Polygon is Set to Dominate 2023
The Polygon network has quietly become one of the leading networks of 2022. Originally launched before the Ethereum merge, it offered a solution to low transaction speeds and high gas fees that were creating obstacles for newcomers exploring the Ethereum blockchain.
In fact, it wouldn’t be controversial to say that Polygon was the top- performing blockchain during 2022 because of its strategic partnerships with web2 businesses and a growing NFT market that appears to be more well-received than its counterparts on Ethereum and Solana.
Quick swap number one fees
One aspect of the Polygon network that often goes overlooked is its large set of DeFi protocols that take advantage of Polygon’s efficiency and allow strong yields to be earned by investors.
QuickSwap, one of the primary DeFi protocols available to Polygon users, has recently stated that they have become the number one platform for fees on the Polygon network, showing that activity on their DeFi platform is popular among users.
QuickSwap, like many of DeFi protocols such as PancakeSwap, offers high- interest rates on deposits that can be used to earn additional tokens to help support liquidity pools and peg pairings between different coins on the Polygon network.
A Popular platform for DeFi
Activity on the Polygon network has slowly grown because of a burgeoning NFT market that has appealed to corporations and traditional web2 companies that are curious about exploring web3-based products.
Companies like Reddit have led massive onboarding ramps for users into the Polygon network with their free NFT avatars that have been awarded to long-time Redditors. Additional traits and accessories are also available for sale on the website and are all linked to MATIC.
This surplus in activity and volume being traded around on the Polygon network has created an ecosystem that is ripe for DeFi because there are large amounts of liquidity floating around the network and has the capability of earning significant yields on DeFi platforms like AAVE and QuickSwap.
Zk roll up final tests
The Polygon network is also expanding its technical reach with significant updates to the network being announced frequently throughout the year. One of their major goals has been to develop zkEVMs on the network to provide quicker service for users by increasing the efficiency of the transactions made on Polygon.
According to their recent blogs, Polygon began requesting auditing services for their zkEVMs twice, suggesting that they are ready for the next state of development where they can modify errors and tweak settings.
With the initial testnet already live, Polygon’s audit is helping to improve significant code to their final testnet. With so many milestones being reached, the mainnet for zkEVMs is just around the corner and will help bring web3 users closer to a web3 ecosystem that is capable of scaling with mass critical adoption.
zkEVMs on the Polygon network will allow activity to scale exponentially because the zkEVMs will be able to batch large amounts of translation at a time, reducing the amount of space that they take within each block that is validated, thus compounding the number of transactions that can be contained within a single block.
