Polygon News
Roundup: Polygon TVL Closes in on Avalanche, MATIC Now Supported on Robinhood, Polygon Wallet Suite for Web3 Enthusiasts and More
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Polygon's ecosystem has seen several developments towards Web3 this year but the Ethereum layer two scaling solution is far from done. The Polygon network announced on Aug. 31 a new offering in Polygon Wallet Suite as it seeks to improve adoption by focusing on user-friendliness.
Polygon Wallet Suite
The recently announced wallet suite comes in the form of a unified platform through which users can securely carry out swap transactions and other activities such as asset management.
“Polygon Wallet Suite will serve as an entry point to Web3 for newcomers, while further enhancing the experience of existing users with this new, unified platform to complete and participate in their daily crypto transactions with ease,” the team shared.
The offering comes with several resources to overcome existing challenges associated with Web3, not limited to “risky workarounds and confusing interfaces on top of high fees and slow transaction times,” as Polygon observed. These tools include backend enhancements, token swap & swap for gas, and the PoS bridge for Ethereum to Polygon bridging. By focusing on critical factors affecting user experience, such as a straightforward interface, streamlined onboarding and familiarity with existing Web2 apps, Polygon hopes to make adoption of Web3 plain sailing.
Robinhood bring MATIC deposits and withdrawals on its platform
On the same day, Polygon also announced a collaboration with Robinhood that will see the latter support deposits and withdrawals of the former's native token (MATIC) on the proof-of-stake chain. The launch will give users of the stock and digital investing app an opportunity to enjoy the advantages of scaling technology such as faster transactions and lower fees relative to those of the Ethereum base layer – merits that made Polygon a ‘good fit.'
Robinhood earlier introduced support for individual users' wallets which lets any user complete withdrawals and deposits in cryptocurrency. Polygon's integration brings more utility such as transferring MATIC tokens across the Polygon network via the trading platform without incurring bridging fees. Users can also use the token for lending, borrowing, providing liquidity, and swapping for other tokens.
Polygon catches up with Avalanche as TVL figure slips below $2 billion
Polygon celebrated a huge milestone surpassing Solana in Total Value Locked (TVL) as the fifth largest chain. While it has retained this rank, the TVL figure has shrunk considerably – a trend observed across the sector. DeFi Llama data shows that Polygon has a TVL of $1.79 billion, marginally close to fourth-ranked Avalanche with $1.8 billion.
DeFi TVL rankings
The latter shed approximately 25% of its TVL in August – the biggest negative change among the top five chains by TVL. Polygon, on the other hand, is the only chain with a positive figure for the 1-month change metric. Still, Ethereum leads the DeFi ecosystem with a TVL of $34.57 billion – almost seven times second place Tron with an equivalent figure of $5.72 billion.
Sandeep Nailwal's Symbolic Capital launches a $50 million Web3-focused fund
Sandeep Nailwal, one of the founders of the Polygon network, is on a mission to ensure startup projects in emerging economies gain access to the lucrative venture capital funding. Recently announcing the launch of a new $50 million fund by Symbolic Capital, Nailwal said the intention is to support pioneering web3 applications and empower emerging founders, who are more often than not disregarded by the larger industry. Starting from India, the developer sees this program as a push to link founders with VCs aligned to their respective visions.
Nailwal also revealed that Symbolic would debut a data engine to feed its portfolio companies with relevant investment opportunities. The platform would monitor indicators like GitHub contributions, social media engagement, and token performance, as well as recruitment data like work histories and employee migration trends.
Backed by crypto exchanges, protocols, liquidity providers, family offices and more, Symbolic Capital is only three months old and was launched by Nailwal in partnership with Cere Network's Kenzi Wang. It has invested undisclosed amounts in P2E games Planet Mojo and Community Gaming, crypto asset manager Arcana, and game development studio Blinkmoon.
To learn more about Polygon visit our Investing in Polygon guide.
