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Polygon Allots $100 Million For Expansion Of Blockchain ‘Supernets’

Polygon unveiled a $100 million budget for a new blockchain network dedicated to Web3 development. This announcement proves how concerned the company is about the growth of this sector. She is not the only one to be interested in this point .


Polygon Allots $100 Million For Expansion Of Blockchain ‘Supernets’


Why Supernets?

Polygon will work on the Supernets project, a network that aims to promote an ecosystem of innovation-centric activities on the blockchain network and Web3 in general. It was in a press release that the company revealed it through its CEO Sandeep Naliwal. “Infrastructure tooling enables users to easily and quickly accomplish desired results… Polygon 's mission is to accelerate Web3 adoption by providing enterprises with a full suite of blockchain solutions,” reads the press release.

Polygon is an Ethereum (ETH) based blockchain that records millions of transactions while reducing environmental impact. It currently supports over 7,000 applications and has performed over a billion transactions.

It is good to underline that the technology of Web3 which is based on that of the blockchain presents some difficulties for the developers. For good reason, large-scale public blockchains, like Ethereum, can experience heavy congestion and load, leading to slower transactions and high fees . It is to solve this problem that Polygon is working on Supernets.


Polygon expands its field of activity

Over the past two years, Polygon's business has grown significantly. Today, the company offers applications in various fields , including the decentralized finance (DeFi) sector. At the same time, MATIC, the token of the project, has also developed strongly.

“We envision Polygon as an interconnected, massively scalable multi-chain system, and today we are establishing a $100 million fund to help us achieve this goal,” the team said. The funds will be instantly accessible for development, project research and acquisitions, the company added.

The Polygon company wants to make a little more incursion into the field of Web3 and blockchain. For this, it plans to leverage a large investment for the creation of a new blockchain network named Supernets.


Source: Bitcoinist

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