polygon (MATIC) – originally launched as Ethereum (ETH USD) scaling solution – has gradually evolved into a massive ecosystem favored by hundreds of mainstream brands and companies entering Web3 and the Metaverse.
One-year Polygon (MATIC-USD) chart (Source: TradingView)
Led by co-founder Sandeep Nailwal, the Polygon ecosystem has made significant strides in onboarding users, developers, and projects through its focus on scalability. This availability of options for developers and projects looking to build decentralized applications (dApps) with the potential to go mainstream is a key reason why hundreds of well-known brands and projects like Starbucks (NASDAQ:SBUX), Reddit and Instagram have joined the Polygon chain.
Alongside multinational brands, Indian Web3 and blockchain startups are proactively leveraging Polygon’s vast reach and carefully laid footsteps, using it as a launch pad to achieve their development goals. Striving for similar outcomes, Indian Web3 startups are following Polygon’s lead to expand their international presence and not miss the Web3 train after failing to capitalize on Web2’s opportunities.
Polygon’s growth sets new standards for crypto
According to the latest figures, Polygon now hosts more than 135 million unique wallet addresses, 13,000 delegators, and more than 145,000 smart contract builders. According to figures reported by the company, over 37,000 dApps have used Polygon’s infrastructure for scaling purposes.
“Thanks to its vast and composable ecosystem, initiatives launched on Polygon can reach a large and diverse audience of users, investors and partners worldwide,” explains Sandeep Nailwal. “We place a strong emphasis on fostering innovation and community engagement – creating opportunities for local initiatives to engage and contribute to the Polygon ecosystem and gain visibility on a global scale.”
Nailwal looks at the big picture of ‘Web3 Adoption’ and participates in initiatives to support the growth and development of the industry in India and globally. Most recently, he launched the Beacon Accelerator, hosted hackathons like Encode, and founded Symbolic Capital; Symbolic Capital recently raised $450 million to accelerate ecosystem growth and support Web3 creators. $100 million has already been allocated to an “ecosystem fund” to help early-stage projects and developers enter the Web3 market.
Hashed Emergent, a fund supporting Web3 creators in emerging markets, comments on the Indian blockchain landscape: “The Indian Web3 ecosystem is growing in terms of talent and funding with an evolving regulatory landscape. Funds flow not only to exchanges, but also to startups building for real Web3 use cases. We focus on Web2.5 solutions, ie companies at the intersection of Web2 and Web3. These include existing business models that use blockchain to build sustainable businesses; and Web3 projects that apply Web2 best practices to create scalability.”
Recent figures underscore Hash Emergent’s perspective. India has 11% of the global Web3 talent pool, making it the 3rd largest Web3 talent pool in the world. Additionally, India is currently among the top five countries globally in crypto adoption and when it comes to new age technologies such as Blockchain and Web3, India has emerged as an impressive force as home to over 450 active Web3 startups including four unicorns, positioned (private company valued at over $1 billion).
As international investor confidence and interest continues to grow, investment in Indian Web3 startups is increasing. More than 60% of Indian Web3 startups have expanded their presence globally with the majority of their talent base being in India.
The scalable springboard to the global stage
India’s Web3 startup community is taking a page out of Polygon’s playbook and is poised to capitalize on international growth opportunities, with Polygon serving as a launchpad for Web3 initiatives spanning social media, decentralized finance, gaming and NFTs.
Social media initiative Taki is one such company, building on Polygon to bring its approach to the creator economy to a wider audience. The platform has already attracted over 800,000 users through its decentralized and token-based model, where creators and influencers participate in the network and make money by creating their own “user coins”.
Glip, an international-focused Web3 startup, is similarly hiring Indian Web3 talent and Polygon to expand its global footprint. The game discovery platform and wallet solution is already widely deployed in Asia Pacific with over seven million downloads and two million active users. The platform plans to expand its offering within the gaming industry and eventually become an end-to-end solution for gaming services, including content monetization.
In addition to the gaming and social media segments, Chennai-based GuardianLink is another local company to conquer Polygon. The company’s suite of no-code NFT solutions provides the tools to support multinational brands, artists and celebrities’ efforts to enter space in a decentralized manner. With its branded marketplace offering, embossing, publishing, auction capabilities and web monitoring contributing to its launchpad, GuardianLink’s drag-and-drop capabilities aim to enhance user interactions with fans, customers and other key stakeholders.
Decentralized funding is another area Indian startups are pursuing, and while Ethereum hosts the lion’s share of protocols, Polygon is not far behind with over 60 protocols. To make it easier for DeFi users to access the different protocols across different networks from one interface, Kana Labs, operating out of Chennai, offers a Polygon-connected wallet and dApp aggregator. From this wallet, multiple products and services provide access to various lending, borrowing, staking, and yield farming opportunities.
Use of the polygon wave
With infrastructure solutions like Polygon, India’s homegrown dApps and protocols have entered a new era where the country is producing more consumer-centric solutions in segments like DeFi, NFTs, blockchain gaming, and the Metaverse. This progress is notable given the unclear regulatory landscape.
Despite the country taxing crypto profits and withholding taxes at source (TDS), the government continues to ramble on regulations without an official framework. Still, this hasn’t stopped venture capital funds and angel investors from turning to India’s Web3 ecosystem.
While Web3 is still evolving around the world, startups like Polygon are leading the Indian Web3 revolution. At the same time, Polygon provides builders with all the necessary resources to ensure that India (and Asia) does not miss out on untapped opportunities. Thanks to these efforts, dozens of other native Web3 startups are actively positioning India as a top market for Web3 for the foreseeable future.
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