-on-matic-network-mainnet-is-now-live-how-to-delegate-matic/ went live] (29-6-2020).
| |
| | |
| === Liquidity Mining ===
| |
| === Scaling ===
| |
| | |
| * [https://decrypt.co/57129/matic-network-pivots-to-help-ethereum-fight-blockchain-rival From] [[Decrypt]] (9-2-2021):
| |
| | |
| ''"Polygon will have additional support for such layer two solutions as [[Rollups|Optimistic Rollups]], zkRollups, and [[Validium]]."''
| |
| | |
| * As of 12-2021, Polygon has [https://www.coindesk.com/business/2021/12/09/polygon-acquires-ethereum-scaling-startup-mir-for-400m-in-matic/ aquired] different zk-tech projects, like Hermes and Mir to add to their stack.
| |
| | |
| === Different Implementations ===
| |
| === Interoperability ===
| |
| | |
| * [https://ethhub.substack.com/p/ethhub-weekly-196?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0NTM5MTExMSwiXyI6IjBjVnVWIiwiaWF0IjoxNjM5OTc0MjMyLCJleHAiOjE2Mzk5Nzc4MzIsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.ZVlnoOi9G7QL5agtf1jSIG8Q6QH2HHhNS1fS From] [[EthHub]] (10-12-2021):
| |
| | |
| ''"Polygon and [[Wanchain (WAN)|Wanchain]] are [https://twitter.com/0xPolygon/status/1468218836348506115?s=20 launching] a [[decentralized]] [[Layer Two|L2]] to L2 [[Cross Chain|cross-chain]] [[bridge]] that connects [[Arbitrum]] and Polygon’s [[Proof-of-Stake (PoS)|PoS]] chain."''
| |
| | |
| * [[Connext]] & [[1Hive (HNY)|1Hive]] have [https://twitter.com/ConnextNetwork/status/1372403151404331009?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1372403151404331009%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Ftwitter.com%2FConnextNetwork%2Fstatus%2F1372403151404331009 together] created a bridge between Matic and [[XDai (STAKE)|xDai]] (18-3-2021).
| |
| | |
| * From their [https://docs.matic.network/docs/develop/ethereum-matic/getting-started/ docs] (7-3-2021):
| |
| | |
| ''"Matic brings you a trustless two-way transaction channel between Matic and Ethereum by introducing the cross-chain bridge with [[Plasma]] and [[Proof-of-Stake (PoS)|PoS]] security. With this users can transfer tokens across matic without incurring third-party risks and market [[liquidity]] limitations. Matic uses a dual-consensus architecture (Plasma + Proof-of-Stake (PoS) platform) to optimise for speed and decentralisation. We consciously architected the system to support arbitrary [[state]] transitions on our [[sidechains]], which are [[EVM]]-enabled."''
| |
| | |
| Matic seems to have 2 bridges, PoS (which they recommend) and Plasma.
| |
| | |
| *[https://www.stakingrewards.com/journal/state-of-stake-31 From] [[State of Stake]] #31 (10-9-2020):
| |
| | |
| "''The PoS (Proof-of-Stake) token bridge is [https://blog.matic.network/pos-token-bridge-is-now-live-on-matic-mainnet-rapid-deposits-withdrawals-are-enabled/ now live] on the Matic [[mainnet]] for deposits and withdrawals from Ethereum to Matic and vice versa. [[DApps]] can now use the robust validator-run token bridge to move [[ERC20]], [[ERC721]] and [[ERC1155]] tokens from Ethereum to Matic and from Matic to Ethereum. Deposits from Ethereum to Matic take ~7-8 minutes to complete and withdrawals take ~30 minutes. This is a vast improvement from the previous deposit & withdrawal mechanism."''
| |
| | |
| === Other Details ===
| |
| == Oracle Method ==
| |
| | |
| * In their docs (7-3-2021), three projects are mentioned; [[Chainlink]], [[Band Protocol (BAND)|Bandchain]] and [[Razor Network|Razor]] (only on [[Görli]] [[testnet]]).
