In the past few years, the adoption curve of Ethereum has grown exponentially. As users become aware of the functionality of the platform, they couldn’t resist jumping on it. But there was a problem. Ethereum, as a blockchain, though provides a lot of utility and options to build different products, but it lacks its consensus mechanism. It uses “Proof of Work” to verify the transaction on the chain.
This created a lot of problems. As the volume of transactions increased, the process remained the same, and hence the time to process each transaction went up. Similarly, the network fee rose to an extent that become unaffordable to a lot of users.
To solve this problem, a lot of blockchains/sidechains were built over the Ethereum blockchain to process the transactions faster and improve the fee structure on the network. These are called layer 2 solutions. They aren’t the native blockchain, but they utilize the native blockchain. One such blockchain is Polygon Blockchain.
Polygon as a blockchain become one of the leading projects solving Ethereum’s problem because it addressed all the required problems at a go. It became the first sidechain to launch its own native token called Matic. Because of the features available, and realizing its scalability, a lot of developers decided to build multiple projects over the chain.
Here are the top 5 projects being built on Polygon in 2022:
Quickswap is a decentralized exchange being built over the Polygon blockchain and uses the Automated Market Maker technology to carry out the transactions. The platform also allows depositing tokens to earn interest on them via yield farming. It allows buying crypto with fiat currency as well as supporting Apple Pay, Credit Card, Bank Transfer, etc. The platform has gained adoption and popularity over traditional platforms such as Uniswap due to its faster transaction speed and lower costs. The platform has its own native currency called QUICK.
Opacity is a private cloud storage project being built on the Polygon blockchain. It is supported by OPCT tokens, which are the platform's native tokens. A user using the OPCT token can pay for storage needs without ever having to use a credit card. By just sharing a link, a user can send anything – from photos and videos to zipped folders and large CAD files – to anyone, even if they don’t have an account. The platform claims that they guarantee that the information submitted will never be leaked or used by 3rd party ads.
Aavegotchi is an NFT gaming protocol built over the Polygon blockchain. It comes under the category of Play to earn games. Users have to buy the NFT avatars in order to interact in the game which is called the Gotchiverse. Each Aavegotchi avatar is unique in its existence with varying features from wearables, a kinship score, which is based on how often the player interacts with the avatar, and the amount of Aave-powered aTokens staked to the avatar. The token used on the platform is called the GHST token, which is the platform's native token.
Polymarket is one of the most interesting projects being built over the Polygon blockchain. It is a platform that functions as an information market. Users can come on the platform, look for the information/events in which they are well versed or highly interested, and predict & place a bet on the required outcomes. According to the official website, on Polymarket, you build a portfolio based on your forecasts and earn a return if you are right. As it is built on the Polygon blockchain, there’s no network fee that a user has to pay.
Sunflower Land is one of the leading NFT-based games built over the Polygon blockchain. It allows users to plant crops, chop trees, mine rocks, craft items and collect exotic resources to build an empire on the platform. From the mined gold to planted flowers, everything is a digital collectible over the Polygon blockchain. According to the founders of the project, “The aim of Sunflower Land is to build a 'plug and play' Metaverse”. The platform supports over 150+ unique tokens. For a user to start the operations, one would need the native MATIC token on Polygon to mint the farm and other in-game items.
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