All popular dApps on Ethereum now use Polygon, says co-founder Sandeep Nailwal
Latest Ethereum-based dApp Seeking Layer 2 Solution is Leading Decentralized Exchange Platform Uniswap
He says fragmentation when it does finally happen might not help Ethereum scale “enough” to navigate the current challenges of a slow network and high gas prices.
Polygon co-founder Sandeep Nailwal has said that all major decentralized finance (DeFi) apps built on the Ethereum network now use layer two protocol, and Uniswap is the latest to point out that move.
Nailwal made the comments during a recent interview, noting that the Polygon network offers the scalability and low gas rates that developers and users are looking for, as Ethereum continues to see network limitations related to congestion and high gas rates.
When asked to comment on some DeFi projects currently using the Polygon network, Nailwal noted that “all” Ethereum-based DeFi protocols were using Polygon. He said that even Uniswap, the leading decentralized exchange built on Ethereum, has its community looking to launch itself on the Polygon blockchain.
He noted that as for popular applications; The main ones currently using the layer two solution are Uniswap (UNI), Aave (AAVE) and Decentraland (MANA). According to him, around $ 5 billion to $ 6 billion is currently the total value blocked (TVL) on all bridges using the blockchain.
Polygon fees are “a fraction of a penny”
Nailwal also compared gas rates and network transaction speeds between Polygon and Ethereum. Users pay 0.001 MATIC in gas fees on Polygon, a “fraction of a penny” compared to the huge gasoline prices users often have to endure while using the Ethereum network, described.
On the subject of network speed, he said that Polygon’s lock time is around 2.3 seconds, compared to Ethereum’s 15 seconds. In your opinion, even ETH 2.0 might not immediately help to solve the scalability problem.
He believes that switching from Ethereum to a proof-of-stake (PoS) network will not change much in the way of transactions per second (TPS). He sees that the speed of the smart contract will probably go from 13 to 20 TPS.
Will Fragmentation Scale Ethereum “Enough”?
According to the Polygon co-founder, that’s unlikely. He notes that ETH 2.0 could be successful in increasing throughput to 20 transactions per second, still low too low and that would not change that much even when fragmentation finally occurs in three to five years.
A quick calculation of 64 projected chunks and 20 TPS for each would only bring the speed to 1,280 transactions per second, he said.
«That is still not enough for the whole world.”, He added during the interview.
Dolce and Gabbana, Elon Musk and Jack Dorsey coined NFT in Polygon
Nailwal also spoke about non-fungible tokens (NFTs) and said that between six and seven out of 10 gaming companies are building NFTs on the network. The most notable drop so far has been that of Dolce and Gabbana, who minted and sold one for $ 7 million.
Other recognizable NFTs coined on the blockchain include those of Tesla CEO Elon Musk, Block’s Jack Dorsey (the former Twitter CEO coined an NFT from his first tweet), and billionaire investor Mark Cuban.
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Fragmentation can’t scale Ethereum ‘enough’