Matic Network was a Binance launchpad project. The token sale of MATIC was a grand success with more than $5 million raised in 2019. Total 19% of supply was allocated for the launchpad. Matic was a project which was trying to address the scalability issue of Ethereum blockchain. The vision of the project was to improve scalability through proof of stake sidechains. The project also focused on usability and thus created a blockchain structure to get lower transaction fees, faster confirmations and many other benefits. The team focused on creating a scalable Ethereum sidechain using an implementation of the Plasma framework, an Ethereum scaling solution. The public sidechain took the Ethereum transactions off-chain and provided faster and cheaper transactions. A set of developer tools were created to achieve a better UI. Yes, the ecosystem was always focused on UI. Matic was doing well and it entered the top 100 cryptocurrencies group as per market capitalization very fast. The DAPP ecosystem also grew significantly. Just yesterday, the team announced in this blog post that Matic has rebranded to Polygon. Rebranding of a successful project is not very common. Let’s take a deep dive.

Matic Network’s rebranding is ambitious. The project wants to be Ethereum’s Internet of Blockchains. The existing solutions remain fully functional and MATIC token will be continuing to act as the governance token of the platform. The project is basically expanding their visions. Matic is not a new project. The project was initiated in 2017 to provide a better world to carry Ethereum transactions and their Plasma implementation was one of the first successful implementations of the concept originally given by Vitalik Buterin. 80+ applications including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi etc were onboarded onto Matic chain. But could Ethereum scaling be the only USP of a project? Ethereum is really robust and scaling solution is the need of the hour but wide adoption of a scaling solution will take more time. Nowadays, blockchain technology is really changing at a fast rate. Ethereum has become the preferred value settlement layer undoubtedly but many other blockchains also look promising. The blockchains like Polkadot, Avalanche or Cosmos come with great technology but they have no organic ecosystem like Ethereum. The future wants all these blockchains to be inter-operable. The blockchains must talk to each other. Polygon protocol will provide the framework for connecting Ethereum-compatible blockchain networks.

Image Source - How to connect the Ethereum compatible blockchains?

Polygon will provide a dedicated, optimized instance of Ethereum to any project. Polygon will deploy any preset Ethereum compatible blockchain easily. This will reduce the developmental challenge significantly and reduce the fragmentation of the ecosystem. Polygon will also enable such blockchains to be compatible with existing Ethereum tools like Metamask. The protocol will enable arbitrary message passing between two participating Polygon chains and thus offer interoperability. Polygon will also have a growing set of modules to develop custom networks. The project is designed to provide ‘security as a service’ either by Ethereum or a professional validator pool. The user experience will be far superior in the web3 environment in comparison to web2 environment and the transactions will be instant with zero gas fee. The DAPP development landscape is based on Ethereum and the developers will be able to deploy DAPPs on Polygon without any protocol knowledge. DAPP deployment will not require any token deposit, fees or permission. It is important to note that the existing Matic chain remains fully functional and continues to be developed and grown as an important component of the Polygon ecosystem.

Image Source - Polygon solution

Polygon envisions a borderless world. The project is open-source and it aims to transform Ethereum into a multi-chain system. The vision is significantly strong as it wants to reap benefits from Ethereum’s network effect. Polygon does not deviate from Ethereum as it is built as an integral part of Ethereum. The projects like Polkadot, Cosmos are really built from scratch and quite untested. Polygon will make them expressive on Ethereum. Ethereum already has so many EVM compatible chains, enterprise chains and layer2 implementations. It is really the time to have Ethereum’s own Internet now!

Chainlink stated that they are excited to award a Chainlink Community Grant to Fiews_io to continue building more reliable Chainlink node infrastructure, particularly providing Chanlink node operators with backup Ethereum nodes and supporting additional blockchain environments.

Community members expressed that Fiews_io well deserve it and that they have been there from the beginning.

For those who do not know Fiews, they are a leading blockchain technology development shop which is focused on building infrastructure for Chainlink nodes, has been selected as a recipient of the Chainlink Community Grant Program. Also, they build tools and services around Ethereum.

Fiews will be creating an additional set of Ethereum nodes for Chainlink node operators to utilize as a backup broadcasting mechanism, thus making it as a possible fallback support in cases where the network access beyond their own full-node will be required.  Also, the initial expansion will provide for an additional backup for broadcasting.  They will continue to improve as a reliable infrastructure to Chainlink node operators.

It is worthy recollecting that the Proof of Reserve contract will access the decentralized Chainlink oracle to verify the balances of BitGo custody wallets for wBTC in every 10 minutes.  Thus, 10 minutes is the average time between BTC blocks. If there is a deviation from a set threshold the oracle will push an update on-chain to reference the new balance.

Layer-2 DeFi lending protocol at EasyfiNetwork will integrate ChainLink price feeds launched on the MaticNetwork.  EasyFi will use the Chainlink price oracles to issue loans at fair market valuations & maintain a secure, transparent liquidation mechanism. 

