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Information about Polygon (POL)
Polygon is a Layer-2 Ethereum blockchain project, aiming to scale and improve the existing issues on the Ethereum network such as slow transaction speed, limited scalability, and high fees. Polygon combines Plasma Framework and Proof-of-stake model, enabling easy-to-implement, scalable, and self-governing smart contracts.
POL is the new native token of the Polygon ecosystem, operating on the Ethereum platform under the ERC20 standard. POL is integrated into the core operations of Polygon’s main products and applications within the ecosystem. POL will replace the old MATIC token and will be used for the following purposes:
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Polygon and Pyse have initiated a tokenized fleet of electric vehicles in Dubai, utilizing blockchain for ownership and data management. Each vehicle incorporates a mining device to gather urban environmental data, enhancing the initiative’s value.
With India’s electric vehicle market growing at 18% annually, the companies are targeting expansion there. An environmental data management approach could address the funding gaps in India’s EV sector and promote sustainability.
In the previous week, Polygon NFTs achieved a sales volume of $22.3 million, surpassing Ethereum, which recorded $19.2 million. This indicates a significant shift in NFT popularity, with Polygon capturing a substantial share of the overall NFT market.
The surge in sales was driven by the Courtyard marketplace, known for tokenizing physical collectible cards. Moreover, an 81% rise in NFT buyers over the week signifies growing interest in Polygon’s offerings in the NFT ecosystem.
Polygon is joining forces with Reliance Jio to incorporate blockchain into web services for over 450 million users, aiming to address real-world issues and develop effective applications tailored to the diverse Indian population.
Sandeep Nailwal, Polygon’s co-founder, stresses the importance of balancing decentralization with scalability, investing in zero-knowledge technology to enhance transaction efficiency while keeping core blockchain principles intact.
The South Korean Financial Services Commission has shut down apps from cryptocurrency exchanges like KuCoin and MEXC, which were unregistered. The bans, effective March 25 and April 11, highlight escalating regulatory scrutiny in the crypto sector.
The FSC reiterated that all foreign virtual asset service providers must register with the Financial Intelligence Unit. Non-compliance could result in significant penalties or incarceration, reflecting South Korea’s tightening grip on the cryptocurrency market.
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