| |
| *[[DIA (DIA)|DIA]] is now [https://twitter.com/0xPolygon/status/1361320939489648641 live] (15-2-2021).
| |
| | |
| == Privacy Method ==
| |
| | |
| == Compliance ==
| |
| | |
| ==Their Other Projects ==
| |
| | |
| * Matic PoS Chain and Matic Plasma Chains. However, these seem both to be [https://docs.matic.network/docs/develop/oracles/bandchain#! bridges] to Ethereum.
| |
| | |
| === Avail ===
| |
| | |
| * [https://ethhub.substack.com/p/ethhub-weekly-172?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozODExNzkxOCwiXyI6IitrN3VtIiwiaWF0IjoxNjI1MjAxMDc0LCJleHAiOjE2MjUyMDQ2NzQsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.6wd6fT-yzuOTKzsiIkVrkmFL61HXqneGMFiD From] [[EthHub]] (29-6-2021):
| |
| | |
| ''"[https://twitter.com/0xPolygon/status/1409520012960825349 Avail] is a general-purpose, scalable data availability-focused blockchain targeted for standalone chains, [[Sidechain|sidechains]] & [[Off Chain|off-chain]] scaling solutions."''
| |
| | |
| === Polygon Hermez ===
| |
| | |
| * [[Hermez (HEZ)|Hermez]] was previously a standalone project but [https://blog.hermez.io/polygon-hermez-merge/ merged] (or was bought) by Polygon (13-8-2021). It will be the ZK-Rollup and zkEVM side of Polygon.
| |
| | |
| === Polygon Miden ===
| |
| | |
| * [https://ethhub.substack.com/p/ethhub-weekly-193?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0NDM5MTQ3MSwiXyI6IjNtM29qIiwiaWF0IjoxNjM4NTAyODk1LCJleHAiOjE2Mzg1MDY0OTUsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.lPux7KNxtKeoaq3brMDl0p_N_zmW6dhOGqWo From] [[EthHub]] (23-11-2021):
| |
| | |
| ''"Polygon Miden is an advanced [[Rollups|ZK Rollup]]. ZK Rollups are very promising, but currently, it's hard for them to support arbitrary logic and transactions, such as those happening on Ethereum. Polygon Miden will solve this challenge using its core component - Miden VM."''
| |
| | |
| === Polygon Studios ===
| |
| | |
| * [https://twitter.com/CoinDesk/status/1417152767190257669 Will aid] the development of blockchain gaming and [[Non Fungible Tokens (NFTs)|NFTs]] (19-7-2021).
| |
| | |
| === Polygon Zero (fka Mir) ===
| |
| | |
| * Mir was previously a standalone project but got [https://www.coindesk.com/business/2021/12/09/polygon-acquires-ethereum-scaling-startup-mir-for-400m-in-matic/ aquired] by Polygon (9-12-2021). It will be another ZK-Rollup side of Polygon. The deal was made for $400m. It got [https://twitter.com/0xpolygon/status/1468984239135735812?s=21 renamed] into Polygon Zero.
| |
| | |
| == Roadmap ==
| |
| * Can be found [https://blog.matic.network/the-matic-network-mainnet-is-now-live/ here] (3-6-2020). New one [https://matic.network/roadmap/ here](24-5-2021), but only goes until Q1 of 2021.
| |
| | |
| * From their [https://blog.matic.network/staking-delegation-update-matic-network/ blog] (10-6-2020):
| |
| # "<em>Staking UI to be publicly available on [[testnet]] by 15th June and functional for our Staking Education Initiative. Participants will be able to experience live delegation to validator nodes on testnet</em>. <em>Register here</em> to take part.
| |
| # <em>Final staking & delegation to Foundation nodes on the Matic [[mainnet]] to go live on or before 29th June</em>.
