Polygon is moving forward daily, and we hope you guys do not miss any news in the last 7 days. Here is your Polygon Weekly recap.
- Highlight On-Chain data
- Ethereum The Merge Overview
- Starbucks Coffee unveils Starbucks Odyssey on Polygon
- Polygon Awards $250,000 to Winners of PolygonLEAP Accelerator
- Polygon will become the chain one of the greenest in Web3
Hola readers! Homa games, a leading platform for creating and publishing mobile games, is joining the Polygon ecosystem, PIL ZK Tooling is now open source, and OnePlanet completed its migration to Polygon.
Let’s dive in.
Polygon Highlight On-Chain Data
- Weekly NFT volume continued to grow the past week, climbing to $364 Mn (+37%). The past week recorded the highest number of NFT active wallets (184k+) since mid-august.
- Uniswap V3 Positions NFT-V1 ($309.61 Mn) maintained its position as the Top collection by volume in the past week.
- New entrants in the Top 30 dApps: Quest3 (6.8k, +134%), World war (3.9k, +5%), Bomb Crypto 2 (3.4k, +1%), and Dfyn (3.3k, +498%).
- Our weekly Mcap grew for the third consecutive week, reaching $6.5 Bn. Gas consumed escalated to a total of 3318 Bn (+6%) in the past week.
Ethereum The Merge Overview
What is The Merge?
The main purpose of the Merge is to transition Ethereum from its current proof-of-work consensus mechanism to the proof-of-stake model. Simply put, a miner becomes a holder and staker
Why need The Merge?
Start with Ethereum’s Problems
Consumes too many resources: PoW, Low scalability, High cost, Congested
POS can help Ethereum reach ~100K TPS
Beacon Chain – The Merge’s First Step
A separate parallel PoS chain could be tested in production without directly impacting the already existing PoW network that secures hundreds of billions of dollars of economic activity.
420K+ Validators, 13M+ Ethereum Actively Staking
The Merge Goal
Greener: Reducing the power consumption to secure Ethereum by around 99.95%.
Scalability: increase throughput
Decentralization: More validators
Security: Sharding (2023)
Impact of The Merge on Ethereum
Selling pressure decrease
Staking ETH reward estimated at 9 – 12% APR
Before The Merge: APR = base APR
After The Merge: APR = base APR + tip fee
Take a look at sheet below for more information
Before The Merge
Ethereum mainnet issues ~ 13500 ETH per day ➕ Beacon Chain issues ~1700 ETH per day ➖ Burn base fee (EIP 1559)
After The Merge
Ethereum POS ~ 1700 ETH per day ➖ ETH burned
Estimated deflation 1.5 – 3%
Read more: Here
Starbucks Coffee unveils Starbucks Odyssey on Polygon
Starbucks Coffee Company is working with Polygon to provide the blockchain technology to build its recently announced Web3 experience, Starbucks Odyssey.
As a result of the partnership, this new Web3-powered experience will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the United States to earn and purchase digital collectible stamps in the form of non-fungible tokens (NFTs).
Implementing Web3 technology will pave the way for Starbucks to engage with its Starbucks Rewards loyalty program members in exciting new ways, unlocking access to immersive coffee experiences from unique merchandise and artist collaborations to invitations to exclusive events.
Polygon Awards $250,000 to Winners of PolygonLEAP Accelerator
Polygon, along with Lumos Labs, is pleased to announce the winners of $250,000 from the PolygonLEAP Accelerator! Our joint accelerator program launched in December 2021 to bring more resources to Web3 startups in India.
Take a moment to explore the six winners, below:
- Airchains: Set of tools that cover a wide range of plug-and-play services that developers would normally have to build themselves from scratch.
- Respct: Offers decentralized social gaming experience for Web3 gamers.
- Deefy: The collateral-less payment infrastructure protocol that allows users to rent, loan, and BNPL on NFTs.
- Spheron: Deploying your full stack app to the decentralized cloud is just a few clicks away.
- Zoksh: A no-code, non-custodial, multi-chain gateway for your crypto payments.
- Zippy Fitness: A borderless metaverse for runners to run, train, and communicate with each other.
Winners are also eligible to secure grants from a pool of more than $9 million, contingent on investment thesis fit. The funds will be supplied by leading global investors Lightspeed, Elevation Capital, Woodstock Fund, Sino Global Capital, Jump Capital and Builders Tribe.
Polygon will become the chain one of the greenest in Web3
The Merge is estimated to cancel out a whopping 99.91% of Polygon’s network carbon emissions, reducing the annual total to just 56.22 tCO2e.
That footprint, a fraction of Polygon’s closest competitors, will make the chain one of the greenest in Web3.
In July, Polygon hosted its first Green Blockchain Summit to discuss collective solutions to environmental problems as an industry and is planning a follow-up event later this month. Polygon will support and scale a lasting positive impact on the world, helping create a healthier, fairer, thriving planet.
Additional Notable Events
OnePlanet NFT marketplace is migrating to Polygon
Research dived deep into a full aspect of Polygon zkEVM and zkEVM rollup