The success of the Polygon blockchain in bringing scalability to Ethereum shows that developers have to reach out to mainstream consumers and not operate solely within the “crypto cult,” Bernstein said in a research report Wednesday.
Polygon has a large user base of about 170 million addresses, of which some 300,000 are classed as active, Bernstein said. It’s growing at a pace of 80,000 new users a day.
The network was the first platform to offer scalability for Ethereum with its proof-of-stake (PoS) chain, Bernstein said, which encouraged leading decentralized finance (DeFi) and non-fungible token (NFT) applications to offer their products on the system. Polygon also has lower fees, making it easier for applications such as trading platforms Uniswap and OpenSea to cater to retail demand.
The broker notes that Meta (META), Stripe, Starbucks (SBUX) and Robinhood (HOOD) all chose Polygon as their “first integration partner to build Web3 experiences.” A strong partnership pipeline...
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