| |
| # <em>Public deposits and withdrawals for end users using the Matic Web Wallet are also slated to go live shortly; the exact date will be provided by Friday, 12th June</em>." | |
| | |
| == Usage ==
| |
| | |
| * [https://ournetwork.substack.com/p/our-network-issue-69?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNTgxNzc1OCwiXyI6InRxYSs5IiwiaWF0IjoxNjIwMDM0MzExLCJleHAiOjE2MjAwMzc5MTEsImlzcyI6InB1Yi0yMTM2MiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.lfdNCnTj5MZCqNY2jFvFAZCcgmy From] [[Our Network]] (1-5-2021):
| |
| | |
| ''"Polygon has seen a meteoric rise in transaction volume, exceeding Ethereum’s transaction count by 18% on Tuesday. Its native DEX, [[QuickSwap (QUICK)|Quickswap]], accounted for 41,000 transactions that day, hitting over 20% of [[Uniswap (UNI)|Uniswap’s]] transaction volume. There are only 400,000 unique [[Address|addresses]] on Polygon, a far cry from 150 million on Ethereum or 61 million on [[Binance|BSC]]. Curiously, Polygon’s top 3 addresses sent 573,000 transactions this week, a large majority of which appear to be arbitrage trades. Interestingly, only 25% of all Polygon addresses ever sent transactions on Ethereum."''
| |
| | |
| * [https://ournetwork.substack.com/p/our-network-issue-74-revised?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNzIyMzEzMCwiXyI6IitrN3VtIiwiaWF0IjoxNjIzMDQ4MTQxLCJleHAiOjE2MjMwNTE3NDEsImlzcyI6InB1Yi0yMTM2MiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.nJN2qbc2jV5POJ5mplr8LiGRW1bUGOE_bXU9doi6LHM From] Our Network (5-6-2021):
| |
| | |
| ''"As of writing this, the average user on Polygon's implementation of [[Aave (AAVE)|Aave]] does ~5 transactions on any given day. The combined [[gas]] cost for supporting over 4,000 users as of early June was under $15."''
| |
| | |
| * Polygon’s Bridge TVL has been on a slow decline and hovering around $2.5b since peaking at ~$4.6b (9-2021). Meanwhile TVL on [[Arbitrum]] and [[Avalanche (AVAX)|Avalanche]] went up substantially.
| |
| | |
| === Projects that use or built on it ===
| |
| * [https://cryptobriefing.com/whos-afraid-ethereum-top-12-smart-contract-platforms/ From] [[Crypto Briefing]] (7-6-2020):
| |
| ''"Before launching its mainnet on Jun. 3, 2020, Matic had already attracted more than 50 [[dApps]], making it the most adopted layer 2 platform in the space. dApps on Matic encompass a variety of niches ranging from gaming to [[DeFi]], with notable projects including [https://www.decentraland.org/ Decentraland] and whitelabel betting platform [https://www.betprotocol.com/ BetProtocol]."''
| |
| | |
| A list of projects built or deployed on Polygon can be seen [http://awesomepolygon.com/ here] (3-5-2021).
| |
| | |
| *[[Aave (AAVE)|Aave]]; [https://www.coindesk.com/defi-major-aave-working-with-polygon-to-bypass-ethereum-congestion 31-3-2021]
| |
| *[[Aavegotchi]]; decided to go live on Matic rather than [[Ethereum]] due to the latter’s high [[gas]] fees, according to [https://twitter.com/aavegotchi/status/1346035608943091713/photo/1 a recent tweet] (5-1-2021) from the project.
| |
| *[[Badger DAO (BADGER)|BadgerDAO]]; [https://twitter.com/BadgerDAO/status/1371854818273333259 planning] to deploy (17-3-2021)
| |
| *[[Curve Finance (CRV)|Curve]], [https://twitter.com/CurveFinance/status/1384480999044788224 deployed] on Polygon (20-4-2021).
| |
| *[[Decentraland (MANA)|Decentraland]]; ([https://www.coindesk.com/decentraland-launches-dapp-portal-polygon-bypass-high-gas-fees 2-4-2021])
| |
| *[[Distributed Town (DiTo)]]; [https://medium.com/paradigm-fund/state-of-stake-vol-36-f570483faef0 From] [[State of Stake]] (11-2020) ''"It’s building a network of interconnected, self-sovereign communities ([[DAOs]]). They have also introduced [https://twitter.com/erne_finance ERNE Finance] a decentralized financial platform to farm, mint and lend."''
