Categories: Crypto NewsNews

Polygon introduces ‘Supernet’ chains and pledges R1.6bn to Web3 developers

Published by
Nonhlanhla P Dube

The layer-2 scaling solution continues to move its focus to Web3, a wide notion referring to the blockchain-powered internet.
Scalability solution for Ethereum Polygon has established a new Web3 development network, giving ($100 million) R 1.6bn to early adopters who can help accelerate acceptance.

According to the business, the Polygon Supernet chain allows developers to build their applications in a customisable environment with no hosting or operational charges. Developers will be able to deploy their projects on either a Supernet Sovereign Chain or a Supernet Shared Security Chain — the former is managed by a single validator, which reduces maintenance costs, whereas the latter offers a more straightforward path to decentralization, with professional validators staking Polygon (MATIC) tokens to validate the network.

Although supernets rely on Polygon Edge, a development framework for projects wishing to design and operate their own blockchains, they go beyond the platform’s primary scope by providing additional security and decentralization capabilities. Polygon intends to offer $100 million( R 1.6bn) to developers who wish to build on the network in order to increase the use of supernets.

Sandeep Nailwal, the co-founder of Polygon, stated that supernets will support his protocol’s goal of delivering “mass adoption to Web3,” and that such advances are critical to obtaining widespread blockchain use.

Polygon’s Web3 ambitions were the driving force for its latest $450 million( R6.9bn) investment round, which drew significant investors such as Sequoia Capital India, SoftBank Vision Fund 2, Galaxy Digital, and Tiger Global. Polygon also co-founded a $200 million( R 3.1bn) Web3 social media venture with Reddit co-founder Alexis Ohanian.

After investing more than $25 billion( R388 bn) in blockchain businesses in 2021, venture capital firms shifted their focus to Web3 initiatives in 2022. Framework Ventures stated earlier this week that it would devote half of its freshly raised $400 million( R6.2bn) fund to Web3 gaming. Meanwhile, KuCoin and CoinDCX, two cryptocurrency exchanges, have announced Web3 developer funds totalling $100 million( R 1.6bn) and $135 million( R 2.1bn), respectively.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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