Polygon to Act as a Scaling Solution For Decentraland
(Source)
Ethereum virtual reality platform; Decentraland has launched an account portal with layer 2 project Polygon to address the issue of gas price. Decentraland users can now transfer mana(decentraland native token) from Ethereum blockchain to Polygon’s Matic Network(and back).
This will be followed by integrating all Decentraland Dapps with Polygon allowing Decentraland users to claim, buy, sell and trade wearables on Polygon without paying any gas fees.
The announcement reads:
As of today, the Decentraland dApps suite now features an account portal where you can move your MANA from the Ethereum blockchain to Polygon’s Matic Network (and back).
This is part of a larger effort to integrate all Decentraland dApps with Polygon (previously Matic Network. When complete, users will be able to claim, buy, sell, and trade wearables for their avatars entirely on Polygon, with no transaction fees.
Layer 2 Scaling Projects
Ethereum Layer 2 scaling projects have been quite a buzz these days, due to soaring gas prices and increasing number of transaction on Ethereum network. Layer 2 systems run on top of the layer 1(Ethereum); they inherit the layer 1 security, but provide increased transaction capacity, improved efficiency(low gas fees) and faster transaction confirmations. Polygon (MATIC), Loopring, OMG, ZKSwap and Skale are a few notable L2 solutions.
Polygon
Polygon (formerly Matic) is one of the most auspicious interoperability and scaling framework for building Ethereum-compatible blockchains. In contrast to its predecessor Matic which used Plasma technology to handle transactions off chain, Polygon is designed to be a whole platform for launching interoperable blockchains tailor made for developer's specific requirements. Flexibility is one of the key selling point of Polygon as it can incorporate other scaling solutions beside Plasma, like Optimistic Rollups and ZK-rollups.
Every Polygon side chain can achieve 2^16 transactions per block(theoretically), which is significantly higher than 14 transactions per second capacity on Ethereum mainnet.
Matic; the native tokens of Polygon is used for various platform operations like paying for gas fees and stacking for providing security. Matric remains one of the best preforming crypto this year. Currently trading around 0.36$, Matic has already seen a nice swell this year with price increasing from 0.018$ on 1st Jan to a all time high of 0.48$ on 12th March. With Polygon racing to be the first and top most 2nd layer solution; Matic remains bullish in medium to long term.
Hodl...
See You On The Moon...
PS: Not a financial advice!
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