As Polygon [MATIC] gains momentum, co-founder steps in with new initiative

Polygon co-founder announced the launch of the Nailwal Fellowship to provide financial assistance to early stage Web3 developers.

• MATIC was one of the biggest losers in the market over the last month.

• The active users on Polygon rose to the highest level in five weeks on 16 May.

After a protracted period of lull, network activity on Polygon [MATIC] started to gain strong momentum. As per DeFiLlama, the active users on the Ethereum [ETH] sidechain spiked to 389,000 on 16 May, reaching its highest level in five weeks.

The jump in the user base showed a proportional effect on the number of transactions processed on the network.

A big chunk of the transaction volume was driven by L2 scaling solution Polygon zkEVM. According to a tweet by Polygon, transaction volume on the zero-knowledge rollup (zk-rollup) reached record-breaking levels over the past few days.

Polygon’s new initiative

Polygon grew into prominence over the last few months. Whether it was the launch of the much-anticipated Polygon zkEVM or the hard fork intended to stabilize gas fees on the network, the ecosystem has taken a proactive step in making blockchain technology more efficient and accessible.

Read More: https://ambcrypto.com/as-polygon-matic-gains-momentum-co-founder-steps-in-with-new-initiative/