For the Love of the Game (Market Commentary) |
If Bitcoin is the blockchain for digital currency, and Ethereum is the chain for
provenance and top-shelf collectibles, what will the Polygon blockchain be known for? Seemingly, everything. From boasting some of the biggest Web3 games and metaverses like Zed Run, Aavegotchi (a blend of DeFi and gaming, and soon to be tracked on cryptoslam.io), The Sandbox Game, and Decentraland, to partnerships with the world’s biggest
brands, Polygon is showing itself to be as versatile as it is ambitious. Over the
past 2 years, the young blockchain has attracted the attention of traders who want fast transactions and low gas fees combined with the provenance that Ethereum offers. It’s an attractive package, and brands like Disney, Starbucks, Adobe, DraftKings, Reddit, Square Enix, and countless others seem to agree. Compared to this time last year, Polygon is seeing roughly 3-5x the number of unique sellers, buyers, and total transactions monthly. This is largely due to non-NFT traders now having exposure to NFTs through Starbucks rewards NFTs and
Reddit Avatars. I have to remind you, we’re seeing all of this extra action in the thick of a bear market. DeFi platforms have always had a large
presence on Polygon, driven by crypto traders who believe in a future that’s free of centralized points of failure. Many of these platforms now offer NFT-backed staking positions, and we’re excited to give you the first glimpse at CryptoSlam’s new DEFI Swap rankings. We’re working through dozens of NFT/DeFi projects on Polygon and other chains so our readers will have clarity into the massive demand for this new type of crypto investment. While the Forkast 500 NFT index does not reflect DeFi NFTs, it is clearly being impacted by the strength of Polygon. The rise in trading volume and transfers on the Polygon blockchain is helping to buoy the index as it remains nearly even
for the past 7 days. Polygon’s game plan to deliver NFTs to the masses has made them one of the world’s top blockchains, with a ceiling that’s not yet in sight. As a technology enthusiast, I’m always rooting for builders, and with tokens representing all
corners of Web3 (rewards programs, collectibles, DeFi, gaming, etc) along with scalable zkEVM tech, Polygon has me on my feet cheering. (Disclaimer - I own assets on the Polygon blockchain including NFTs from CyberKongz, Aavegotchi, and Decentraland) MEGA
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Void where prohibited. See terms at http://draftkings.com/reignmakers and http://marketplace.draftkings.com. Date – Now Blockchain – Ethereum Price – $79.80 USD Date – Now Blockchain – Ethereum Price – .3 ETH Date – Apr 5 Blockchain – Immutable X Price – $10 USD Date – Apr 6 Blockchain – Cronos Price – TBA Date – Apr 6 Blockchain – Ethereum Price – $100 USD Date – Apr 6 Blockchain – Palm Price – $9.99 USD Date – Apr 11 Blockchain – Tezos Price – $199 USD - $300 USD |
zkEVM stands for “zero-knowledge Ethereum Virtual Machine”. This technology is a virtual program or virtual machine that can take transactions on an Ethereum layer 2 blockchain (like Polygon), and then record/preserve the transactions on
the Ethereum blockchain itself. Because transactions are “rolled up” to the Ethereum blockchain, you have the benefits of recording provenance on Ethereum while keeping the benefits of the layer 2 blockchain like low transaction fees. zkEVM and zk-rollups are more advanced blockchain terms, but worth understanding how they will help with scaling. Happy Researching! Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
Coming up on our Next Episode Keep an eye out for our new podcast, coming up with Panini, one of the most active digital sports collectible communities in the industry. We will get into why their community utilizes CryptoSlam, what they are working on, and
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