| |
| *[[Indexed Finance (NDX)|Indexed Finance]]; [https://defillama.substack.com/p/defi-deep-dive-5-indexed-finance?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNjAzNjk5NSwiXyI6IllKNVRlIiwiaWF0IjoxNjIxMjIyMTk4LCJleHAiOjE2MjEyMjU3OTgsImlzcyI6InB1Yi0zMTMzOTQiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.I1IehZKK0Vw9WjO deployed] (13-5-2021).
| |
| *[[IGGalaxy]] is [https://cointelegraph.com/news/blockchain-gaming-project-seeks-to-go-mainstream-with-new-matic-network-migration migrating away] from [[Tron]] and onto the Matic Network (15-9-2020).
| |
| * [[Injective Protocol (INJ)|Injective Protocol]]; [https://medium.com/paradigm-fund/c%C3%B8smos-network-engineering-updates-starport-v0-13-53a6406ef583 partnered] for its Layer 2 [[DEX]] (12-2020).
| |
| *[[Gelato Network (GEL)|Gelato Network]]; will [https://medium.com/gelato-network/announcing-the-gel-token-stewarding-gelato-into-a-sustainable-future-815c0ecedb8e deploy] (6-5-2021).
| |
| *[[Kyber Network (KNC)|Kyber]]; [https://blog.kyber.network/kyber-partners-with-polygon-to-enhance-defi-liquidity-31d3b9769b03#02 announced] (16-6-2021).
| |
| *[[MStable (MTA)|mStable]]; [https://twitter.com/mstable_/status/1386758033095729153 deployed] (27-4-2021).
| |
| *[[Neon District]] will [https://twitter.com/neondistrictRPG/status/1280431676842115072 roll out] on Matic (7-7-2020).
| |
| * [[Polymarket]] [https://thedailygwei.substack.com/p/predict-this-the-daily-gwei-110?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjoxNzQ0MjkzMiwiXyI6ImM5eFJuIiwiaWF0IjoxNjA0NTY3MjkzLCJleHAiOjE2MDQ1NzA4OTMsImlzcyI6InB1Yi01Mjg5MyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.4jPmrgN575ZILF90MU2EcRJE08URheMOLvhD33V2WIM builds] on it (4-11-2020).
| |
| *[[PoolTogether (POOL)|PoolTogether]]; ([https://twitter.com/PoolTogether_/status/1387486743029555203 29-4-2021])
| |
| *[[QuickSwap]] is [https://twitter.com/QuickswapDEX/status/1314260508393037825?s=20 built on top] of Matic (13-10-2020).
| |
| *[[Slingshot]]; DEX live on Polygon ([https://twitter.com/SlingshotCrypto/status/1379847127807848448 8-4-2021]).
| |
| *[[SushiSwap]]; deployed its [[contracts]] on it as part of adding support for [https://twitter.com/josephdelong/status/1367226781393166336 5 new chains] (4-3-2021).
| |
| *[[Superfluid]]; ([https://medium.com/superfluid-blog/superfluid-is-live-on-matic-xdai-9d16a122f1db 10-3-2021])
| |
| *[[Unmarshal]]; [https://news.bitcoin.com/unmarshal-raises-2-6m-usd-from-industry-heavyweights-to-build-multi-chain-data-indexing-protocol/ announced] it will add support (24-3-2021).
| |
| | |
| == Pros and Cons ==
| |
| === Pros ===
| |
| | |
| * Is [[Ethereum Virtual Machine (EVM)|EVM]] compatible, therefore it is easy for Ethereum projects to launch on Polygon.
| |
| * Low [[Transaction (Tx)|tx]] fees.
| |
| * Is considered 'ETH-aligned', this narrative has been working in their favour, compared to other EVM-chains or scaling options.
| |
| | |
| === Cons ===
| |
| | |
| * Staking contracts (and with it, the security of their whole chain) are [https://twitter.com/0xpolygon/status/1393256852201238534?s=21 held with] a [[Multi-Signature|multi-sig]] with [https://twitter.com/0xPolygon/status/1393256865023217665?s=20 no] (15-5-2021) [[timelock]].
