Polygon, an Ethereum scaling solution, is launching its parachain-like approach on Ethereum to help dApps seamlessly connect to the network while offering higher transactions per second (TPS) and low gas fees.
Innovative Ethereum-Based Solution Ensures Speed, Scalability, And Affordability
Amidst the rising costs of transactions and congested blockchain networks, Polygon, a scaling solution for processing high-speed transactions on Ethereum, has launched its parachain for the Ethereum blockchain.
Combining the best of Ethereum and other sovereign blockchains into a fully customizable multi-chain system, the new parachain solves critical hindrances associated with blockchains, especially high gas fees and slow speeds, without sacrificing security.
Apart from delivering a capable multi-chain ecosystem, Polygon’s capacity for high transaction throughput and cost-effective PoS consensus model supports almost “zero-gas” fees and near-instant confirmations. Aave, a leading DeFi lending platform, deployed on Polygon in April, has already witnessed enormous user adoption of the version, with almost $12 billion in deposits and over $7 billion moving to this protocol, and that too at a total transaction fee of $158.
Polygon’s popularity has grown manifold over the last few months due to its unique protocol and a framework for building and connecting Ethereum-compatible blockchain networks. As more and more decentralized apps are being deployed on the platform to escape the high transaction fees of the Ethereum mainnet, Polygon’s native token, MATIC, is surging on an upward trend.
New SDK Stack Helps dApp Developers Leverage Ethereum’s Power
The team has also launched its SDK stack, containing several plug-and-play modules and customized solutions, such as consensus and synchronization parameters, to allow developers to deploy unique Ethereum-connected blockchains easily.
Packed with many modules, such as gRPC, TxPool, and JSON RPC, the SDK stack is built to replicate Polygon’s “Polkadot on Ethereum” concept, laying the foundation for continual development of multichain networks for Ethereum. According to Sandeep Nailwal, co-founder of Polygon,
“With the Polygon SDK, we are solving pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-L2 communication.”
Polygon may onboard other projects shortly as more DeFi initiatives pursue multichain strategies. The stratospheric growth of the platform and its commitment to delivering higher transactions per second (TPS), meager gas costs, and exceptional security has attracted several leading investors and VC firms across the world. The latest figure to join the consortium is famed American entrepreneur and investor Mark Cuban.
Mark has made a significant investment in Polygon following the platform’s SDK stack release. Although the terms and size of his investment still under wraps, Cuban has mentioned, “I was a Polygon user and find myself using it more and more.”
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