Polygon Announced New Blockchain System Supernets and $100M fund

Polygon, a web3 infrastructure built on Ethereum, announced the launch of their new blockchain system called Supernets, along with a $100 million fund for developers, according to a series of five tweets. 

The network’s aim is to create an ecosystem of projects focused on innovation on the Polygon network and web3 in general. Supernets will have both a sovereign chain and a security chain to accommodate various needs. These chains are incredibly customizable and run without cost, thus accelerating development and lowering the barrier of entry into the space. 

Polygon is a secondary scaling solution from the Ethereum blockchain working to solve pre-existing issues like transaction speed and cost, among others.  

In the past two years, Polygon has become a beacon in the field with applications covering both DeFi and gaming. The project’s native token, MATIC, has also seen a considerable rise in popularity and value, going from mere pennies to now $1.40 at the time of writing, according to BitPush Terminal data. 

Polygon co-founder Sandeep Nailwal tweeted about Polygon’s meteoric day saying “Today is a big day for @0xPolygon 1. @stripe announced using @0xPolygon 2. Polygon announces SuperNets, dedicated chains built on top of #Ethereum Onwards and beyond!” 

For more information regarding Stripe, a payment processing platform, and their use of Polygon to pay Twitter creators, read BitPush’s own report on the subject. 

In 2021, daily transactions on Polygon Network were surpassing that of Ethereum, primarily due to the lower costs on Polygon, according to a DappRadar report. However, as Ethereum aims to roll out their own upgrades in the near future, also known as the Merge, that data could change.

Author: Tyler Irvin

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