Polygon (MATIC) Plunges $100 Million Into Expanding Supernet Network
The popular Ethereum scaling protocol, Polygon, has recently expanded its ecosystem to allow for more varied and efficient operations. The platform announced that it is investing $100 million toward developing and implementing Supernets. The new project is an application-focused blockchain that produces higher performance and faster development of new blockchain protocols.
Explaining the Polygon’s Supernets Network
The Supernets are designed to be a part of the multi-chain Lauer-1 Blockchain powering system of the Polygon network. The development team at Polygon explains the critical features of the Supernets and how they stand to benefit the entire Polygon ecosystem.
The Supernets are powered by a system known as the Polygon Edge. It is a modular blockchain block that allows for the development of customizable blockchain protocols. Because of this unique feature, Supernets are considered a multi-dimensional protocol coupled with high-performance capabilities.
According to the developers, Supernets can be programmed to run a single application, execute a specific project, and take on any other use case activity while securely hosted on the Polygon protocol, which is handled by a certified team.
By default, the Supernets protocol is compatible with every component of the Polygon network alongside the Ethereum blockchain.
Meanwhile, the core management team at Polygon emphasizes that the $100 million in funding is to support projects looking to build on the Supernets network. And because Polygon is a scalable and interconnected platform, the budget is geared towards its expansion.
All interested developers are encouraged to apply for funds to power their research and development projects and various other innovations hosted on the Supernet network.
Polygon’s Growth and MATIC’s Unprecedented Rise
Before the emergence of the Supernets network, Polygon had more than 20 projects developing on the Polygon Edge, which was officially launched over the past year. The rest of the Polygon protocol is equally expanding in a similar pattern.
The projects in the Polygon ecosystem have now reached 1,446, with the combination of DeFis, NFTs projects, and blockchain gaming dominating the entire project spread. It is an unprecedented move on the part of the network to embark on a consistent, upscale drive to bolster the protocol’s performance.
Polygon recently announced a $20 million pledge to move its Blockchain technology development and operations to become carbon-friendly later in the year.
Its native token, MATIC, has had a pretty incredible time, just like some crypto markets have enjoyed relative price rises and market corrections over the past couple of weeks in 2022. MATIC is currently trading at $1.40, a 4.2% decline in the past 24 hours.
MATIC’s current trading price shows a 52% drop in value from its all-time high of $2.91.
With the recent expansion of the Polygon network coupled with attractive features to scale the protocol beyond where it is now, there is a high possibility B that MATIC can also follow suit in terms of price uptrend in the months to come.
At the moment, the drive is toward scaling the Polygon network.
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