Funding Alert

Polygon Invests $100M in ‘Supernets’ as Layer 1s Stand Up Application-Specific Blockchains

• ByStartupStory     |    April 23, 2022

Polygon plans to invest $100 million in customizable “Supernet” chains, and customizable networks that projects will be able to run without cost. The tool will help fast-track blockchain adoption by reducing the barrier of entry for developers who previously used Polygon Edge.

On each Supernet, validators will be staking MATIC tokens on the mainnet before going on to validate the network to ensure a robust level of security. Polygon’s announcement of Supernet chains and the pledging to invest an astounding $100 million are expected to help attract the development of customizable networks.

Polygon co-founder Sandeep Naliwal said in a statement, “The infrastructure tooling enables users to achieve desired outcomes easily and quickly. Polygon’s aim is to bring mass adoption to Web3 as the key to blockchain adoption is to provide a comprehensive range of options for various enterprises.”

In March 2022, Avalanche committed around $290 million to a Multiverse Fund, some of which will be used to develop “Subnets,” a concept very to Polygon’s Supernets. The aim of both these efforts however remains the same as they ultimately plan to scale application-specific blockchains, particularly those focused on consumer or enterprise use cases.

 

Follow Startup Story