🟪 PolyPulse #23: Polygon Nightfall and how it enables enterprises to onboard public blockchains
Also read about how Polygon is helping the projects impacted by UST’s fall.
Welcome to Poly Pulse - your guide to staying up-to-date on the latest trends in the Polygon DeFi ecosystem.
This newsletter breaks down top stories, developments, updates, and trends from the fourth week of May 2022.
During the fourth week of May 2022, there was a huge growth in the revenue per day for the validators to $223K as compared to $61K in the third week of May 2022. This sudden spike was due to the drastic rise in the volume of transactions and the average transaction fees per transaction (which also saw a rise during the week from $0.018 to $0.058).
Quickswap remained at the top with respect to the Unique Users, Polygon with 79k users followed by Dustland with 66k unique users.
Enterprise’s need for blockchains!
Most enterprise blockchain solutions aren’t decentralized. They’re private or permissioned, relying on pre-existing trust among parties. By centralizing the blockchain, it compromises trust. On the other hand, public blockchain solutions don’t always make sense for enterprises. They’re expensive, lack privacy, and make all transactions visible to third parties.
This is where Polygon Nightfall comes in. With an Optimistic-ZK hybrid approach, enterprises get:
Security: transactions are stored on Ethereum mainnet.
Efficiency: transaction fees are the lowest possible.
Confidentiality: transactions are kept private from third parties.
Nightfall is a very powerful and versatile tool for a wide variety of enterprises that value private blockchain solutions. Across all industries and business verticals, from pharma to logistics, from food & beverage companies to high-value and commodity providers, we identified supply chain as the most promising application domain for Nightfall.
In the Supply Chain Orchestration, where multiple entities in a supply chain collaborate and coordinate using a decentralized and private payment network. After tokenization, single assets and production batches can be exchanged, paid, tracked and traced across the world, with the security of Ethereum and the efficiency and privacy offered by Optimistic and ZK rollups.
Nightfall can empower supply chain applications with:
Proof of authenticity
Efficient data reconciliation
Affordable, secure payments with fast settlement
Its first limited release, a Mainnet beta, was just released. The beta, still unaudited, will be restricted by wallet amount and number of validators, so that one can try it and get comfortable with it before its final release.
In the upcoming months, after a thorough audit, adding more validators, supporting validators’ payments in $MATIC, completing the SDK and a dedicated block explorer and ultimately removing network limitations would be the prime focus before the Mainnet launch targeting Q3/Q4.
Stay subscribed as we dabble into more depths of the Nightfall in the upcoming months.
🤝 Helping Terra Protocols Migrate to Polygon
To mitigate the loss due to the UST downfall, Polygon has launched the following initiatives:
Funding Support: Polygon launches ‘uncapped’ fund to help Terra projects migrate to its blockchain. This fund includes the $450 million Polygon had raised previously, its treasury and a $100 million ecosystem fund. Terra-based NFT marketplace OnePlanet will be the first project to get funding from Polygon.
Developer Support: Polygon has worked with some of the greatest developer shops in the world to help project developers to migrate their codes to Solidity thereby enabling a smooth transition, despite the market crash chaos.
Marketing Support: Polygon is enabling full support to any projects migrating on it with full marketing support to allow dApps to ensure that they can access the market.
Grants Program: A Terra Special Grant Program has been set up to provide immediate support to the projects migrating from Terra to Polygon. To know more about the same you can click here.
Other Support: Support such as faster audits, tech support, hosting support etc. have also been worked out for the projects to enable them have a steady and smooth transition.
Jacquelyn Melinek @jacqmelinekWhat happened with Terra is so unfortunate and has significant second order effects on great projects, developers, founders and innovators. Whether you’re at Polygon or the greater web3 ecosystem — you want to figure out how to help these folks. - @Fwiz https://t.co/HwFcbs0UsF
📌 Building a dApp on Polygon. The gas fee is on Biconomy. Apply for gas grants:
📌 The first tokenized property in Miami on Polygon:
📌 Under-collateralized crypto lending economy. Can it succeed? Let’s find out:
📌 Earn ~500% APR on Stader:
📌 Dystopia rewards are live:
What to focus on in the Bear Market?
Survival of course! One of the things that any crypto project has to focus on during the crypto winters is their survival. During the bear market many projects are not able to accomplish that and hence they perish. Some piece of advice that I can share with everyone reading this newsletter is:
If you are a founder, make a clear roadmap of fund utilization. Funding will reduce if not completely perish, so ensure that you distribute your funding efficiently to survive this bear market. It can last upto an year or two.
If you are a builder, focus completely on the product you are building, the best products shine out of a bear market.
If you are an investor, search for projects who are building keeping their heads down. A 90% dip in a token is not the lowest it could go. It could go another 90% down if the project has no fundamentals.
-- Aishwary Gupta (Strategy/Marketing Lead at Polygon DeFi & Community Lead at DeFi Pulse).
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