Polygon and Deutsche Telekom Collaboration: Boosting Blockchain Adoption
Polygon, a top Ethereum scaling team, has recently announced a significant collaboration with Deutsche Telekom, Europe’s largest telecommunications provider by revenue. In this partnership, Deutsche Telekom will join Polygon’s PoS Chain as a validator, marking a crucial step for the telecom giant to fully leverage the potential of blockchain technology and enable applications suitable for mass deployment, according to Dirk Röder, the head of the telecom provider’s Blockchain Solutions Center.
The Polygon PoS network functions as an Ethereum sidechain, offering a low-cost alternative to transacting on the Ethereum mainnet. This network is secured by 100 permissioned validators, ensuring robust security and reliability.
Michael Blank, the COO at Polygon Labs, emphasized that this collaboration is expected to pave the way for more businesses to embrace blockchain technology, opening up new possibilities for digital innovation and growth.
Deutsche Telekom MMS, a subsidiary specializing in providing digital services to large and medium-sized enterprises, will also extend staking and validation services for Polygon Supernets. Supernets empower enterprises and applications to launch application-specific blockchains on Layer 3 while maintaining the security guarantees of Ethereum.
This collaboration is the latest of Polygon’s strategic partnerships with global enterprises, designed to strengthen its PoS Chain further. Despite recently launching a number of new Layer 2 scaling solutions, Polygon remains dedicated to maintaining and enhancing the PoS Chain’s performance and capabilities.
Polygon’s MATIC Token Performance
Recently, Polygon’s MATIC token has been underperforming compared to ETH after outpacing it earlier in the year.
- DTE.DE: +0.34% (Watchlist Recommendation: Buy)
- MATIC-USD: +6.8736%
Published by Samuel Haig on June 1, 2023. Reading time: 2 minutes.
Layer 2 Push and Polygon’s Advancements
Polygon has been actively expanding its suite of scaling solutions, making significant advancements in the blockchain space:
- March – Launch of zkEVM network
- May – Deployment of mainnet beta for Nightfall (hybrid rollup developed in partnership with Ernst & Young)
- April 2022 – Introduction of Supernets
- Ongoing – Development of Miden (a ZK-STARK-based L2)
Despite these new tech developments, the PoS Chain remains the flagship network for Polygon, boasting a total value locked of $1 billion and a top 5 ranking among smart contract networks, as reported by DeFi Llama.
Last month, Google Cloud also formed a “multi-year strategic alliance” with Polygon, expanding support for its blockchain tooling and infrastructure to include Polygon’s PoS Chain alongside its zkEVM and Supernets scaling solutions.
Ethereum Fees Rise Amid Memecoin Trading Frenzy
Polygon’s efforts to expand its scaling solutions come at a crucial time as average transaction fees on Ethereum have more than doubled since the depths of last year’s bear market. The surge in on-chain congestion is largely driven by increased memecoin trading, with the Uniswap decentralized exchange contributing 27% of burned Ether over the past seven days, according to Ultra Sound Money.
Additionally, increased activity on Layer 2 solutions, such as Arbitrum and zkSync Era, have contributed to a rise in Ethereum’s on-chain activity, accounting for 5% of last week’s fees.
