Polygon Weekly Recap Week 36 (1/9 – 7/9) - CryptocoinStart

Polygon is moving forward daily, and we hope you guys do not miss any news in the last 7 days. Here is your Polygon Weekly recap.

TL;DR

Highlight On-Chain data
Robinhood launches deposits and withdrawals for MATIC on the Polygon Network
New Canvas to launch Lustration NFT and Social Token on Polygon
PIL ZK Tooling is now Open-Source
The Merge to erase 60,000 tonnes of Polygon’s Carbon Footprint

Ecosystem Updates

Hola readers! Welcome to the monthly dose of PolygonInsights. As per coingecko, we crossed $6.5 Bn (+14%) in Mcap, the highest since April’22. A new version of Polygon Wallet Suite launched, and Plonky2 and Starky were open-sourced.

Let’s dive in.

Polygon Highlight On-Chain Data

Network Analysis

Once again, Polygon closed in green last month, growing its user base by a solid 7% to a total of 2.41 Million. The growth was primarily driven by a surge in users across DeFi protocols. In fact, half of the Top 10 dApps were DeFi.
QuickSwap (124k, +24%) maintained its position on top of the table. MM Finance, a popular AMM & DEX, deployed on Polygon in August and has been making headlines for its performance ever since. It has entered the Top 15 DeFi protocols, adding 12k users and processing 722k transactions.

dApps Spotlight

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NFT Highlights

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Robinhood launches deposits and withdrawals for MATIC on the Polygon Network

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Today, we’re thrilled to announce that Robinhood, the popular stock and crypto investing app in the US, has launched support for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain.

The development follows Robinhood’s recent announcement that it supports individual users’ cryptocurrency wallets so anyone can deposit and withdraw crypto. This is important because, in addition to buying and selling, users can now transfer MATIC to and from the Polygon network via Robinhood without paying bridging fees.

The news comes shortly after the listing of Polygon’s MATIC token on Robinhood, allowing users to freely buy and sell MATIC in the app. Functionality that is only currently provided by major cryptocurrency exchanges like Binance, Crypto.com, and many others.

New Canvas to launch Lustration NFT and Social Token on Polygon

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We are delighted to announce that the XR media company New Canvas has chosen Polygon as its platform to launch an upcoming NFT and Social token drop for its Lustration project, an award-winning animated VR series that takes place in the fictional afterworld, ‘The Between.’

New Canvas is launching a social token and a limited set of NFTs containing unique artworks from season one to build a crypto-powered model that can engage fans and generate a strong community with long-term participation value.

The proceeds will help finance production of the second season in the series and fund the roadmap beyond that. The NFTs and tokens will also help test and validate a model for upcoming New Canvas immersive titles.

PIL ZK Tooling is now Open-Source

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Polygon’s zero-knowledge (ZK) tech teams have recently unveiled the cutting-edge Polygon zkEVM, as well as open-source licensing for the revolutionary Plonky2 proving system. We are excited to announce yet another milestone: open-source licensing for our PIL toolkit.

Our pilcom and pil-stark (PIL) toolkit represent the tools we use to create the algebraic state machines within our zkEVM. In that case, they are used to define the correctness of the EVM computation verification.

This toolkit is also used to generate the STARK zero-knowledge proof (ZKP) that validates the computation of arbitrary user transactions.

PIL can do a lot more than what it does for Polygon zkEVM, however. With the PIL suite, we propose a new methodology for computation verification within ZKP tech. PIL moves away from the traditional circuit format to the polynomial identities format–e.g., the state machine within Polygon zkEVM.

The Merge to erase 60,000 tonnes of Polygon’s Carbon Footprint

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The Polygon network’s annual carbon emissions through July 2022 stood at 60,953.26 tonnes of carbon dioxide equivalent (tCO2e), according to a CCRI estimate. This puts the total emissions for the chain since its inception at 94,782 tCO2e.

Layer 2 protocols like Polygon increase the complexity of calculating carbon footprint as they have to fully account for emissions from their own network as well as activities on the underlying Layer 1, Ethereum. Here is how it breaks down:

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CCRI estimates that the majority, or 99.92% of Polygon’s emissions, originate from the chain’s activities on the Ethereum base layer. That leaves 50.13 tCO2e attributable to Polygon’s own PoS network, according to the report. These estimates from CCRI are in line with Polygon’s previous assessments made with the help of KlimaDAO and Offetra.