CRYPTO NEWS

49% Lower Fees, Big Growth: Why Polygon (MATIC) Surged in Q2

Don’t call it an “Ethereum killer.” Polygon (MATIC) builds on and enhances Ethereum’s blockchain. Its developers and user base must have missed the memo that we’re in crypto winter. While prices crashed, Polygon’s ecosystem grew in leaps and bounds to finish quarter two.

The crypto platform enables developers to build bridge infrastructure between blockchains. As a result, Polygon is facilitating improved interoperability between Ethereum-compatible chains. The collaborative, value-add approach paid off for the DeFi cryptocurrency in the June quarter.

Freshly-published Polygon data from Q2 reveals the ecosystem grew dramatically. Additionally, users paid significantly lower network fees for using Polygon and doing business on its decentralized apps.

Polygon Network Usage and Development Burgeons in Quarter 2

Network usage on the second layer speed and privacy chain burgeoned in the second quarter. Unique address creation, new transactions, and network revenue all increased over the market “winter” quarter. These were up to 5.3 million, 284 million, and $5.5 million, respectively.

Developer activity also surged on Polygon, with a longtime reputation for its popular SDK. Some 90,000 devs published their first contract to its chain in Q2, the network revealed Tuesday:

“Over 90k developers published their first contract. This is more than 3x the pace of Q1 growth. On average, 1k new creators and 2.7k new contracts went live on the chain every day.”

Average gas fees dropped by half last quarter, falling to $0.018 per transaction going into July. That’s a substantial 49% reduction in the cost per transaction to use MATIC.

Cheaper fees for users, along with the basic economic principles of supply and demand, might have something to do with the DeFi crypto’s growth over the previous three months. The Layer-2 blockchain scaling solution for Ethereum has enjoyed a robust rally since late June.

New Partnerships, Price Rally for MATIC in July

The spot price of MATIC tokens for Polygon traded up from $0.40 a coin on June 18 to $0.90 on July 22. Since then, the coin has been moving across crypto exchanges in a range bound between the $0.77 and $0.90 levels. With a total market capitalization of $7.5 billion Sunday, MATIC is the 12th largest cryptocurrency by this metric.

Over the one-month view to date, Polygon’s native token grew dramatically compared to its peers. With a 64% climb from 30 days ago, MATIC outpaced Ether (+37%), BNB Coin (+14%), Solana (+4.5%), and Polkadot (-2%).

In addition to slashing gas fees in half over the previous quarter, Polygon is putting together a number of strategic partnerships. In early June, the network announced that US Dollar Coin (USDC) now supports Polygon:

“The second biggest stablecoin US Dollar Coin (USDC) now supports Polygon, its backers – a cryptocurrency-focused payment company Circle – said. Polygon-native USDC will replace the current process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge. The update will cut transaction times and ether gas fees.”

Additionally, Reddit announced earlier this month that it’s launching an NFT avatar marketplace. Polygon Network will power the new NFT market. Meanwhile, London-based Nothing Technology Limited is working with Polygon to extend Web3 for mobile.

GAIMIN’s Early Access Event Opens Its Platform and Monetization App to Gamers

PRESS RELEASE. Zug, Switzerland, 12th August 2022: GAIMIN announces the opening of its gaming and monetization platform to the gaming community. Following recently completed initial testing of its monetisation and gaming platform, GAIMIN.io ltd is opening up its gaming and monetization platform to 10,000 gamers during August and September. GAIMIN’s monetization application enables a user::Listen

PRESS RELEASE. Zug, Switzerland, 12th August 2022: GAIMIN announces the opening of its gaming and monetization platform to the gaming community.

Following recently completed initial testing of its monetisation and gaming platform, GAIMIN.io ltd is opening up its gaming and monetization platform to 10,000 gamers during August and September.

GAIMIN’s monetization application enables a user to utilize the Graphics Processing Unit (GPU) installed in a PC to participate in GAIMIN’s distributed data processing network, returning up to 90% of rewards generated back to the user. With a specific focus on PC-based gamers as users, GAIMIN’s app allows gamers to utilize their passively generated rewards to purchase in-game assets such as NFTs and native gaming tokens (including V-Bucks and Apex Legends coins) and as well as purchasing accessories and merchandise from GAIMIN Gladiators, GAIMIN’s esports division all of which is designed to deliver true utility for GAIMIN’s GMRX token.

Andrew Faridani, Chief Marketing Officer for GAIMIN stated, “Extending the testing community to 10,000 active users is a major step forward in GAIMIN’s strategy to release an application that generates passively earned rewards for gamers. Starting on Monday 15th August 2022, we will be opening the download of our app to 10,000 users who can immediately benefit from its monetisation abilities and also receive bonuses for participating in this Early Access event.”

Martin Speight, Chief Executive Officer for GAIMIN commented, “Following initial testing, we have made significant improvements to usability of the app, the user experience, new functionality and increased monetisation options. We now need 10,000 gamers to test the performance of the app through high synchronous utilization, in readiness for general release.”

Andrew Faridani continued, “Providing Early Access to 10,000 from 15th August will enable us to build a larger testing community and spearhead our strategy for mass adoption of the platform throughout our target user community. This event is designed to test GAIMIN and our systems, and also reward users through increased rewards, limited edition gaming NFTs and enhanced GMRX for their continued participation. Importantly, this will also demonstrate the utility within GMRX in readiness for its imminent listing.”

Martin concluded, “Ensuring our platform is ready for general release is a major step forward in our strategy. In readiness for listing of GMRX, and in support of maintenance of GMRX on exchanges, we want to ensure we list with an active user base and community and also demonstrate the true utility of GMRX within our ecosystem.”

To participate in this event, please follow GAIMIN on our social media channels, where full instructions will be provided throughout the Early Access period.

About GAIMIN

GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralized data processing network harnessing under utilized processing power typically found in gaming PC’s to create a world-wide decentralized data processing network, delivering “supercomputer” performance.

With a free to download PC-based application GAIMIN monetises the under utilized performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering.

GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency.

For up to date information, please follow the following GAIMIN social media accounts:

For further information, please contact:

The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): [email protected]


UK and Europe – Marc Bray, Chief Communications Officer for GAIMIN (based in Manchester, UK): [email protected]

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

49% Lower Fees, Big Growth: Why Polygon (MATIC) Surged in Q2

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