Crypto News

Polygon (MATIC) Throws In $100 Million To Expand Its Supernets Network

Polygon, the popular Ethereum scaling platform, has been broadening its ecosystem. The protocol announced today that it is committing $100 million to promote the development and adoption of Supernets, its application-specific blockchains with higher performance.

What are Polygon’s Supernets? 

Supernets are Polygon’s latest addition to its multi-chain L1 blockchains powering ecosystem. In a blog post, the Polygon team explains the key features of Supernets.

Supernets are powered by Polygon Edge, a modular blockchain stack that enables the building of custom-made blockchain networks. Supernets take on these characteristics, added with higher performance.

The team noted that Supernets can be built to run a specific application, project, or use case while being secured by the Polygon protocol, maintained by certified partners, and receiving further upgrades from the Polygon Edge architecture. Supernets are also compatible with each other and the Ethereum blockchain by default.

The $100 million funding the protocol is providing is the support projects that will build on the new framework.

“We envision Polygon as a massively scalable, interconnected multi-chain system, and we are announcing a $100M fund to ignite this vision,” the team said.

Interested project teams can apply for funds to aid their R&D, project onboarding, liquidity mining, third-party integration, and acquisition while building a Supernet.

Polygon’s rapidly growing ecosystem and MATIC

Before the emergence of Supernets, there were already over 20 projects building on Polygon Edge which first launched last year. Similarly, the rest of the Polygon ecosystem is rapidly expanding.

Polygon ecosystem projects recently reached over $1,446 with DeFi platforms, NFT projects, and gaming dominating their number.  The protocol also recently announced a $20 million commitment to use in driving the blockchain to become Carbon negative this year.

MATIC, the native token of the Ethereum-compatible blockchain ecosystem, has traded like the rest of the crypto market. MATIC is trading at around $1.40, down 4.2% in the last 24 hours. The current price marks a 52% drawdown from its all-time high price of $2.91 reached in December last year

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