Polygon has unveiled a $100 million budget for a new blockchain network dedicated to Web3 development.

The network, dubbed Supernets – application-specific blockchains with enhanced efficiency – aims to promote an ecosystem of activities centered on innovation on the Polygon network and Web3 in general.

Sandeep Naliwal, co-founder of Polygon, announced in a statement:

“The infrastructure tooling enables users to easily and quickly accomplish desired outputs… Polygon’s mission is to accelerate Web3 adoption by providing companies with a complete range of blockchain solutions.”

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Over A Billion In Transactions

Polygon is an Ethereum-based blockchain that scales to millions of transactions while minimizing environmental impact. It currently supports over 7,000 applications and has performed more than 1 billion transactions.

Blockchain technology serves as the foundation for Web3, or the decentralized web, which is composed of distributed peer-to-peer apps that operate without the use of dedicated servers or centralized authority.

Web3 apps are composed of self-executing programmable smart contracts that regulate network-based processes and logic.

This aspect may present difficulties for developers, as large-scale public blockchains such as Ethereum may experience significant congestion and load, resulting in slower transactions and hefty fees.

MATIC total market cap at $10.65 billion on the weekend chart | Source: TradingView.com

Polygon Expands Into DeFi, Gaming

Polygon has quickly grown into a hive of activity over the last two years, with applications spanning DeFi and a slew of gaming. MATIC, the project’s token, has expanded significantly in tandem.

“We envisage Polygon as a massively scalable, interconnected multi-chain system, and today we’re establishing a $100 million fund to help us realize this goal,” the team said.

The funds are instantly accessible for development, research, third-party integrations, project onboarding, and acquisitions, the company stated.

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Polygon just received $450 million for its blockchain protocol and hired Ryan Wyatt, the former head of YouTube Gaming, to construct its blockchain gaming platform.

Avalanche pledged $290 million to a Multiverse Fund in March, with a portion of the proceeds going toward the development of “Subnets,” a concept similar to Polygon’s Supernets.

People From Tech Giants

Polygon has also been growing its workforce, bringing on employees from tech behemoths like Amazon, Google, YouTube, and Electronic Arts. Several of these are to enhance the company’s gaming push.

Meanwhile, MATIC, the Ethereum-compatible blockchain ecosystem’s native token, has traded in lockstep with the rest of the cryptocurrency market.

MATIC is trading near $1.40 Saturday, down 4.1 percent in the last 24 hours. The token’s current price is a 50% decline from its all-time high of $2.91 set in December of last year.