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Samsung relies on the DeFi cryptocurrency

3 min read
January 10, 2023 Jackie

Polygon starts the year with a bang. The Layer 2 blockchain is working with South Korean tech giant Samsung to improve user experiences. At the same time, Polygon is chasing the NFT start-up DeLabs from the alleged Ethereum killer Solana. Polygon is thus building on the successes of the past year and fueling crypto adoption.

Samsung implements Polygon blockchain

Polygon-native streaming application Savage partners with Samsung to bring Web3 users access to high-quality images and videos. Taking to Twitter, the DeFi protocol stated that its collaboration with the tech giant should help improve the Web3 solutions currently on offer.

It goes on to say that the smart TV app can help seamlessly integrate an IRL (In Real Life) display. In addition, according to Savage, the application should be useful for “the highest quality uploads in all marketplaces”. More detailed information on the implementation remains to be seen.

The app is also protected by license-based contracts and therefore has the potential to reach more than 25 million households. The collaboration with Samsung, however, seems to excite investors. Over the past week, Polygon has gained a whopping 11 percent. The cryptocurrency is now ranked 10th among cryptocurrencies by market capitalization.

Competition: Polygon fights Solana

While Polygon cooperates with strong partners, the network is meanwhile attacking the competitor Solana. First attack vector: NFT company DeLabs, which manages the popular DeGod and y00ts collections. With a grant of around three million US dollars, Polygon is luring the start-up onto its own blockchain. Founder Frank plans to use the funds to “hire new employees” and set up a “crypto incubator to support his NFT ecosystem.”

Polygon was according to the Message not the only one interested in adopting the NFT protocol. Frank explained that “much larger offers” were considered, but that DeLabs chose Polygon because “it’s the most exciting direction for y00ts as a project.”

Polygon 2022: The Year of Crypto Adoption?

Polygon begins 2023 as successfully as last year ended. The Layer 2 scaling solution for Ethereum is particularly well received by brands such as Nike, Starbucks and Disney. As a further success, the community recorded the first DeFi transaction from the major US bank JP Morgan. The network is also doing well away from mainstream awareness. There are now around 200 million addresses.

From a technical point of view, it can be said that Polygon (MATIC) was one of the outperformers in 2022. It remains to be seen whether this title can also be secured for the coming year. In 2023, the team wants to remain successful and speaks of the “most important year in DeFi history”. Innovations would be promoted and more and more users would be made aware of DeFi topics. According to Polygon, the “stablecoin adoption in Latin America and Africa” would also contribute to this.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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