| |
| * Lots of competition.
| |
| *When Polygon pushed a [[Hard Fork|hard fork]] through in a very short time, [https://thedefiant.io/polygon-forking-controversy/ discussions] arose over its decentralization. Answers from the team were not very clear nor conclusive (17-12-2021).
| |
| | |
| == Competition ==
| |
| * Other EVM-chains or scaling options.
| |
| *[[Sablier]], [[Connext]] and [[Celer]].
| |
| | |
| * [https://cointelegraph.com/news/challenging-ethereum-20-competing-blockchains-are-seizing-the-moment From] [[Cointelegraph]] (9-9-2020):
| |
| ''"If [[Ethereum]] 2.0 will bring better scalability to the platform, does this mean that [[second-layer]] projects such as Matic Network will no longer be required? Sandeep Nailwal, chief operations officer of Matic, doesn’t believe that Ethereum 2.0 will nail the scalability challenge in the same way that Matic has, telling Cointelegraph: “Ethereum 2.0 doesn’t provide infinite scalability. The best-case scenario is 64 [[Sharding|shards]], with sharded chains similar to today’s Ethereum chain. Assuming a single chain improves with [[PoS]] up to 50 [[Transactions per second (TPS)|transactions per second]], total throughput will still only offer 3200 tps.”''
| |
| | |
| ''Nailwal believes that the simple fact of Ethereum supplying a higher throughput will drive even greater demand, creating a situation where Ethereum can never scale to the level required by its [[DApp]] activity, adding: “First layer blockchains are settlement platforms. They are not meant to support the ’business activity.’” With the craze for [[DeFi]] DApps pushing [[gas]] fees ever higher, those using second-layer platforms for features like [[governance]] votes can avoid the need to move to a competitor platform."''
| |
| == Team, Funding, Partnerships, etc. ==
| |
| === Team ===
| |
| * Matic Network Ltd. (British Virgin Islands).
| |
| *Full team can be viewed [https://matic.network/about/ here] (25-5-2021).
| |
| *Jaynti Kanani; CEO ''"[https://www.coindesk.com/matic-network-mainnet-rollout an erstwhile] [[Plasma]] contributor who started Matic with Sandeep Nailwal and Anurag Arjun in October 2017."''
| |
| * [https://www.coindesk.com/matic-network-mainnet-rollout From] [[Coindesk]] (3-6-2020):
| |
| "''Matic has since grown to a team of 25 full-time contributors working out of Bangalore, the “Silicon Valley” of India."''
| |
| * [[Arpit Agarwal]]; engineer
| |
| * [[Sandeep Nailwal]], chief operations officer
| |
| *Advisors [https://decrypt.co/57129/matic-network-pivots-to-help-ethereum-fight-blockchain-rival include] (9-2-2021): [[Ryan Sean Adams]], the founder of Mythos Capital, [[Anthony Sassano]] of [[EthHub]], and the [[Ethereum (ETH)|Ethereum Foundation]] developer [[Hudson Jameson]]
| |
| | |
| === Funding ===
| |
| * [https://news.bitcoin.com/whats-being-built-and-whats-not-on-2019s-smart-contract-blockchains/ Got] seed money from [[Coinbase Ventures]].
| |
| * [https://news.bitcoin.com/whats-being-built-and-whats-not-on-2019s-smart-contract-blockchains/ Had] an [[IEO]] on [[Binance]].
| |
| *[https://www.coindesk.com/polygon-launches-100m-fund-to-support-defi-adoption Started] its own $100M "DeFiforAll" fund (29-4-2021). ''"The funding, in MATIC tokens, will come from the network’s ecosystem fund and be deployed over the next two to three years."''
| |
| *[https://tidalfinance.medium.com/tidal-finance-receives-a-significant-grant-from-polygon-strengthening-the-partnership-810be431a348 Gave] a 'significant grant' to [[Tidal Finance (TIDAL)|Tidal Finance]] (27-4-2021).
