01 Sep 2023
Polygon Monthly Report - August 2023
In this article, we cover the latest news, data and updates that took place in the Polygon ecosystem! It's hard to stay up to date on everything, but we've got you covered.
TL;DR
This summary is AI generated, want to learn more? Read here.
Introduction
The month of August was full of exciting news and growth throughout the Polygon ecosystem. The Polygon PoS chain, zkEVM and more scaling solutions have grown in adoption over the past month. In this article, we’ll discuss the latest news and analytics that you don’t want to miss. Let’s dive in!
Biggest News of the Month
Polygon CDK
The biggest news over the last month was the announcement of Polygon CDK. (Chain Development Kit) Polygon CDK is an evolution to the already live Polygon Supernets and allows anywhere, anywhere to deploy their very own layer 2 blockchain powered by Zero Knowledge technology. Let’s discuss some of the key factors and benefits that Polygon CDK brings to the table.
Polygon CDK Overview
Polygon CDK is an open-source and modular codebase that allows anyone to launch their own ZK-powered L2 chain on Ethereum. Even more exciting, each ZK L2 chain that is deployed is interconnected with native interoperability and shared liquidity. Polygon 2.0 envisions a web of ZK-powered L2s that can scale Ethereum on demand, but building such chains is complex. Polygon CDK aims to solve this problem by providing a modular codebase for launching ZK-powered L2 chains, allowing anyone to participate in this vision.
Key Features of Polygon CDK
Interoperability: Chains created using Polygon CDK are seamlessly interoperable, connected to one another through a shared ZK bridge. This forms the "Value Layer of the Internet."
Unified Liquidity: Chains using Polygon CDK have access to the combined liquidity of all Polygon chains and Ethereum, enabling one-click access to Ethereum's liquidity.
Modularity: Developers can customize and design chains according to their requirements using Polygon CDK components, such as choosing rollup or validium mode, selecting execution environments, and more.
Bleeding-edge ZK Technology: Polygon CDK leverages the latest ZK technology, ensuring that chains built with it are future-proof and secure through cryptographic methods.
Near-instant Finality: Polygon CDK chains offer near-instant finality and cross-chain execution, making transactions faster and more efficient.
Overall, Polygon CDK aligns with Polygon 2.0's vision of creating an interconnected network of ZK-powered L2 chains for Ethereum, offering security, scalability, and interoperability. Developers can use this open-source tool to participate in the value layer of the internet.
More Exciting News
Lufthansa, one of the world's largest airlines, is launching on Polygon!
Lufthansa, one of the world's largest airlines, announced the launch of an NFT-based loyalty program on Polygon that rewards passengers with NFTs which unlock added benefits.
The Uptrip loyalty program lets passengers collect digital trading cards whenever they fly. Uptrip users can unlock special perks on the airlines, including free Wi-Fi, access to airport lounges, redeemable airline miles and more. Lufthansa Group already has over 38 million registered members in its loyalty program Miles & More.
Immutable zkEVM is Live on Testnet!
A few months ago, Polygon Labs and Immutable announced a collaboration to create Immutable zkEVM powered by Polygon. Fast forward to today, the Immutable zkEVM is now live on Testnet.
Immutable zkEVM is the first dedicated chain for gaming that offers EVM compatibility, low costs, massive scalability, and enterprise-grade security. With the Testnet live, you can develop and experiment with smart contracts and in-game assets easily. Existing smart contracts and Solidity code can be seamlessly migrated to the Immutable zkEVM Testnet environment at no cost.
Native USDC is launching on Polygon!
Circle, the company behind USD Coin (USDC), said it will extend support for its stablecoin to six blockchains (including Polygon) in the next two months.
The announcement follows Coinbase taking a stake in Circle in an effort to shore up USDC amid a crumbling share of stablecoin market.
Magic Eden & Polygon announced a $1M Creator Fund!
This initiative is aimed at finding, fueling, and launching the next generation of bluechip NFT projects on Polygon. Selected founders will gain access to Magic Eden’s Launchpad resources, the Polygon ecosystem’s developer and support community, and the collaborative strength of their vast Web3 network.
On top of this, the chosen projects will receive mentorship, marketing assistance, tech support, ecosystem connections, and grant dollars to help founders bring their projects to market.
nWayPlay, in partnership with Animoca Brands and Yuga Labs, launched Wreck League!
Wreck League is a PvP fighting game with customized avatars and in-game digital assets on Polygon. One of the most recent major gaming platforms to choose the Polygon Network as their blockchain of choice!
Polygon SCALE Film
The Polygon Labs team debuted their newest film, SCALE: Zero Knowledge and the Quest for the New Internet, showcasing the story behind building Polygon zkEVM. In this 30 minute video, you see everything from the beginning days of building ZK tech, to now launching on Mainnet.
Vitalik even makes an appearance by submitting the first honorary transaction on Polygon zkEVM Mainnet Beta.
Polygon Analytics
Polygon zkEVM DEX Volume
In the month of August, Polygon zkEVM recorded its highest amount of DEX (Decentralized Exchange) volume in a single day. On August 27th, Polygon zkEVM saw $3.6M in daily volume.
Polygon zkEVM Total Transactions
Polygon zkEVM reached a new major milestone with 5M+ total transactions. This come just 5 months since launching on Mainnet.
Polygon zkEVM Total Unique Addresses
Another impressive milestone of 400K unique addresses was reached for the Polygon zkEVM chain. The early adoption of this chain has been explosive so far!
Polygon PoS Total Transactions
Polygon PoS reached 2.9B total transactions since launching on Mainnet. To put this into perspective, this number was just 100M in May of 2021.
Polygon Monthly NFT Volume
In the month of August, Polygon PoS recorded its highest NFT sales volume since April, 2023. This comes after a significant breakout in activity from DraftKings on Polygon.
Polygon also secured the 2nd highest monthly NFT volume compared to all blockchains only behind Ethereum. Polygon continues to be the go-to place for mainstream brands entering Web3.
Conclusion
In conclusion, the month of August has been a remarkable period of growth and innovation within the Polygon ecosystem. One of the most significant developments was the introduction of Polygon CDK (Chain Development Kit). Polygon CDK offers a modular and highly customizable approach, enabling seamless interoperability, shared liquidity, and bleeding-edge ZK technology. This aligns perfectly with Polygon 2.0's vision of creating an interconnected network of Layer 2 chains, promising enhanced security, scalability, and a brighter future for the blockchain space.
Additionally, other exciting news, such as Lufthansa's NFT-based loyalty program, Immutable zkEVM's Testnet launch, and the expansion of USDC support, showcases the rapid expansion and adoption of Polygon's solutions. As analytics indicate substantial growth across various metrics, Polygon continues to cement its position as a leading platform for blockchain innovation and mainstream adoption. The future looks exceptionally promising for the Polygon ecosystem as it continues to drive the evolution of the blockchain industry.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
