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Polygon, an Ethereum scaling solution, has launched the latest network for Web3 development, pledging $100 million to early users who can assist in fast-tracking adoption.
On Friday, the company declared that the Polygon Supernet chain doesn’t charge hosting or operational costs and gives developers the ability to build their projects in a customizable environment.
Supernet Sovereign Chain or Supernet Shared Security Chain will be for developers to deploy their projects. A single validator manages the Supernet Sovereign Chain. It reduces maintenance costs. At the same time, Supernet Shared Security Chain offers a smooth path to decentralization with professional validators for validating the network stakes Polygon (MATIC) tokens.
There is heavy dependency on Supernets on Polygon Edge. Polygon aims to develop and deploy its own blockchains, going beyond the initial scope of the platform by providing decentralization features and more security. Polygon intends to allocate $100 million to developers who want to develop on the network to speed up the adoption of supernets.
According to Sandeep Nailwal, the co-founder of Polygon, the goal of protocol to bring “mass adoption to Web3” can be realized through supernets, saying that these kinds of advancements help in achieving wide-scale blockchain adoption.
However, Polygon couldn’t outperform the recent $450 million funding round in which major investors such as SoftBank Vision Fund 2, Galaxy Digital, Sequoia Capital India, and Tiger Global participated. Polygon also couldn’t suppress a $200 million initiative regarding Web3 social media with Alexis Ohanian, the Reddit co-founder.
Venture Firms have moved to Web3 projects in 2022 after investing more than $25 billion into blockchain startups in 2021.
Framework Ventures also made the announcement that it is allocating 50% of its newly raised $400 million funds to Web3 gaming earlier this week. On the other hand, crypto exchanges CoinDCX and KuCoin are launching Web3 developer funds worth $135 million and $100 million, respectively.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
