Polkamarkets (POLK) Partners with Polygon (MATIC) to Address Gas Fees Problems

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Polkamarkets (POLK) Partners with Polygon (MATIC) to Address Gas Fees Problems

Polkamarkets, a platform planning to launch gamified predictions market on the interoperable Polkadot, has partnered with Polygon, as per a press release on Mar 9.

Polkamarkets to Leverage Polygon’s Ethereum Compatibility

Polygon, formerly Matic, is Ethereum compatible. It offers a scaling option for protocols that want to operate in a low-fees environment while processing more transactions than they would in the Ethereum base layer.

The partnership is also strategic. Before launching on Polkadot, Polkamarkets will first activate on the Ethereum mainnet before migrating to the interoperable network.

Following this partnership, Polygon will help Polkamarkets achieve its vision of being an interoperable platform “built on blockchains.” Besides interoperability, the predictions platform also wants to augment its interoperability with other blockchains.

The center to achieving this goal will be launching a highly accessible and blockchain-compatible platform that can feed on every other network’s activity density beyond Polkadot.

Polygon is offering a way out for dApps that’s launching on Ethereum. The immediate concern for Ethereum-based dApps is the fee problem. This is because of the smart contracting implementation and architecture as a public network.

The combination of redundancy for trustlessness and the low transaction processing power mean Ethereum network users have to pay more and wait longer for their transactions to be confirmed.

Resolving the Gas and Scalability Problem using Polygon

The spike in Gas fees over the last few months due to the explosion of DeFi means it is impractical for some sub-sectors to thrive in Ethereum despite its ecosystem of developed infrastructure and relatively high adoption levels.

Ricardo Marques, the founder of Polkamarkets, said scalability and low fees matter, predicting their platform to be in the lead:

“One of the key issues with on-chain prediction markets is scalability and fees, and this partnership will give us options to reduce those two issues. Our goal is to have a high-volume, low fee, and low latency prediction market platform. Partnering with Polygon will give us even more tools in our toolset to bring our vision to reality.”

BTCManager reported earlier that DIA Labs would be providing Oracle services to Polygon and support their build and earn program.

Dalmas Ngetich

Dalmas is a very active blockchain and cryptocurrency content creator and highly regarded Technical Analyst. He is a Mechanical Engineer by profession and an activeTrader, whose first encounter with Bitcoin was in 2015—and by accident. Ever since, it has been an exciting journey where life-long friendships have been forged, and careers made and strengthened.