Despite the deep crypto winter of 2022, Polygon managed to hold its own. It made big strides to onboard global brands and the masses and have the infrastructure to support them.
Polygon has evolved from one of many Ethereum scaling networks into a platform favored by household brands and companies looking to harness Web3 technology. The network made inroads in its plans to support that growth through zero-knowledge-proof scaling technology. As such, Polygon attracted an array of massive, well-established brands that are building applications atop the Ethereum scaler.
The Polygon blockchain has attracted big names such as NuBank, Starbucks, Robinhood Markets, Reddit, DraftKings, and Instagram. Analysts Gautam Chhugani and Manas Agrawal said the network is in a unique position to be the Web3 on-ramp for millions of users. Moreover, the market has started rewarding Polygon’s native token MATIC for building through the bear market.
Undeterred by the downturn in the broader market, Polygon has been smart and making strategic acquisitions; it has also built a working live solution for zk-rollups. The report outlined that Polygon moved from the potential cannibalization of the Ethereum blockchain to become a complimentary scaling platform. It stated that Polygon’s success means the success of the Ethereum ecosystem.
But Polygon has also seen a fair share of criticisms. Sandeep Nailwal, Polygon co-founder, recently got into a dispute on Twitter with Mert Mumtaz, co-founder of Helius, over Polygon Studios’ investments and onboarding. Mumtaz alleged that Polygon uses funding to pay people to use the chain and acquire companies, while Solana uses it to improve the tech and build the community, and has thousands of more nodes.
Nailwal defended Polygon by highlighting Solana’s downtime issues. He said all brands want to build on Ethereum and not on half-baked L1s. Nailwal said Polygon is just a medium for them to access Ethereum.