- The integration of the succinct blockchain Mina protocol brings increased security and privacy to smart contract applications built on Polygon Network.
- The world’s largest peer-to-peer marketplace, OpenSea, has more Polygon users than Ethereum Layer 1.
- 77% of OpenSea’s Polygon NFT sales in August were $ 100 or less, Layer 2 scaling solution promises NFT accessibility for retail merchants.
Polygon announced a merger with the zero-knowledge evidence protocol Mina Protocol via a bridge. Ensuring user privacy is becoming increasingly essential with the security challenges facing NFT collectors, and Polygon is taking steps to improve privacy in its ecosystem.
Polygon users break records on OpenSea, make NFTs accessible to everyone
The Mina protocol, better known as the cryptocurrency industry’s “smallest blockchain,” runs on 22KB of data. The protocol’s lightweight blockchain offers fast sync speeds and easy setup, without any additional hardware requirements to maintain the network.
Ethereum’s layer two scaling solution, Polygon has announced a merger with the Mina protocol via a bridge and together the two are poised to deliver increased privacy to smart contract applications built on Polygon.
The crux of the merger is that apps like Mina Protocol offer Polygon network contracts to keep features like an owner’s identity or sensitive Know Your Customer (KYC) information hidden from different parties.
Sandeep Nailwal, co-founder of Polygon, said:
Building a bridge between Polygon and Mina is an important step towards realizing our shared vision of a fully decentralized ecosystem of dApps that allows users to stay in control of their data.
Polygon users and on-chain activity have increased steadily over the past few months. The network’s native asset, MATIC, has hit a new daily active user (DAU) record.
176,012 users made a total of $ 6.08 million on Polygon. @RaphaelSignal, MATIC and DeFi analyst on crypto Twitter, shared an engagement and monetization analysis of record on-chain activity on Polygon.
1 / $ MATIC break records with new DAUs of all time!
DSUs: 176,012 (+ 16.64%)
Tx / day: 6.08 mm (+ 4.69%)
Income / day: $ 27,666 (-41.77%)
Cost / tx: $ 0.0045 (-44.38%)
– Raphael (@RaphaelSignal) September 8, 2021
With multiple updates in the 0xPolygon ecosystem, it’s a lesser known fact that OpenSea is fully integrated into the network’s Proof-of-Stake (POS) chain. The number of Polygon users in the market exceeds Ethereum layer 1.
190,000 portfolios were processed in Polygon on OpenSea. @NiftyTable, an NFT data analyst, shared his findings in a crypto Twitter thread.
According to @NiftyTable, 77% of Polygon NFT’s August sales were $ 100 or less. This implies that the Layer 2 scaling solution has improved the accessibility of the NFT for traders and collectors, offering reduced gas charges.
[5/5] % of OpenSea (Polygon) NFT sales in August were less than $ 100. Combined with the low gasoline costs, I would say this shows promise for NFT accessibility. pic.twitter.com/3XJAykph1n
– NiftyTable (@NiftyTabIe) September 9, 2021
With bullish developments in the Polygon ecosystem, analysts expect MATIC to continue its rise.
FXStreet analysts have predicted a 90% rise in the price of altcoin, as they assess the next direction for altcoin.