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.
- Polygon On-Chain Data Highlights
- Going Beyond the Green Manifesto: Our New Impact Commitment
- The different ways that value accrues to tokens in the new Internet Paradigm
- How NFTs benefit the Artists you know and love
- Polygon enables instant USDC on-ramps for Juno users
Hola readers! 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 On-Chain Data Highlights
- 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.
Going Beyond the Green Manifesto: Our New Impact Commitment
With Ethereum’s Merge finally upon us, we’ve been thinking about how this historic milestone will affect our sustainability efforts. Polygon’s initial commitment to become carbon neutral and eventually carbon negative was largely addressing emissions generated by our relationship with Ethereum.
Polygon’s commitments are about more than just zeroing our carbon footprint. Even if the world were to achieve net-zero emissions right this moment, our current atmosphere would still contain almost double the concentration of CO2 compared to pre-industrial levels. That carbon debt does not go away and we need to act now to ensure a livable future for ourselves and the planet.
As part of our initial commitment, we set aside $20 million for sustainability projects. This is where you come in. Tell us about your idea or project that delivers a solution to these needs and get creative, you can target more than one. We’ve found that many problems are interconnected issues.
The different ways that value accrues to tokens in the new Internet Paradigm
Some functions are performed by tokens that drive value to a protocol. From helping bootstrap a network into existence and providing incentives to keep it secure to acting as the coin of the realm and a governance proxy.
Cold Start Problem:
Users only come to the network when there is enough activity created by users that came before them. Tokens help solve the cold start problem by giving incentives to early adopters. More users bring more dApps, attracting more users
Validators lock up tokens & verify the validity of transactions. This earns them rewards. High adoption means more network activity & high fee revenues, which brings more validators. Staking increases demand for tokens, resulting in higher value accrual.
Becoming a validator and running a node requires capital and technical knowhow. But any holder of a token can contribute as a delegator, or by choosing a validator to stake on their behalf.
Once the chain is up and running, the token becomes the main touch point through which users interact with the network. Every funds transfer, every DeFi trade or other types of transactions such as NFT mint is paid for in token, ratcheting up demand.
Network governance and consensus are inextricably linked to tokens as they act as proxy for votes. The more decentralized the project, the greater the scope of governance, the more demand for token-votes.
Innovation & Resilience:
Mature networks face a number of risks including but not limited to entry by new competitors, technological change, geopolitical shifts, security vulnerabilities and attacks. Teams have to continuously invest in innovation and risk management.
How NFTs benefit the Artists you know and love
Finding success as a traditional artist has always meant navigating the closed-off world of the gallery-dealer complex. An artist who doesn’t come from a privileged background or runs in well-connected circles, has little hope of gaining traction. And if their art happens to be digital, they are pretty much straight out of luck.
In 2021, Christie’s sold “Everydays: The First 5000 Days” NFT for $69.3 million, the first digital art piece sale in the auction house’s 255-year history. “I think it’s just going to be seen as the digital art revolution. I truly believe this is the start of the next chapter in art history,” Beeple said in the aftermath.
NFTs offer artists new ways to capture the economic value of their work and a way to transform social capital into financial reward. Here are some ways this technology can empower creators.
- Direct ownership of artwork
- Recurrent income from royalties
- Lower barrier to entry
- Choice of distribution
- Community in a can
Polygon enables instant USDC on-ramps for Juno users
Juno, which allows its users to earn, invest and spend their cash and crypto from one checking account, now supports instant on-ramps to USDC on Polygon.
Juno App users can now purchase, sell, transfer, and receive USDC on Polygon without paying transaction fees. Users can instantly convert their fiat funds to USDC on Polygon by logging in with their account credentials and entering their Polygon wallet address.
Polygon’s low fees and robust Web3 ecosystem, combined with Juno’s ease of use, make it the quickest and most painless way to convert your fiat money to USDC with no transaction fees.