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Friday, July 23, 2021

Polygon (MATIC) Announces Launch Of New Blockchain Project, ‘Avail’

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The press releases are on fire today as Polygon has announcements firing out left and right. The platform has announced ‘Avail’ – described as “a robust general-purpose scalable data availability layer”. Additionally, the platform announced the launch of yield aggregator Pickle.Finance.

Polygon’s Latest: Avail

In a press release to kick off the week, Polygon has shared that Avail will look to target standalone chains, sidechains, and off-chain scaling solutions. The platform has been working on Avail since late 2020 and it’s currently in devnet stage with “testnet in the works”.

The press release goes on to break down the three main types of peers in present-day ethereum-like ecoystems: validator nodes, full nodes, and light clients as well as the executional architecture between the three.

Avail looks to take a unique approach, one that will likely be incorporated in Ethereum 2.0, leveraging data availability checks. As the team describes it, “Avail reduces the problem of block verification to data availability verification”, so that a block with consensus is only valid if the data behind the block is available.

 

Avail looks to change the common architecture seen in many ethereum-based blockchains. | Source: Polygon Medium

Related Reading | Polygon (MATIC) Releasing Development Kit For Ethereum-Connected Chains

Pickle.Finance: Yield Aggregator

In another announcement to kick off the week, Pickle Finance is launching on Polygon after previously operating primarily on Ethereum.

Pickle utilizes ‘Pickle Jars’ to compound user returns from other protocols, and ‘Pickle Farms’ for rewarding the users for staking their Jar tokens. A variety of farms allow users to a variety of staking assets to earn PICKLE token rewards.

As part of the announcement, Polygon will be providing MATIC rewards worth $12,500 USD each week for eight weeks.

The Chain Continues To Grow

Polygon has been a tear this year and continues to announce new projects, user growth, and DeFi engagement. Today’s announcements continue that sentiment for the team after the $MATIC token hit an all-time high less than two months ago. Despite a ‘return to earth’, the $MATIC token is still up nearly 6,000% this year, and looks poised for continued growth.

Adoption also continues at a steady pace, user growth is strong and investments have come by way of major names such as Mark Cuban – who is integrating the platform into his NFT website, Lazy.com. DeFi has been a major throughput for the platform, and the low fees relative to Ethereum mainnet have made the chain an attractive choice for many. Cuban said in a statement around the Polygon investment, “I find myself using it more and more”.

The $MATIC token has seen substantial success this year. | Source: MATIC-USD on TradingView.com

Related Reading | Polygon ($MATIC) Sees 75K Active User Growth

Featured image from Pixabay, Charts from TradingView.com

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Phillip Riley
Philip Riley is an assistant editor for OTCBBStockNews. He covers the cryptocurrency world and he has a masters in Economics.
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