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Polygon secures $100M funding to invest in Supernets

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Open Supports Polygon and MATIC
Open Supports Polygon and MATIC

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Polygon, a leading scaling solution built atop the Ethereum blockchain, has shown commitment to supporting its ecosystem’s growth. The network has announced a $100M fund to go towards the development and adoption of Supernets.

$100 million for Polygon Supernets

In a blog post, the Polygon team said the $100 million will be focused on Polygon Supernets, which are blockchains customized for individual applications. Polygon Supernets boast of high performance, and the Polygon team recently released a blog post explaining the different features of these Supernets.

The Polygon Supernets are supported by Polygon Edge, a modular blockchain stack created to support the development of customized blockchain networks. Supernets are empowered with Polygon Edge’s superior features and come with a higher level of performance.

The Polygon team also said that Supernets can be created to run a wide range of applications, projects and use cases. Their security is assured by the Polygon network and is maintained by certified partners. Supernets’ upgrades are also supported by the Polygon Edge architecture.

Supernets boast of compatibility with each other and the Ethereum blockchain. The recently announced $100 million funding will support projects that will develop atop the new ecosystem.

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

Projects interested in benefiting from this fund can apply for them to assist in their R&D, onboard new projects, mine liquidity and interact with third parties. It will also assist in acquisition while creating a Supernet. 0701101749

Polygon’s ecosystem records massive growth

Before Supernets came into existence, there were more than 20 projects creating projects on Polygon Edge, a protocol that launched in 2021. Moreover, the entire Polygon network is still recording massive expansion.

Projects on the Polygon network recently surpassed 1400, and decentralized finance (DeFi) protocols, non-fungible token (NFT) projects and gaming protocols. The Polygon network further announced a $20M funding to support the transition of the blockchain into being carbon neutral.

Despite the rigorous efforts to support the growth and adoption of the Polygon network, the MATIC token has failed to register any notable gains. MATIC has continued to trade low like the rest of the crypto market. The token was trading at $1.37 at the time of writing after a 6.3% dip during the past 24 hours.

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