Polygon has launched its scaling solution on Ethereum to help accelerate the adoption of blockchain technology. This initiative, dubbed “Polkadot on Ethereum,” leverages multi-chain networks by unifying them into a single network.
Polygon’s Scaling Solution Brings Security, Scalability, And Speed At Low Gas Costs
With the increase in blockchain transactions, gas costs in decentralized finance have skyrocketed. As a result, DeFi applications are increasingly seeking alternative solutions that offer low fees without compromising security, transparency, and speed.
To address these concerns, Polygon, a multichain scaling solution for Ethereum has launched a scaling solution and SDK stack for building Ethereum-compatible chains. This development brings together the best of sovereign blockchains and Ethereum in the same place.
Polygon’s latest solution addresses some of Ethereum’s most critical problems, including high gas fees and slow transaction speeds. It is open-source, more secure than other parachains, and allows DeFi applications to leverage a comprehensive interoperability framework.
While Ethereum is the preferred blockchain development platform, it faces limitations due to variable transaction costs that make transfers very expensive, low throughput, delayed proof-of-work consensus, and more. As a result, several DeFi applications need a solution to use the thriving ecosystem of Ethereum while mitigating these very limitations. Polygon’s ambition to become an L2 solution provides the perfect framework for connecting and building Ethereum-compatible multi-chain networks.
Polygon effectively transforms Ethereum into a full multi-chain system, allowing the ecosystem to grow and expand at unprecedented rates while ensuring the lowest fees possible and channelling Ethereum’s existing network security. Owing to these benefits, leading DeFi projects can now leverage Ethereum and connect multiple pararchains to the fullest extent possible.
DeFi projects like Aave and 1inch Network, launched on Polygon, are already benefiting from the platform’s astonishingly low transaction costs. For instance, the platform has facilitated almost $43 million in swaps by dollar value while spending a mere $25 on gas.
Enabling DeFi Projects To Leverage The Ethereum Ecosystem
Although the concept of Polygon is quite similar to other multichain systems, such as Polkadot and Avalanche, the platform offers several unique benefits. For starters, Polygon SDK is built on Ethereum and is an integral part of the network. On the other hand, platforms like Polkadot tend to build ecosystems from scratch.
Polygon, compared to other solutions, is inherently more secure. While other similar projects focus on building protocols that bridge to Ethereum, Polygon operates within Ethereum and uses all of its available battle-tested security measures.
Besides, the platform also supports all significant layer 2 scaling solutions, such as Plasma, zkRollups, Validium, and more, cementing itself as a one-stop solution for DeFi projects looking for customizable, open-source, and low-cost layer 2 aggregator.
As more and more DeFi projects opt for layer 2 solutions, Polygon is perfectly poised to become the go-to platform for everyone. The platform has attracted huge investments from some of the most prominent venture capital firms and private investors. The latest to join this list is an acclaimed American investor and entrepreneur Mark Cuban.