Polygon on road to recovery with strategic partnerships, zero-knowledge tech and roll-ups
- Decentral Games announced a strategic partnership with 0xPolygon, which offers scalability to the community-owned metaverse casino.
- The layer-two scaling protocol is criticized for high transaction fees on the Polygon-Ethereum bridge.
- Polygon advisor states that zero-knowledge tech and roll-ups are set to take over scaling and privacy.
Polygon’s native token MATIC suffered a massive drop in price in a Black Thursday-like crash on September 8. The altcoin has recovered since then and started an upward climb.
Polygon makes a bullish trend reversal, ready to bounce back
Polygon witnessed a drop in price in the face of the market-wide bloodbath. The layer-2 scaling solution faced criticism for high transaction fees on the scaling protocol’s bridge with Ethereum. A pseudonymous trader on crypto Twitter, @GodofETH, posted a screenshot of estimated transaction fees of $1,465 for moving Ether on the Polygon-Ethereum bridge.
And another one.
— Ethereum God GodOfEth.eth (@GODofETH) September 7, 2021
Do I just keep paying $150 for it to fail, or leave a whole bunch of ETH in limbo and hope it is fixed?#matic #polygon https://t.co/RWOqPegjOj pic.twitter.com/Ep1qs2e8af
Sandeep Nailwal, cofounder of the Polygon Network, responded to the concern by stating that the user is referring to the “high fees” on Ethereum’s side of the transaction.
This is the Ethereum side of the transaction and due to high Gas fees on Ethereum, we cant do anything on this
— Sandeep - Polygon (@sandeepnailwal) September 8, 2021
Polygon boosts scalability on layer 1 of Ethereum. However, high transaction fees continue to plague interactions with the Ethereum network. The protocol has established strategic partnerships to break into next level-scaling with zero knowledge (ZK) roll-ups and tech.
According to advisor Anthony Sassano, Polygon’s acquisition of Hermez is an investment in research and development on ZK tech.
In a recent video on Sassano’s YouTube channel, “The Daily Gwei,” he states,
Zero-knowledge tech and zero-knowledge roll-ups are going to eat everything when it comes to scaling, privacy and in general crypto stuff.
Sassano explains why the Polygon network has chosen to commit funds to zero-knowledge tech and shares his bullish outlook on the native asset MATIC.
Polygon is breaking into play-to-earn games, another trend that is catching up fast in the ecosystem.
Decentral Games, the metaverse casino joins Polygon's gaming and NFT arm
Play-to-earn games have attracted more users to NFTs and crypto trading over the past eight weeks. Polygon network is cashing in on the trend with a strategic partnership with the first community-owned metaverse casino Decentral Games.
Polygon is set to invest and stake the game’s token DG, and Decentral Games in turn joins Polygon Studios, the scaling solution’s gaming and NFT arm.
The partnership is set to help Decentral Games achieve a higher scaling level through Polygon’s proof-of-stake blockchain. Polygon’s break into the metaverse and gaming is a bullish development for the altcoin.
FXStreet analysts predict that MATIC is ready to bounce back with a 90% upswing.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
