Polygon Launches $100 Million Fund for Web3 Developers

Layer 2 scaling solution Polygon recently shared an intriguing update via its Twitter account. The platform announced its plans to launch a new Web3 development network called the Polygon Supernet. Polygon also set aside $100 million for early adopters who can help speed up adoption.

Polygon was previously known as the Matic Network. It is a scaling solution that aims to provide a variety of tools to improve transaction speed. Furthermore, the platform employs a number of techniques to scale millions of transactions while lowering environmental consequences. The platform hosts thousands of applications and is home to gaming projects. Additionally, the scaling solution has achieved more than a billion processed transactions.

What is the Supernet About?

A supernet operates by combining different networks, or subnets, into a single wider network. Supernets have a lot of advantages, such as efficiency and processing. The Supernet chain would offer developers a chance to create their projects on a customizable platform. In addition, these developers do not have to pay fees for hosting or any other operations.

As a result of the Supernet, project builders would have the option to release their projects on either a Supernet Sovereign Chain or a Supernet Shared Security Chain. A single validator manages the Supernet Sovereign chain. As a result, there is a huge reduction in maintenance fees. However, the Supernet Shared Security Chain offers developers a smooth transition to decentralization. To validate the network, they only have to stake Polygon’s native token, MATIC.

In a blog post it shared, Polygon wrote, “We think of supernets as Polygon Edge networks on steroids. Supernets are blockchain networks with several important characteristics that aim to mitigate the aforementioned challenges and enable mainstream adoption of Polygon and blockchain technology in general.”

Supernets are a breakthrough innovation for developers on Polygon. For a start, it lowers the entry barriers for developers who previously used Polygon Edge, which was launched in 2021. The Supernet is for developers who desire to own a high-performing, secure, decentralized blockchain network.

Polygon Edge and the Supernet

Polygon Edge is a blockchain stack that allows developers to create and launch specialized blockchain networks based on their specific requirements. Furthermore, Edge is a customizable system intended to support a wide range of scaling solutions.

These can include sovereign and enterprise EVM chains to full-fledged Layer 2 solutions. Polygon Edge would serve as the base solution for Polygon Supernets. Furthermore, Polygon Edge’s features are designed to operate effectively and securely within supernets. With Polygon Edge, developers can deploy dApps on a network without fear of a security bridge or reduced efficiency.

Polygon intends to fast-track the Supernet adoption with its $100 million in funds. According to Polygon, the funds would be used for the following:

  • Liquidity mining
  • Research contract and grants
  • Third-party collaborations and integrations
  • Development contracts and grants
  • Project onboarding
  • Acquisitions
Features of the Supernet

The Supernet comes equipped with the following features:

  • Developers have the possibility of having a decentralized PoS network that they do not have to maintain.
  • Developers can achieve decentralization and security from the onset
    Enterprise / dApp Networks with high performance and scalability operating on the highly performant Polygon Edge infrastructure.
  • Incentives for professional validators who secure a developer’s Supernet.

Furthermore, a developer can update their Supernet or change its underlying framework at any time. Polygon Edge already allows for simple transitions from Proof-of-Authority to Proof-of-Stake, and the same will be available for Layer 2 solutions.

The Supernet will later include features such as gas-efficient bridging to Polygon/Ethereum. In addition, it would later have extra security features.

⬆️ Also, get $125 for SIGNING UP with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ALTCOIN BUZZ ACCESS PRO membership (worth $99). MEXC supports U.S. Traders in all trading pairs and services.

(To get your ALTCOIN BUZZ ACCESS PRO membership, DM us with your “newly signed up MEXC UID” and “Telegram ID” on our Twitter @altcoinbuzzio)

⬆️In addition, find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.

⬆️Finally, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.