Kraken’s Layer-2 Aspirations
The blockchain industry is witnessing a new wave of innovation, with leading cryptocurrency exchange Kraken contemplating the launch of its own Layer-2 network. This development comes in the wake of Coinbase’s successful deployment of a similar network earlier this year. Kraken’s initiative is expected to bolster its position in the competitive digital asset market, offering a cheaper and faster transactional platform over Ethereum’s network.
Polygon’s Role in Kraken’s Vision
Key to Kraken’s strategy are discussions with several top blockchain-technology firms, including Polygon, Matter Labs, and the Nil Foundation. Polygon, recognized for its Ethereum scaling solutions, could provide the necessary technology to underpin Kraken’s Layer-2 network. This collaboration hints at the broader trend of major crypto companies morphing into blockchain builders, either for new revenue streams or as an extension of their existing operations.
Polygon Village: Fueling Blockchain Innovation
In a parallel but equally significant move, Polygon Labs’ Polygon Village announced the distribution of over 110 million MATIC tokens, valued at approximately $78 million, to foster growth within the Polygon ecosystem. This grant aims to support a diverse range of projects, including DeFi, gaming, infrastructure, and social startups, with both direct grants and quadratic funding grants available.
Support Beyond Funding: Polygon’s Comprehensive Ecosystem
Polygon Village isn’t just about financial support; it extends to mentoring, networking with venture capitalists, and providing foundational resources like builder houses and co-working spaces in New York and Lisbon. This holistic approach is designed to nurture and propel the development of innovative blockchain solutions.
MATIC Token: The Pulse of Polygon’s Ecosystem
The MATIC token has shown remarkable resilience and growth, registering a 2.5% increase in the last hour and a 23.6% hike over the past week. This positive trajectory reflects the robust activity within the Polygon ecosystem, underscored by a total value locked (TVL) of $1 billion in its PoS network and $22 million in its zero-knowledge (zk) solution, Polygon zkEVM.
A New Chapter in Blockchain Evolution
The potential partnership between Kraken and Polygon, along with Polygon’s independent initiatives, signifies a pivotal moment in blockchain technology. These developments not only enhance transactional efficiency but also open new avenues for innovation and collaboration in the blockchain space.
Sources :
- Polygon, Matter Labs, Nil Said to Be in Running for Kraken Layer-2 Blockchain” from CoinDesk: https://www.coindesk.com/business/2023/11/07/polygon-matter-labs-nil-said-to-be-in-running-for-kraken-layer-2-blockchain/
- “Polygon Labs To Boost On-Chain Activity With Grants Of 110M MATIC Tokens Worth $78M” from Benzinga: https://www.benzinga.com/markets/cryptocurrency/23/11/30029112/polygon-labs-to-boost-on-chain-activity-with-grants-of-110m-matic-tokens-worth-78m
