The Polygon network recently called for Terra builders to cross over to their blockchain. In a tweet on Monday, Polygon also revealed that its network has reached a new milestone in hosting decentralized applications. Polygon now has more than 20,000 dApps built on the layer-two blockchain.
Amidst the high number of developers and users trooping to the network, the network has never experienced congestion. At the moment, Polygon has more than 800 thousand daily active users. The network also processes an average of 3.5 million transactions every day.
Polygon – The Network for Builders
The Polygon network, formerly known as Matic is suitable for blockchain developers. The network has secured over $500 million in funding from investors and has temporarily solved the Ethereum scaling problem.
Polygon was initially built as a layer two scaling solution for the Ethereum blockchain. Gas fees on the protocol are extremely low, usually less than 10 cents. Additionally, the network has a throughput of 65 thousand transactions per second, much more than Ethereum’s 15 transactions per second.
Aside from having a scalable chain, the Polygon chain is also stable, and there are multiple resources on the platform to support builders.
The Polygon network also boasts a large team of developers, with over 11,000 developer teams currently. The numerous advantages of the Polygon chain have prompted the team to call for builders to migrate to the network.
About two months ago, the Terra protocol faced its largest catastrophe. Both the UST and LUNA token hosted by the protocol crashed to the lowest price possible. Blockchain projects founded on the Terra network have been affected severely by the crash. Some projects have migrated to other networks, while others have been abandoned due to their huge losses.
Although Terra launched a revamped protocol – Terra 2.0, the ecosystem is still feeling the debacle’s impact, and it may take many years for it to recover fully.
