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The chain that inspired Web3 is gentrifying as the price of Ethereum gas rises, with high transaction costs pushing less wealthy users to competing blockchains or scaling solutions.
This means that many use cases are becoming infeasible in the proverbial first-tier city center, and suburban communities are being developed to provide a cost-effective second-tier blockchain experience.
Familiar with Polygon since its launch in late 2019, Sameep Singhania has been an ardent supporter of projects based on the protocol. In 2021, he created QuickSwap, a decentralized exchange (DEX) serving the needs of the emerging Polygon ecosystem.
Singhania left a promising career as a software developer in 2017 to become a freelance developer, only to find herself writing code for a range of blockchain projects in the DeFi and Layer 2 space. Among the many projects he has been involved in, he worked for 18 months at OpenBazaar, a blockchain e-commerce site, and as the lead developer for DeFi exchange ParaSwap.
Polygon is a second-layer solution built on Ethereum that offers users lower fees when transacting on-chain. QuickSwap is Polygon’s main DEX, the core of the network.
Polygon DEX
After working on dozens of projects on Polygon starting in 2019, Singhania “realized that to grow the Polygon ecosystem, we needed a DEX.”
This is because while “99% of blockchain projects have tokens”, listing on popular exchanges is not easy, and many users are reluctant to trade in obscure just to trade a particular token that isn’t listed elsewhere Accounts created. DEX can serve as a central marketplace for blockchain networks, giving users access to everything they need without venturing into another chain.
Singhania recalls that Polygon co-founder Sandeep Nailwal encouraged him to create a DEX and put him in touch with Roc Zacharias, a marketer at Lunar Digital Assets. “That’s how we build the team – we have the developers, we have the marketing team, the perfect mix, and then we launch the app,” he explained.
Polygon — formerly known as Matic Network, and MATIC is still its ticker symbol — is a second-layer blockchain. This means that it is a blockchain built on top of an existing chain. Lighting is an example of Layer 2 or L2 built on Bitcoin, while Polygon is built on Ethereum. Thus, Polygon-based tokens can be sent to Ethereum addresses and users can retrieve them simply by switching to the Polygon network on DApps like MetaMask.
The advantage of L2 solutions is that they are more flexible than their behemoths, enabling faster and cheaper transactions.with bitcoin trade The first of 6 confirmations costs over $10 and takes about 10 minutes, it is clear that in day-to-day transactions in El Salvador it is impractical to transact on the parent chain, for example, laborers can only earn 100 dollars. Instead, El Salvadorans use Bitcoin to illuminate, with transaction costs as low as 1 satoshi.
Transaction costs on the ethereum network are much higher, making it ‘unusable by effectively small users’ overpriced Use DeFi solutions or decentralized exchanges like Uniswap. Singhania recalled that in January 2021, “the normal Ethereum transaction cost on Uniswap was about $100.”
“If I’m a regular user and I want to do a small transaction, I can’t do it on Ethereum — the average transaction size on Uniswap is about $50,000.”
“Polygon can be used to scale Ethereum,” Singhania said, both pros and cons. He further explained that while “Ethereum is the most secure solution out there,” it comes at the cost of high gas fees and relatively slow transaction times.
This is not entirely desirable for an economy – smaller denominations exist because not everything can be done with a $100 bill. L2 is the answer to allowing smaller transactions on existing networks like Bitcoin and Ethereum. On Polygon, users can exchange Ethereum-based tokens, NFTs, and interact with smart contracts at low prices.
???? Live now: @mcuban, @hackapreneur, @CryptoRocky, @AaveAave, & @0xPolygonspeak Hours of Polygon Power!
– @mcuban “People are probably more active on QuickSwap on Aave and Polygon compared to Ethereum L1” – Mark Cubanhttps://t.co/99rGSoa04U pic.twitter.com/ySjxu049td
— Quickswap (@QuickswapDEX) June 15, 2021
The urgent need for L2 is relatively new, as transaction costs have risen significantly over the past two years as the blockchain user base has grown. On QuickSwap, transactions between over 23,000 available currency pairs cost just a few cents. “You can basically use QuickSwap to trade any ERC-20 token that is liquid and exists on the Polygon network,” Singhania said. Fees are naturally paid with MATIC.
Considering the cost savings, moving digital assets from Ethereum to Polygon seems like an obvious solution for many users. However, some activity, such as the trading of six-figure NFTs, remains firmly out of the Polygonian suburbs. Likewise, Singhania admits that those who make million-dollar deals get less out of Polygon.