| |
| *[[AU21 Capital]] [https://www.coindesk.com/au21-capital-opens-polygon-fund started] a $21 million fund to invest in projects built on Polygon (2-6-2021).
| |
| *Polygon is raising a [https://thedefiant.io/polygon-will-now-be-supporting-blockchain-game-developers-and-nft-creators-through-a-new-venture-polygon-studios/ $100M] fund to support blockchain game developers and NFT creators, and tapping the chops of [[Atari (ATRI)|Atari]].
| |
| *[https://twitter.com/0xPolygon/status/1460985229724684295 Donated] $1M to [[Gitcoin (GTC)|Gitcoin]] (11-2021).
| |
| | |
| === Partners ===
| |
| * [https://medium.com/matic-network/matic-partners-with-chainlink-15f9d5cb87df Partnered] (12-6-2019) with and integrated [[Chainlink]]
| |
| * [https://medium.com/plasma-group/on-to-new-beginnings-e9d76b170752 Funds] (1-2020) [[Plasma]] Group
| |
| * [[Decentraland (MANA)|Decentraland]] and [[MakerDAO|Makerdao]] are among the partners.
| |
| * [https://medium.com/renproject/introducing-the-ren-alliance-fde594450113 Is part of] (2-3-2020) the first members of the [[Ren]] Alliance, as an Utility member integrating RenVM or adding renBTC, renZEC, etc.
| |
| | |
| * [https://ethhub.substack.com/p/ethhub-weekly-122?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo2ODQ5NjcsIl8iOiIwb3pkOCIsImlhdCI6MTU5NDcyODMwNywiZXhwIjoxNTk0NzMxOTA3LCJpc3MiOiJwdWItMzkxMCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.PEluCRHIprHok5skX3F9HAICZdXFkMkgw7rc1pkTxZI From] [[EthHub]] #122 (13-7-2020):
| |
| "''[[Gitcoin]] and Matic announced that they have formed a long term [[staking]] partnership with Matic to collectively grow the scalability community of Web 3." ''Gitcoin'' ''is also part of the Ren Alliance.
| |
| * [https://www.crowdfundinsider.com/2020/10/167986-defi-protocol-mantra-dao-partners-matic-network-an-ethereum-layer-2-blockchain-scalability-solution-provider/ Partnered] with [[Mantra DAO]] (15-10-2020):
| |
| <em>“Matic architecture is [designed to enable a] … secure and efficient link between the Ethereum blockchain and Matic [[sidechains]]. That’s where MANTRA DAO’s … secure [[staking]] infrastructure steps in. The security of that [[Layer 1]]-[[Layer 2]] link is managed by validators. Transactions are made on the sidechains and are recorded into blocks minted by selected validators. When a sufficient number of blocks is reached, these are checked by a selected validator that will record the trace and send it to the Ethereum blockchain.” </em>
| |
| | |
| * [[API3]]; is [https://api3.org/ mentioned] as a partner on their website (5-3-2021).[[Category:Coins/Tokens]]
| |
| *Is one of the [https://blog.unmarshal.io/unmarshal-quarterly-review-a-recap-of-q1-2021-events-935adca5c814 announced] partners of [[Unmarshal (MARSH)|Unmarshal]] during their first months (5-4-2021).
| |
| *[[Ramp Network]] has a [https://blog.ramp.network/scaling-solutions-polygon partnership].
| |
| *Is a member of [[Asia DeFi Network (ADN)]] according to the [https://www.asiadefi.network/ website] (13-7-2021).
| |
| *Is [https://gatechain.io/grants mentioned] as a partner on the [[GateToken (GT)|GateToken]] website (22-10-2021).
| |
| | |
| ==(:==
| |
| Knowledge empowers all and will help us get closer to the [[decentralised|decentralized]] world we all want to live in!
| |
| | |
| Making these free wiki pages is fun but takes a lot of effort and time.
| |
| | |
| If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
| |
| | |
| [[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
| |
| | |
| Also check out [https://cointr.ee/zeb CoinTr.ee] for more content.
| |
