Are sidechains like Polygon, Trojan horses or the real deal for Ethereum adoption?

Are sidechains like Polygon, Trojan horses or the real deal for Ethereum adoption?
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Are sidechains like Polygon, Trojan horses or the real deal for Ethereum adoption?

Evident from Reddit and other web2 partnerships, the Polygon POS commit chain has brought more adoption to Ethereum than other scaling solutions.

We used to refer to Polygon as a commit chain because of its POS. But, today, Polygon is an interoperability of blockchains thanks to its suite of Ethereum scaling solutions — Polygon Pos, Polygon Hermez, Polygon Avail, Polygon Edge, Polygon Nightfall, Polygon Miden, Polygon Zero, and Polygon Supernets. None of them are live yet except POS, Supernets, and Polygon Edge. Polygon Supernets and Edge are developer tool kits to help developers with a modular framework to build an Eth-compatible blockchain alongside Polygon POS (commit-chain) and other scaling solutions.

In this article, we’re going to focus on Polygon POS. It’s the first scaling solution to go live on polygon and it has done so much good for Ethereum adoption and crypto mainstream adoption at large.

Polygon POS

Polygon POS is a commit chain to the main chain Ethereum by utilizing POS (Proof of stake) validators and the Plasma bridge framework for asset security.

Polygon POS operates on a commit chain, which is a type of sidechain that bundles batches of transactions and confirms them all at once before returning to the Eth main chain.

With the help of the POS commit chain, Polygon has been able to scale ETH effectively, thereby reducing transaction costs and increasing transaction throughput by a massive difference when compared to Ethereum and its other scaling solutions.

Thanks to Nansen, the data below shows proof:

There are 1.8 million active addresses.

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It peaked at 9 million daily transactions and is currently at 2 million daily transactions

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-Cheaper gas fees than Eth main chain

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Carbon neutrality of Polygon POS

Polygon POS’s carbon neutrality gives it an advantage over other scaling solutions and is an attractive feature for top Web2 partnerships.

With the environmental issues affecting the world today, the goal is for most companies to go carbon neutral so as to decrease carbon emissions, thereby reducing environmental issues around the world.

Polygon pledged $20 million to go carbon neutral on April 12th, 2022. And on the 21st of June, 2022, the goal was accomplished. Polygon went 100% carbon neutral with the aid of Klima Dao.

With the factors and data mentioned above, it’s a no-brainer for the Polygon biz team to partner with top Web2 companies, all thanks to the ultimate sidechain: the Polygon POS commit chain.

Polygon, paving the way for the mainstream adoption of Ethereum.

Partnerships with Starbucks, Robinhood, HTC, Mercedes-Benz, Disney, Meta (Facebook), Stripe, Reddit, Draft-Kings, Adobe, and eBay have been vital to mainstream adoption.

Let’s take a quick look at these partnerships.

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Starbucks Partnership

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On September 12th, 2022, Polygon partnered with Starbucks Coffee Company to provide Web3 infrastructure to its recently announced Starbucks Odyssey.

Starbucks loyalty program members and partners will be rewarded with stamps in the form of NFTs. This NFT will unlock various benefits, like learning coffee making and a trip to Starbucks farms in Costa Rica.

Mercedes-Benz

Mercedes-Benz partnered with Polygon and Ocean Protocol to launch a decentralized data-sharing platform called Acentrik. Ocean Protocol will provide its services as the infrastructure for a decentralized blockchain solution, while Polygon, specifically Polygon POS, will help with cheap and fast transactions.

Adobe

Adobe’s social media platform for creators, Behance, adds support for NFTs minted on Polygon. This will allow creators to seamlessly showcase their NFTs and easily source potential buyers.

Through this integration, technicalities experienced by Web3 users when minting an NFT won’t be experienced by Behance creators that are interested in minting their NFTs, as they can mint them in an easy manner.

Draftkings

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Draftkings is a $5 billion listed public company on Nasdaq, and its NFT marketplace is powered by Polygon’s blockchain infrastructure. Draftking will be a validator and node operator on the Polygon POS blockchain. This is the first time a Nasdaq listed company is taking an active role in a blockchain network.

Collectors will be able to transact NFTs on Draftking thanks to Polygon POS infrastructure.

Stripe

Stripe partnered with Polygon for seamless transactions in USDC. Platforms that use Stripe payment services like Stripe can instantly pay their users using Stripe thanks to Polygon POS’s fast and low-gas transactions.

Meta

Previously called Facebook, Meta ventured into Web3 through a partnership with Polygon. Creators and collectors can now flaunt their digital collectibles on Instagram with the aid of Polygon POS infrastructure.

Nubank

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Recently, the largest digital bank in Brazil and backed by Warren Buffet — Nubank, is set to launch its digital currency in Brazil, Columbia, and Mexico in 2023, built on Polygon.

Disney

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Polygon was chosen to be part of the Disney Accelerator Program. This is a development program aimed at accelerating the growth of companies chosen to participate from around the world. These companies will receive mentorship from Disney’s leadership teams.

HTC

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With the support of Polygon, HTC launched a metaverse phone. Users will be able to create virtual avatars, NFTs, and cryptocurrencies with the aid of apps and wallets built on their phones.

Robinhood

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Robinhood Web3 wallet beta, built on Polygon, will onboard millions of users to defi. Users will be able to trade and swap crypto, earn crypto rewards, track blockchain portfolios and connect to dapps thanks to Polygon’s seamless infrastructure. However, NFT features won’t be available until full launch.

Reddit

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Reddit airdropped free Polygon NFTs to active users with high karma points in August, just after launching their Reddit Avatar NFTs. This has resulted in massive adoption, with 3 million wallets hodling Reddit NFTs, surpassing the 2.3 million wallets in OpenSea.

The Reddit Avatars are created by independent artists and are minted on the Polygon POS chain, which users can purchase on Reddit’s cryptocurrency wallet, Vault. After that, the NFTs can be traded on OpenSea. This idea by Reddit was designed as a means to assist artists to monetize their art as NFTs.

Conclusion

From the above, these partnerships with these web2 heavyweights mean we can expect more partnerships in the future to bring mass adoption to Ethereum and crypto at large.