Polygon Network (MATIC), a layer 2 protocol under the Ethereum Network, is trying to regain lost ground despite the ongoing bear market. It is currently in the middle of rolling out projects which involve Starbucks, Bitpay, Nubank, Axelar, and Reddit.
As an Ethereum sidechain, it gained popularity mainly because of its cheap transaction fees. But it was not spared from the market slump. MATIC dropped to around thirty cents last June from an all-time high of $2.92 ten months ago. It has since gone up to just below a dollar.
1. Starbucks Partnership
Starbucks chose the Polygon Network chain for its Odyssey Experience, which will offer members the ability to earn and buy Non-Fungible Tokens (NFTs) which will unlock access to new immersive coffee experiences.
The NFTs will be integrated with the coffee chain’s loyalty program. Starbucks aims to create an accessible Web3 community that will enable new ways to engage with members and partners (employees). The vision is to create a place where the digital community can come together for coffee, engage in immersive experiences, and celebrate Starbucks’ heritage. Members can earn NFTs by taking part in interactive games and challenges, which are all designed to deepen their knowledge about coffee and Starbucks.
2. Bitpay Now Supports MATIC
Bitpay, a Bitcoin and Cryptocurrency payment services provider, will begin to support Polygon Network’s MATIC token. Users can now pay using MATIC tokens. The Bitpay app will also allow holders to buy, store, swap, and spend Polygon’s MATIC tokens. Panini America, a collectibles marketplace, was one of the first to accept MATIC payments.
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds,” said Stephen Pair, Bitpay’s CEO.
3. Nubank taps Polygon for its Loyalty Program
Nubank, a Brazilian bank and the largest fintech bank in Latin America, is partnering with Polygon Network to launch its cryptocurrency token. Nucoin will be airdropped to customers starting in the first half of 2023. The digital tokens will be given as a form of loyalty reward and can be used to avail of discounts.
Nubank, founded in 2013, has 70 million customers across Brazil, Mexico, and Columbia. Its investors include Warren Buffett’s Berkshire Hathaway and Softbank.
4. Axelar and Polygon Partnership
Axelar, a cross-chain platform, is partnering with Polygon Network to expand the interoperability of Polygon Supernets.
Polygon Supernet provides a quick way to set up a custom high-performing blockchain network. Axelar delivers secure cross-chain communication for Web3. This partnership is expected to open interoperability between other blockchains.
“Supernet chains offer fast user experience with significantly lower gas fees in comparison to other existing L1s and L2s,” said Sergey Gorbunov, co-founder of Axelar. “As a result of the partnership, users can easily move and use their currencies and NFTs across multiple Supernet chains, opening them up to the possibilities of a multichain Web3 ecosystem.”(Polygon team, Oct 2022 )
In a nutshell, users will be able to create customizable blockchains that can securely talk to other chains.
5. Reddit Polygon-Based NFTs
Reddit, the popular social news website, launched Polygon-based NFT avatars in Aug 2022. NFTs were airdropped to the most active users of the platform. A separate collection was also created to showcase the works of selected artists within the community.
The sales for the last few days of October have generated over $2.5 million in sales, while Reddit users have signed up for 3 million Polygon wallets. This shows how much a dedicated community can push for crypto adoption.
Polygon is Building in the Middle of the Bear Market
Polygon (MATIC) was created as a Layer 2 blockchain on the Ethereum (ETH) network. It was created in 2017 to address Ethereum’s scalability issues. It helps improve transaction speeds and lower gas fees, which in turn encourages adoption.
Building new projects while the rest are afraid is a strong declaration of being bullish despite the naysayers. Big names adopting the Polygon Network is a big win for everybody in the crypto community. The world is slowly waking up to the fact that blockchain technology can be applied to a variety of things like loyalty programs and payments. Traditional companies and communities are recognizing that crypto is here to stay.
Image: Unplash (edited)
