Polygon’s Strategic Success in the DeFi Sector
Polygon, in the decentralized finance (DeFi) realm, is gaining significant momentum amid the bear market through crucial partnerships that enhance both its present value and future prospects. Recently, Polygon has seen notable success in its price action for various reasons. On November 2nd, Ryan Wyatt, the CEO of Polygon Studios, revealed that Meta, the parent company of social media giants Facebook and Instagram, had chosen Polygon for its NFT minting.
The most recent partnership for digital collectibles (NFTs) enables creators to utilize Polygon for minting, buying, and selling digital collectibles on Instagram.
Moreover, JP Morgan, the largest American multinational investment bank and financial services holding company, executed its inaugural decentralized finance trade using the Polygon network.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), operates a DeFi and blockchain pilot program, Project Guardian. The transaction was part of this initiative. Sources close to the matter mentioned that JP Morgan opted for Polygon due to its lower transaction fees compared to competitors.
Additionally, Polygon has released an update addressing the performance of their general-purpose blockchain designed to scale other blockchains, Avail.
Last June, it was announced that Avail would be launched as a Data Availability layer to provide scalable data for standalone chains, sidechains, and other layer-2 solutions.
In their recent update, Polygon hinted at nearing the launch of the mainnet.
Another project witnessing substantial price action recently is Solana (SOL).
From November 4th to November 7th, Solana hosted Solana Breakpoint, a four-day conference attracting over 13,000 attendees across its venues.
Among their announcements was the introduction of the Solana Store.
CEO Vibhu Norby unveiled that “now anyone, anywhere can build their own Solana Store,” showcasing a video of people exploring the store.
The goal is to empower solo entrepreneurs interested in starting businesses.
Additionally, SOL has made their smartphones available for pre-order in early 2023!
The official availability date hasn’t been announced, but the Solana mobile team affirms that “it’s made for the people.”
A core feature of the Solana phone is the secure storage of cryptocurrency wallet private keys! The Solana smartphone will be powered by a Qualcomm chipset with an Arm-based SoC, enabling higher productivity.
On the technological front, the Solana dApp store has been launched, aiming for an improved user experience in Web3 by eliminating charges, revenues, and fees.
Saving the highlight for last – Solana has officially partnered with Google Cloud.
The announcement came through the Google Cloud tweet account
Google Cloud is establishing a block-producing Solana validator to participate in and validate the network. Additionally, they plan to introduce Blockchain Node Engine to the Solana chain next year, simplifying the launch of dedicated Solana nodes in the cloud.
Moreover, Google Cloud aims to index Solana data and integrate it into BigQuery, a fully managed, serverless data warehouse, to facilitate access to historical data for the Solana developer ecosystem.
These are significant advancements for decentralized finance ecosystems during challenging times!
Conclusion:
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