Polygon Labs VP discusses aggregation, fragmentation and industry pain points
Polygon Weekly Overview - August 23, 2024
Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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By The Numbers
Polygon daily active users: 669.43K (-13.36%)
Polygon daily txns: 3.22M (+12.20%)
Polygon Total Volume Locked (TVL): $923.81 (+13.05%)
NFT weekly sales volume: $11.15M (+65.09%)
Top 3 NFT collections by sales volume:
Fashion Girl: $1.6M
Matr1x Fire Weapon: $976K
Courtyard: $837K
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
Polygon Spotlight
🟪What happened: Fragmentation is one of the biggest pain points in the Ethereum ecosystem - and crypto space at large, and Aggregation is the solution, Polygon Labs VP, Global Head of Business Development Brian Trunzo, said during the Polygon Quarterly Webinar with Token Relations.
It’s time to “grow the pie” and “make Polygon fun again,” Trunzo said.
🟪Why does it matter: Polygon Labs is building out the decentralized protocol AggLayer to create a common bridge across the broader ecosystem and provide a space for seamless, cross-chain interoperability.
“We need new experiences, we need digital transformation, we need brave people to make open source, permissionless technology and continue to build upon it,” Trunzo said. “It can’t be a single company but it must be a patchwork of builders.”
The AggLayer aims to provide that framework to unify multiple networks and create seamless interoperability and enhanced performance. This can enable for the free flow of assets and data between various chains and layers within various ecosystems.
A large reason to build onchain is because of the transparency it provides and ability to contribute towards the growth of a larger ecosystem. So many ideas in the crypto space have been recycled and reproduced, but it’s the new, novel ideas that really stand out.
Trunzo believes the ideal path for a developer building on Polygon PoS is to create something new and find product market fit. Through these developments, eventually they find the need to have their own block space – and building on Polygon protocols and the AggLayer is the place to do that, he added.
“We need brave people to make open source, permissionless technology and continue to build upon it,” Trunzo said. “It can’t be a single company, but a patchwork of builders. Every protocol relies on the collective power of every ecosystem.”
🟪The big picture: Polygon Labs is building toward a goal of creating better user value and providing the ability for developers to flourish.
When developers are picking which chain to build on top of, they’re making a bet on where they’ll be most successful. More often than not, it’s one of the most stressful decisions for builders in the crypto space who don’t feel tied to one chain or another.
A lot of times, developers will build on chains with the most activity and users, something that Polygon PoS has lots of.
As a result, the broader Ethereum ecosystem can grow and Polygon, as well as the AggLayer, can become a place for experimentation to develop future innovations and hopefully solve the problem of aggregation and fragmentation.
Forging the Ecosystem
Fabric Cryptography raised $33M in its Series A round, including backing from Polygon Labs
Kanoi, a trading card game and project built on Immutable zkEVM, partnered with Animoca Brands Japan
ICYMI: Polygon Protocol Governance Call #24 highlighted proposals focusing on the network’s upcoming token transition
Polygon PoS saw 306.61M transactions in the past 90 days, surpassing BNB, Base and other EVM-compatible chains, according to Dune Analytics (shown below)
Highlighting the community
Polygon Labs CEO Marc Boiron, spoke on a recent X spaces and X user circle_crypto created a TLDR on it
Check out this video summary created by X user notfuturephoto that covered the latest gaming updates in the Polygon ecosystem
Polygon Labs Head of DeFi Daniel Oon wrote a thread on X that summarized why Polymarket has seen increased popularity
X user teamothy_x dove into AstrArk, a web3 game developed by Moonveil – a gaming L2 powered by Polygon CDK
Featured headlines
Messari released a comprehensive overview of the Ronin Network
Blockworks Research shared a report on the Polygon network and ecosystem
How Fabric plans to make advanced cryptography ubiquitous (TechCrunch)
Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Applications for Quadratic Acceleration (q/acc), an S1 Grant Allocator committed to help Polygon builders, are open
Participate in the Succinct ZK Residency program – applications are open until Aug. 30
Attend the Aggregation Summit, hosted by Polygon Labs, in Bangkok, Thailand from Nov. 10-11
Make your voice heard in the movement to Stand With Crypto
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This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.