In response one of the users queried, Why not integrate your price feeds with Equilibrium as well? They are much better than easyfi when it comes to giving out loans because they only have 110% collateral ratio and their liquidity is insured. Aside from that, they are cross-chained. Yet someone else tried to clarify stating that It’s usually the other way around, Chainlink’s oracles are integrated by third parties.

Gaming data provider DotaMind is running its own ChainLink node to sell their signed data directly to smart contracts. Developers can now build unique gaming dApps based solely around DOTA2 matches, player performance, Dota NFTs, and more. In response, some of the users expressed that LINK is eating up all their data. Some expressed that they love both DOTA and LINK. 

  We are thrilled to announce that Dapp.com has officially added Matic Ecosystem to our platform as the 18th blockchain we support. Over 30 dapps who are already live on the mainnet could be discovered in the Matic Dapp List. Additional integration between Dapp.com and Matic will be done to further facilitate Matic’s ecosystem in the next stage.      We are excited to see the growth of Matic and the huge impact it is bringing to the blockchain space - not just yet another layer 2 scaling solution,  it is merging seamlessly with Ethereum as an ecosystem.        Infrastructure Built Ready For Layer 2 Onboarding   6 months after its mainnet goes live, Matic has nearly 150,000 wallets created. To compare, Polkadot has less than 50,000 mainnet wallet address almost 4 months after the mainnet launch, according to Subscan. And Loom, another Ethereum Layer 2 chain, has less than 40,000 mainnet address 2 years after it’s launch.      This is a significant achievement for a new mainnet, and it is all due to Matic’s smooth onboarding infrastructure. Which includes:       Swap Ethereum Assets Powered by POS Bridge   Some stats about the most-used stablecoins on smart contract platforms:    Tether (USDT): Omni, Ethereum, Tron, EOS, Liquid, Algorand, Solona, Matic USDC: Ethereum, Algorand, Solona, Matic Dai: Ethereum, Matic BUSD: Ethereum, Binance Chain, Matic     This is all powered by POS Bridge and Plasma Bridge. It takes less than 10 mins to move your assets, including Fungible Tokens (eg. Ether, USDC, DAI etc.) and NFTs (Both ERC-721 and ERC-1155) to the Matic network and you only need to pay a tx fee on Ethereum.          Try Ethereum DeFi, Games, DEX and others on Layer 2 EasyFi, the Compound on Matic, where you could borrow or lend USDT, DAI, and USDC and earn $EASY at the same time. You could claim free $Matic on EasyFi for the gas fee when you deposit any of these stabecoins. The interest rate for borrowing is very low and gas is almost free. Get yourself some $EASY (listed on Binance) through providing liquidity before the liquidity runs out!    QuickSwap, a Matic version of Uniswap V1 DEX which you could earn from being a liquidity provider. Again, thanks to POS Bridge and the scalability of Matic, you could swap all major ERC-20 token such as MANA, KNC and earn its governance token $QUICK at the same time - within seconds, and super low fee.    Matic has gain really strong support from early Ethereum builders including Blockchain Cuties Universe, 0xUniverse, Marble Cards etc and there are more new games being built.  (Synerg of Serra)     Did we talk about having the core assets in Layer 1 and move the actions to Layer 2 in 2018?    Why don’t we do both on Layer 2! Matic All Products List       You may also like:          

The Ethereum blockchain network seems to be undergoing problems, leading to noticeable impact on associated service providers. In a service announcement, Ethereum infrastructure provider Infura mentioned that it is going through a service outage for its Ethereum mainnet API and it was examining the matter. Notably, due to the outage, some Infura users were impelled to stop Ethereum-based services. These include crypto wallet Metamask as well as Binance, apart from others. Specifically, the difficulties at Infura look to shoot up from an issue with Ethereum client Go Ethereum, or Geth. Soon after, Binance and Blockchair tweeted that there had probably been a split in the Ethereum blockchain. Although, Blockchair later mentioned that it had fixed the issue by upgrading Geth. The lead developer at Blockchair, Nikita Zhavoronkov tweeted, “At some point Ethereum developers introduced a change in the code that led today to a chain split starting from block 11234873 (07:08 UTC).” In fact, Zhavoronkov called it technically an impromptu hard fork and added that 3rd party services need to upgrade to take care of the issue. Zhavoronkov further mentioned, “Those who haven’t been upgrading their geth nodes for a while (I presume several months at least) got split with those with new geth versions.” Binance CEO, CZ tweeted: Crypto exchange Binance’s CEO comments that the exchange has restored services for Ethereum-based coins. CZ again tweeted: Defi platforms are also facing difficulties due to the alleged Ethereum chain split. One of the new Defi paltforms, Easyfi Network tweeted: It is to be noted that the price of ETH is unaffected at the time of reporting, as per coinmarketcap. At press time ETH is trading at a price of around 460 USD a pop. What do you think about the latest alleged Ethereum chain split? Let us know in the comments below! Ady is a technology geek. He likes making crypto doodles and crypto memes. Ady likes to write about latest developments in cryptocurrency and blockchain sphere. Published in Crypto News and Ethereum News Ady is a technology geek. He likes making crypto doodles and crypto memes. Ady likes to write about latest developments in cryptocurrency and blockchain sphere.

