State of Polygon Q3 2024
From Messari by Nicholas Garcia
Key Insights
- POL officially launched on September 4, 2024, as the native gas and staking token for the Polygon PoS network.
- Polymarket, a Polygon PoS-based application, has emerged as one of 2024’s most successful crypto platforms. The platform has seen over $3 billion in bets related to the election, adding over 140,000 new accounts in October alone.
- Polygon PoS concluded Q3 2024 with a stablecoin market capitalization of $1.9 billion, reflecting a 10% QoQ increase and a 30% rise over the past six months. USDC supply on Polygon increased 42% QoQ, increasing from $618 million to $880 million.
- Polygon Labs announced a $5 million investment in Verifiable Processing Units (VPUs) from Fabric to support Polygon zkEVM, the AggLayer, and Polygon CDK initiatives. These VPUs will enhance zk-proof efficiency, powering the Plonky2 and Plonky3 systems.
- A 1 billion POL Community Grants Program (CGP) was initiated in Q2 2024 to support the Polygon ecosystem. Over the next decade, CGP will distribute 100 million POL tokens annually, managed by an independent Community Treasury Board.
Primer
Polygon Labs is a zero-knowledge (ZK) focused software company building and developing a network of aggregated blockchains via the AggLayer. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely adopted scaling protocols and tools for launching blockchains, including the Polygon Proof-of-Stake (PoS) network, Polygon zkEVM, and Polygon Miden. Polygon Chain Development Kit (CDK) is a collection of open-source software components that makes it easy for developers to design and launch ZK-powered L2s on Ethereum and connect to the AggLayer.
The core vision of an aggregated network is to enable shared state and unified liquidity through the integration of ZK technology for a horizontally scalable web of chains that looks and feels more like the internet. As a part of the roadmap, there is a proposal to connect the Polygon PoS network to the AggLayer as the first phase in upgrading Polygon PoS to a zkEVM Validium network. Community and core developer discussions about significant updates to protocol architecture, tokenomics, and governance remain ongoing.
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