Role Polygon (MATIC) after Ethereum transition to Proof of Stake (PoS) is the subject of speculation. This report looks at factors that may help or hurt a measurement solution.
While Polygon (MATIC) helps relieve congestion on the Ethereum network, Ethereum 2.0 introduces its own set of scaling solutions. Polygon’s ambitious plans include solutions aimed at enabling it to continue to play a role in ETH2.
Zooming in a bit, Polygon (MATIC)’s post-merger future raises many questions for the market.
What role does the polygon play?
Polygon (MATIC), a Layer 2 scaling solution for Ethereum, aims to improve the scalability and usability of the Ethereum network. With the integration of Ethereum; Moving to Proof of Stake (PoS), many have wondered about the future of Polygon.
The move to PoS greatly improves the scalability and efficiency of the Ethereum network, making it more competitive with other blockchain platforms.
However, this does not necessarily mean that layer two solutions will not be needed. Polygon aspires to go beyond simply improving the scalability of Ethereum. Its architecture allows for interoperability with other blockchain networks, opening up new possibilities for cross-chain transactions and applications.
Moreover, Polygon has tried hard to establish itself as a leading tier 2 solution, with an ecosystem for developers and users. As long as there is a demand for fast, low-cost transactions and decentralized applications, there may still be a need for Layer 2 solutions. So, though its future isn’t set in stone, Polygon might be Complete To grow and develop even after Ethereum transitions to PoS. It may continue to serve as a valuable scaling solution for Ethereum and other blockchain networks while exploring new use cases and applications.
Polygon Chief Strategy Officer, Mihailo BilicHe shared his hopes in an interview with BeInCrypto. Speaking about the future of Polygon, Bilic emphasized, “The merger repairs Ethereum’s massive carbon footprint, which can be said to enhance Ethereum’s security and reduce ETH inflation. ” He said:
“Polygon benefits from the improved security of Ethereum and the overall growth of the ecosystem — even as Ethereum benefits greatly from Polygon’s suite of scaling solutions, such as Polygon’s recently announced zkEVM. So proof-of-stake changes the narrative: Ethereum is now like Polygon, a much more network. Remarkably environmentally friendly.
How does polygon supplement ETH?
Polygon, also known as Ethereum’s Internet of Blockchains, allegedly exists to improve the efficiency and performance of Ethereum dApps. Thus, making the best aspects of Ethereum widely available. The flagship product, Polygon PoS, uses a 3-tier architecture to provide hybrid sidechains that support POS and Plasma (a separate blockchain that works alongside the underlying blockchain, in this case, Ethereum).
Polygon PoS enhances the security of Ethereum and provides up to 7,000 TPS using sidechains, compared to 15 TPS from Ethereum. Moreover, Polygon PoS uses a decentralized pool of validators, with a maximum of 100 to verify transactions and create blocks, and solve Ethereum issues. Disreputable blockchain trilogy.
Polygon attraction continues to rise with Polygon overtaking Ethereum in daily active addresses. Several catalysts, such as partnerships and the flow of NFT migrations, have contributed to its ability to remain competitive with other solutions.
During the mentioned period, the number of daily active addresses on the Polygon network reached 399,950, while Ethereum registered 376,350 users.
Traction power “for games”
Another insight comes from the field of blockchain games. On-chain data shows that most of the fees are generated by Polygon’s prevalent game smart contracts.
Here, the year-to-date percentage increased from 57% to 71%. Meanwhile, titles are active within the Polygon Games domain middle 50,000 users from March 12th to April 11th. Overall, Polygon’s low gas fees were critical to achieving status. In fact, Polygon has become the second largest gaming blockchain after a spike in user activity in March. The increase in unique active wallets (UAWs) has been primarily powered by the Hunters On-Chain game by BoomLand.
On March 9, the game saw the number of UAWs surge to more than 55,000. The unprecedented increase and positive factors can help Polygon become a gaming hub.
While Polygon has seen rapid growth and adoption, there are serious challenges and risks the network may face in the future:
Competition from other second-tier solutions: As Ethereum faces scalability issues, more Layer 2 scaling solutions are emerging, such as Optimism and Arbitrum. These solutions compete with Polygon for market share and user adoption, which could limit Polygon’s growth.
organizational Fears: As the cryptocurrency market continues to grow and mature, there is an increasing risk of regulatory scrutiny. Any adverse regulatory action against cryptocurrency, including Layer 2 scaling solutions such as Polygon, could negatively impact its adoption and overall success.
Security risks: Polygon is built on top of Ethereum, a decentralized network. While Ethereum has a strong security record, any vulnerabilities or hacks could also affect Polygon. Moreover, the increasing complexity of Layer 2 solutions could also create new security risks, which could harm Polygon’s reputation and adoption.
Governance challengesAs Polygon grows, it may face governance and decision-making challenges. Ensuring that all stakeholders have a say in the direction and development of the network can be difficult, especially as the network becomes more complex and decentralized.
These are some of the concerns that makers will need to grapple with in the coming months.
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