This is definitely great news for the entire Matic Network community. 2020 has been dubbed the year of DeFi due to the unprecedented growth and adoption of DeFi protocols this year. Decentralized applications in general cannot function effectively without reliable real-time price oracle feeds. Hence, Matic Network’s integration of Chainlink’s price oracles.

Matic Network boasts of operating a low fee, high-performance platform for DeFi applications. The platform in recent times has attracted the attention of innovators and developers due to its recent mainnet launch. Last month alone, the blockchain platform has partnered with top industry players, amongst which are Wazirx’s Automated Market Maker (AMM) DEX. Maha DAO, EasyFi’s lending, PlotX’s prediction markets, and OroPocket’s synthetic assets.

These DeFi applications all require real-time data from a secure and reliable oracle platform. Chainlink will provide this off-chain data to the blockchain platform.

Chainlink is arguably the most widely used oracle platform in the DeFi industry today. The platform boasts of securing over $3 billion worth of assets for top crypto platforms.

Chainlink stands out in the DeFi space because of several features, namely:

Speaking on the announcement, Anurag Arjun, co-founder of the Matic Network, pointed out that dApp developers on his platform want “easy and dev-friendly access to oracles.” He added that the entire Matic ecosystem is elated by the partnership with Chainlink’s price oracle network. Arjun furthermore reiterated on the platform’s commitment to “providing a rich and seamless developer interface for blockchain programmers.”

Daniel Kochis, the head of business development for Chainlink, said, “We’re excited to empower Matic’s innovative and fast-growing Layer-2 solution by providing them with secure and reliable oracles to power high-throughput, universally connected blockchain applications.”

Since the DeFi space is relatively new, the blockchain platform has plans to tutor interested developers on the rudiments of using Chainlink oracles. The tutorial will take place via a series of workshops.

Matic Network also recently completed its phase 1 staking.

We are happy to announce that Chainlink has been successfully deployed live on Matic Network as our recommended oracle solution for developers. Matic is the second blockchain, after Ethereum, to actively integrate Chainlink Price Feed oracles! Five price feeds have already been launched on the Matic mainnet: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD, with many more to come as a means of supporting the growing demand of DeFi on Matic Network. Several DeFi projects building on Matic have already committed to using Chainlink, including EasyFi’s undercollateralized lending protocol, PlotX’s prediction markets, and several more projects soon to be announced. Through Chainlink, these dApps can execute key DeFi functions such as checking loan collateralization, minting and swapping synthetic assets at fair market prices, settling prediction markets, and more. In addition to Chainlink Price Feeds for DeFi, Chainlink VRF (Verifiable Random Function) will also be launching in the near future on Matic Network to support a new wave of scalable gaming applications reliant on provably fair randomness. Several projects on Matic Network are already working on implementing Chainlink VRF into their protocol, such as Aavegotochi, FarmTogether, and more to be announced.  Outside of Price Feeds and VRF, Chainlink will also be available as a general-purpose oracle solution for connecting to any off-chain API, empowering development of virtually any externally connected blockchain application. One such project taking advantage of Chainlink’s flexibility and uniquely launching on Matic Network is Digital Bridge, a 2FA oracle built using Chainlink that allows developers to build an extra security layer into their smart contracts. Chainlink was selected as the preferred oracle solution on Matic Network because it provides Matic developers with access to high quality data, decentralized oracle infrastructure, Sybil resistant oracle nodes, and transparent processes so users and developers can monitor how the oracle networks and the individual nodes function in real-time. The end result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success. The market leading Chainlink Price Feeds have proven to secure over $4 Billion in USD value on mainnet for startup and established DeFi projects, including AAVE and Synthetix. We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready made oracle solutions that can easily be integrated into their protocols. This both accelerates their go-to market timelines and helps them avoid the many pitfalls of trying to build their own oracle solutions or relying on unproven alternatives.  If you are a DeFi developer on Matic and want to start using Chainlink Price Feeds, check out our documentation or reach out to us in the Chainlink and/or Matic Discord. Stay tuned for future announcements and documentation for how to use Chainlink on Matic, including the launch of Chainlink VRF on Matic mainnet. Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others. Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit and follow on Twitter. | | | | | | | | Matic is a developer-first hybrid POS+Plasma sidechain on top of Ethereum, enabling Ethereum developers to scale their DApps for large scale usage. Matic is rapidly becoming the go-to Layer 2 Solution for developers, thanks to secure, scalable and instant transactions, secured by Ethereum. There are 70+ Dapps building on Matic, ranging from DeFi Protocols to thrilling games and prediction markets. Deploy your existing Ethereum DApp in less than 15 minutes! Get started with our | | | | |