23 October 2022
Polygon aims to be the 3rd largest crypto project in the world with Ethereum at the top.
Christmas has come earlier this year for Polygon as it received 2 big presents on Wednesday.
Polygon Integrates with Uniswap
First, the much-awaited integration with Uniswap Decentralized Exchange (DEX) finally took place.
Uniswap was earlier deployed on Ethereum. Due to the infamously high gas fees on the Ethereum chain, Uniswap was rendered infeasible for new crypto users.
Out of the shadows appeared a solution, integration with the Ethereum Layer-2 blockchain, Polygon.
The voting on the proposal to integrate Polygon concluded last week on Saturday. With a clear-cut majority, as over 72 million UNI token holders voted in favour, the proposal was passed.
“With this deployment, Uniswap as the flagship Ethereum project returns back to the original promise and again offers low fees and open access to everyone,” Mihailo Bjelic, Cofounder of Polygon, said on the occasion.
Opera Follows the Suit
But the party was not over as one of the most well-known web browsers, Opera also integrated with Polygon.
The integration with the Web3-ready browser and its built-in non-custodial crypto wallet on Android will happen in the first quarter of 2022. Opera’s wallet supports the Ethereum Web3 API, but the high gas fees makes it infeasible for users, preventing them from interacting with Decentralized Applications (DApps).
The collaboration will provide users with access to some of the biggest dApps, including Sushiswap, Curve, Aave, Balancer, Kyber, as well as blockchain games and NFT platforms such as Decentraland, OpenSea, Sandbox, Somnium Space, and Decentral Games.
With good news coming from different corners, Polygon’s native token MATIC reached an all-time high price of 2.709 USDT on Binance. At press time, MATIC was trading for 2.606 USDT.
Polygon Aims to be #3
Polygon Cofounder, Sandeep Nailwal has set his sights on making Polygon the 3rd largest blockchain with Ethereum as the biggest in the world.
Where does Bitcoin stand though? Will the blue-eyed boy of cryptoverse be dethroned from its number #1 position?
Well, data suggests that it could happen in future.
At the beginning of the year, Bitcoin’s market dominance was above 70%. Right now it stands at roughly 40%.
With the growing Decentralized Finance (DeFi) adoption, Bitcoin’s dominance will be reduced. But will any coin flip Bitcoin, it remains to be seen.
Blockchains are becoming congested. To circumvent it, the underlying infrastructure needs to be developed further. Some experts suggest that rollups might become a viable option and the new consensus mechanisms such as Proof of Stake (PoS), Proof of History (PoH), etc. For mass DeFi adoption, the systems will have to be simplified enough so that laymen can also interact with DApps.