The Polygon ecosystem has seen several developments towards Web3 this year, but Ethereum’s level two scaling solution is far from complete. The Polygon Network announced a new offering in the Polygon Wallet Suite on August 31 as it seeks to improve adoption by focusing on ease of use.
Polygonal portfolio suite
The recently announced suite of portfolios comes in the form of a unified platform through which users can securely perform exchange transactions and other tasks such as asset management.
“Polygon Wallet Suite will act as an entry point to Web3 for newcomers, further enhancing the experience of existing users with this new unified platform to complete and participate in their daily crypto transactions with ease.” The group shared.
The offering includes several resources to overcome the existing challenges associated with Web3, and beyond “risky workarounds and confusing interfaces plus high fees and slow transaction times”, as Polygon noted. These tools include backend enhancements, token trading and gas trading, and the PoS bridge for bridging from Ethereum to Polygon. By focusing on the critical factors affecting the user experience, such as a simple interface, simplified integration, and familiarity with existing Web2 apps, Polygon hopes to adopt Web3 in a simple way.
Robinhood brings MATIC deposits and withdrawals to its platform
On the same day, Polygon also announced a collaboration with Robinhood which will see the latter support deposits and withdrawals of the former’s native token (MATIC) on the proof-of-stake chain. The launch will offer users of the stock and digital investment app the opportunity to enjoy the benefits of scaling technology such as faster transactions and lower fees than Ethereum’s entry level, merits that have made Polygon a “good fit” .
Robinhood previously introduced support for individual user wallets which allows any user to complete cryptocurrency withdrawals and deposits. Polygon integration offers more utilities such as transferring MATIC tokens across the Polygon network via the trading platform without incurring any transitional fees. Users can also use the token to lend, borrow, provide liquidity, and trade with other tokens.
Polygon joins Avalanche as TVL’s figure drops below $ 2 billion
Polygon celebrated a huge milestone by overtaking Solana in Total Value Locked (TVL) as the fifth largest chain. While it has maintained this rank, the TVL figure has declined significantly, a trend seen across the industry. Data from DeFi Llama shows Polygon has a TVL of $ 1.79 billion, marginally close to fourth-placed Avalanche with $ 1.8 billion.
The latter lost about 25% of its TVL in August, the biggest negative change among TVL’s top five chains. Polygon, on the other hand, is the only chain with a positive figure for the 1 month variation metric. However, Ethereum leads the DeFi ecosystem with a TVL of $ 34.57 billion, nearly seven times the second place of Tron with an equivalent figure of $ 5.72 billion.
Sandeep Nailwal’s Symbolic Capital launches $ 50 million Web3-centric fund
Sandeep Nailwal, one of the founders of the Polygon Network, is on a mission to ensure startup projects in emerging economies gain access to lucrative venture capital financing. Recently announcing the launch of a new $ 50 million fund by Symbolic Capital, Nailwal said the intention is to support pioneering web3 applications and empower up-and-coming founders, who are more often than not ignored by the industry. wider. Starting in India, the developer sees this program as a push to connect founders with VCs aligned with their respective visions.
Nailwal also revealed that Symbolic would launch a data engine to feed its portfolio companies with relevant investment opportunities. The platform would track indicators such as GitHub contributions, social media engagement and token performance, as well as recruiting data such as job histories and employee migration trends.
Backed by cryptocurrency exchanges, protocols, liquidity providers, family offices and more, Symbolic Capital is only three months old and was launched by Nailwal in partnership with Cere Network’s Kenzi Wang. It has invested undisclosed sums in P2E Planet Mojo and Community Gaming games, the cryptocurrency manager Arcana, and the game development studio Blinkmoon.
To learn more about Polygon, visit our Investing in Polygon guide.