The second layer protocol for Ethereum has been renamed “Polygon” as it aims to become the “Internet of the blockchain” Ethereum, trying to compete with projects such as Cardano and Polkadot.
Among them, ADA, Matic, the first Cardano-Polygon bridge, comes at an ideal time for all major space projects to explore and test the fulfillment of Cardano contracts in light of the long-awaited hard fork. Alonzo.
the MATIC token will remain an integral part of the platform, according to the announcement, while maintaining its status as the network’s only native token.
The goal is to use the highly scalable and efficient infrastructure provided by Polygon and Cardano to support the creation of business opportunities that will benefit from the cross-liquidity provided by ADAmatic Bridge.
Ehrlich said that Avalanche and Solana and Cardano are cheaper alternatives to Ethereum, which requires high transaction fees.
With the emergence of many new cryptocurrencies, platforms, and contracts, Polygon began to pave the way and ascend to the second-tier seat of Ethereum.
Polygon was originally called Matic and created the Matic token for transactions on the network. The core of the network is the Polygon Software Development Kit (SDK), which is used to create Ethereum-compatible decentralized applications as side chains and connect them to its main blockchain.
Polygon aims to expand the Ethereum chain and develop blockchain infrastructure.
Although projects such as Polkadot and Cardano promise to create alternatives to Ethereum from the ground up, Ethereum’s status as a leading network and the promise of scalability improvements brought about by the implementation of Ethereum 2.0 have maintained its popularity in the crypto community.
With the price of Cardano’s ADA, Solana, and other altcoins soaring, the global cryptocurrency market is once again approaching the $2 trillion mark, and Cardano ADA is now the third most traded cryptocurrency.
Lately, many coins have been considered “Ethereum killers” while Polygon is probably helping with the blockchain champion.
Instead of creating a PoS blockchain or a Layer 2 solution to improve certain aspects like high gas speed, low speed, or low bandwidth, Polygon has created a framework to build and connect Ethereum-compatible networks.
This – and beyond – will shorten the distance between full interoperability and communication between Ethereum-related networks, allowing users to choose how to mint and trade any type of fungible and non-fungible asset, whichever suits them best.
Last month, the network performed an update to Alonzo that added smart contract capabilities to its network, a move that could make it more competitive with Ethereum.
This is why Theos.fi Association decided to initially implement Polygon, a cross-chain scalability solution that allows interoperability between different blockchains to improve Ethereum’s capabilities to support various decentralized solutions.
This marks the start of an exciting ADAmatic journey as we continue to unlock new opportunities in the Cardano and Polygon realm. Once deployed to Polygon, we intend to make THEOS available on Ethereum as well.
Investors are looking for other alternatives including Cardano and Solana.
Cardanos’ profile and his ADA token have skyrocketed in recent months. This caught the attention of Mark Cuban, who added the platform to his investment portfolio earlier this year. I believe Cardano’s price will hit record highs next month, topping $ 3, “he says. BNB is up more than 50%, Huobi Token (HT) is up almost 100%, and Polygon (MATIC) is up about 100%, ”says Hillary.
In addition to jumping to Cardano, Mwula appoints Axie Infinity (AXS); Binance (BNB); Polkadot (DOT), and Luna (LUNA) are approaching or have already crossed their historic highs.
Secondly, the upcoming network update this month will put its blockchain in a good position against Ethereum, which is the most commonly used blockchain in terms of smart contract functions.
Hillary said her bridge traffic from Avalanche to Polygon for the AVAX token currently accounts for over 40% of their total bridge traffic.
These projects are considered an alternative to the more expensive, heavily gaseous Ethereum.
To some extent, there is also a division between other coins and Ethereum (ETH). They said there won’t be any changes or issues when Ethereum 1.0 is migrated to Ethereum 2.0.
For example, Axie Infinity was the first NFT game on the Ethereum network, with sales of over $ 1 billion. These are followed by several altcoins that are exchanged for BTC, ETH, or the token of the exchange on which the exchange takes place.
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