Orbs integration with the Polygon network will allow the former to capitalize on the growing DeFi trend.
Budding public infrastructure blockchain Orbs Network recently expanded its ecosystem to facilitate transfers of Orbs tokens to and from wallets. Orbs Networks’ low fees and dedicated virtual chains have made it one of the trusted platforms among developers and businesses. As the popularity of decentralized financing (DeFi) rises in the crypto universe, Orbs’ latest expansion should accelerate its growth substantially.
Understanding Polygon Tokens
Backed by Coinbase and Binance, Polygon is defined as the “Ethereum’s internet of blockchains”. It provides a second layer scaling solution by leveraging off-chain computation sidechains. The Polygon Token project is a “crypto unicorn”, as a large number of DeFi apps are migrating to the ecosystem.
Polygon Network aims to build broad acceptance of blockchain-based applications by minimizing Ethereum’s low throughput, transaction fees, and speeds. Also, the Polygon code’s compatibility with Ethereum Virtual Machine (EVM) provides interoperability advantages to developers.
Total Value Locked (TVL) in Polygon is currently above $7 billion, making it the third-largest token (in terms of TVL), after Ethereum and Binance Smart Chain. Polygon TVL increased 1,102% month-over-month in May 2021, while the number of unique wallet addresses increased 4x over this period. The daily transaction count on the Polygon Network exceeded Ethereum and Binance Smart Chain in May.
Polygon network’s growing set of modules and interoperability protocols is expected to ease the development of custom networks and exchange of arbitrary messages with Ethereum and other blockchain networks. Furthermore, the network also provides modular and optional “security as a service” features.
Integrating Polygon to Orbs Network
Orbs token is currently integrated into the official Ethereum – Polygon cross-chain bridge, allowing Orbs token holders to migrate their ERC20 token to the Polygon network. As a result, Orbs token holders can approve token transfers by connecting their wallets directly. Investors can also access the token transfer polygonscan.
This integration should accelerate Orbs’ exposure to the DeFi space, as Polygon is rapidly emerging as the leading second layer solution on Ethereum. Moreover, the rapid increase in on-chain activity on the Polygon network positions it as a potential market leader. This integration should allow Orbs Network to witness all-inclusive growth in the near term, strengthening its market reach in the crypto space.
Polygon’s “zero-gas” transactions and instant transaction finality (compared to Web2) should help Orbs ensure low-cost and speedy executions. Additionally, the network’s high customizability, extensibility, and upgradability features should benefit the Orbs ecosystem tremendously.
Orbs Network’s first-grade developer experience and scalability have made it the “winning blockchain stack”. Its virtual chains offering autonomous governance and flexibility, inherent sharding, consensus Randomized Proof of Stake (RPOS) model make it one of the fastest-growing public infrastructure models.
Orbs’ latest collaboration with Polygon network should make it well-positioned to capitalize on the growing DeFi trend. Moreover, both the networks share similar growth objectives, such as lower costs and faster execution speeds, thereby promoting mutual growth. Orbs expect this integration as the next big thing for its platform, exploring the immense possibilities it provides.
Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.