According to Singhania, there are two main ways to transfer assets to Polygon: exchange withdrawals and bridges. “Many large exchanges like Binance support deposits and withdrawals on the Polygon network,” which means the Ethereum network can be avoided entirely.As for assets that are already on Ethereum and not on centralized exchanges, they can bridging, which is actually a cross-chain transfer.
“Both L1 and L2 applications have their own strengths and weaknesses, and both have their own use cases – now it’s up to the user to choose the platform that better suits their needs”
learn the ropes
Singana, 31, grew up in the Indian capital, New Delhi. Passionate about coding since high school, he describes the coding process as “like magic happens” and creating “wonderful things” with just a few lines of code. In 2008, he followed his passion to JSS Institute of Technical Education on the outskirts of the capital, where he completed a bachelor’s degree in computer science and served as an on-campus IBM ambassador.
After graduating in 2013, he started his career in software testing and automation at Dell, but soon realized he wanted to “focus more on development” rather than remain a software tester for the rest of his time, a Role occupations with few opportunities for creative input. He turned software developer in 2015 at Drishti-soft Solutions, where he worked on customer service software and organized web development training courses.
Singhania hadn’t quite settled on her role, and turned to software freelance in 2017 in search of “something that would keep me from getting bored.” “When you freelance, you meet a lot of people and learn a lot of new industries and fields,” he recalls, noting that he finally became interested in his work. One of these new industries is blockchain, which he had heard about before as a developer.
“I came across this blockchain and bitcoin thing again while looking for a project, so I decided to give it some time and do more research – figure out ‘what is this bitcoin? What is this blockchain? ?
By mid-2018, Singhania was a full-time blockchain engineer on several projects, including Akila Labs, Bitgrit, and Toptal, where he developed ERC-20 tokens and smart contracts for airdrops, token vesting, and crowdfunding Wait.Notable among them is 18 months of working with decentralized marketplace startups open market, “it’s trying to build something very similar to Amazon — but on a blockchain” using a peer-to-peer interplanetary file system (IPFS), Singhania recalls excitedly.
compound knowledge
Singhania as lead developer and first employee in 2018 “When DeFi was just getting started” parallel exchange, an aggregator DApp that brings together multiple DEXs so that users can seamlessly trade cryptocurrency pairs that do not exist on any exchange. All of these transactions are done through Singhania’s smart contracts, “processing millions of dollars a day,” he proudly says, adding that the platform has seen $3.3 billion in transaction volume over the past month.
“That project got me into DeFi — it basically introduced me to Uniswap, Bancor, Kyber Network, everything, because to build ParaSwap, we need to know everything about DeFi.”
With DeFi, Singhania came across a second-layer blockchain solution while developing a dice game for one of his clients, a blockchain casino.
He quickly realized that “it’s too expensive to do this on Ethereum” — even though gas fees in 2019 were a fraction of what they are today. Something new was needed, and Singhania “started exploring second-tier solutions,” he recalls.He first built his dice game on the now defunct first layer Loom Network Shutting down shortly thereafter, Singhania discovered Matic Network, which at the end of 2019 was “very new and their mainnet didn’t launch.” Working with the Matic Network team now known as Polygon, Singhania got the dice game up and running, and became familiar with the Polygon network in the process.
The Ethereum dice game isn’t the first game to run into scaling issues.Eric Voorhees Satoshi Nakamoto DICE, For example, it launched in 2012 and soon accounted for more than half of Bitcoin transactions. As transaction prices have risen, making small-scale on-chain bets on Bitcoin’s main layer has become impractical.
.@QuickswapDEX Showed huge growth on Polygon PoS and became the largest Polygon native decentralized application in terms of users, TVL and volume.
We offer them a liquidity mining reward of $1 million to strengthen the liquidity of the platform
????:https://t.co/Z3fb8BOCmw pic.twitter.com/gHN9ZL89U6
— Polygon | $MATIC ???? (@0xPolygon) September 30, 2021
into the next generation
Now that Polygon is a low-cost option for L1 and has a solid DEX, Singhania believes that the next step in scaling this layer is to improve the user experience to make it user-friendly for millions of cryptocurrency novices. Since QuickSwap is Polygon The central point of the ecosystem, so most of the responsibility falls on his shoulders.
“The way things are designed now, it’s not for beginners — it’s for trained crypto users.”
In Singhania’s view, the price of MATIC is expected to follow the adoption of the Polygon layer. If the team continues to execute, it’s “only a matter of time” when the price starts to climb steadily. One thing is clear: Singhania is no longer bored with her job and “is no longer freelance of any kind because I don’t have the time”.
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