DeFi-staked Crypto Collectibles
Our DeFi-powered collectibles recreation wanted a Layer 2 resolution. Right here’s why we selected Polygon (previously Matic Community).
Once we launched our eco-governance token on Ethereum in September, it was the height of the primary DeFi season. Costs have been rising, degens have been aping, and morale was peaking. However below the ebullient floor, a storm was brewing…
Fuel costs had spiked to ranges not seen since 2017 and the well-known CryptoKitties launch. Smaller gamers, unable to afford the costly transactions, have been being pushed to the sidelines as massive holders cashed in on all the newest yield farming alternatives.
Builders, seeing their customers fleeing the maelstrom, started to significantly take into account whether or not creating on Ethereum was productive anymore. Out of the confusion emerged a Discord server, aptly named “The Nice Migration” (TGM). Managed strictly by the admins, solely builders may be a part of and see the chat.
A livid debate ensued, as arcane phrases like “rollups”, “validators” and “sharding” have been tossed round. The server rapidly grew to incorporate channels for each scaling resolution below the solar: Ethereum 2, Avalanche, Cosmos, Circulate Blockchain, Polygon/Matic, NEAR, OMG Community, Polkadot, Skale, Solana, Starkware, xDAI, Rollups, and plenty of extra.
The dialog frothed, as A-Record builders of just about each Ethereum dApp on the market chimed in on their favourite potential scaling options.
After which…as rapidly because it had began, the dialog died off. October got here, and gasoline charges dropped again to earth. Builders collectively sighed in reduction as their common transaction charges returned to below $50, and went again to doing what they do finest: heads-down, #buidling the longer term.
In simply 4 months, nonetheless, the gasoline charges would skyrocket once more, bringing the issue again.
Ask Matic Something (AMA)
Out of all of the initiatives mentioned on the TGM server in the course of the DeFi increase’s first wave, notably, just one confirmed as much as do an AMA (Ask Me Something) session.
On September 17, Sandeep Nailwal of Polygon (which was referred to as Matic Community on the time) was invited to affix the hallowed ranks of TGM. Branded with a inexperienced “Challenge” Function (versus the orange “Builder” position), Sandeep didn’t have entry to the bigger chat. He was invited for one particular objective — to reply rigorous questions on how his mission can resolve the problem of scalability.
What’s Polygon? (Previously generally known as Matic Community)
Polygon presents a Layer-2 (L2) scaling resolution that achieves scale by using sidechains for off-chain computation whereas guaranteeing asset safety utilizing the Plasma framework and a decentralized community of Proof-of-Stake (PoS) validators — though the mission plans to turn out to be a full-blown L2 aggregator that helps different L2 options equivalent to Optimistic Rollups (OR), zkRollups (ZKR), and Validium.
Polygon is absolutely appropriate with the Ethereum Digital Machine (EVM), that means customers from Ethereum can simply switch their belongings to Polygon, and builders can deploy present Solidity contracts with none main adjustments.
In the course of the AMA, Sandeep answered many vital questions from the neighborhood, pertaining to safety, developer expertise, and roadmap. These solutions, mixed with our earlier analysis and interactions with the staff, satisfied us that Polygon (then generally known as Matic) was an ideal match for Aavegotchi.
Quick ahead a couple of months to December. Fuel was comparatively low-cost, the market was sideways, and we at Aavegotchi have been actively making ready to launch.
Our unique plan was to launch Aavegotchi collectibles on Ethereum after which permit customers to switch them to L2 to play the sport. We scheduled the launch for January 4th, knowledgeable our media companions, and sprinted in the direction of the ending line.
As quickly as the brand new 12 months got here, the crypto markets turned hectic once more. The bull was again, and with it, the extraordinarily excessive transaction charges seen in September.
January 4th arrived, and our Discord was full of a panicked, frenetic vitality. Some members have been excited in regards to the launch regardless of the excessive gasoline charges, whereas others likened it to “setting sail in the course of a hurricane.”
An impromptu Discord response vote revealed the reality: 75% of our customers supported delaying the launch and aborting our earlier “Launch, then Pivot” plan. As a substitute, they supported launching immediately onto L2.
Many members requested us, “Why Matic? Why not xDAI, or Circulate, or (every other L2 resolution)? We had finished quite a lot of analysis to return to this conclusion, however none of it had been beforehand disclosed publicly.
So listed below are the six explanation why we selected Matic/Polygon.
Purpose 1: Ample Decentralization
Not like many NFT initiatives, Aavegotchi NFTs comprise actual monetary worth, distinct from the speculative worth of the NFT itself. Every Aavegotchi is staked with interest-bearing “aTokens” generated from Aave’s lending pool on Ethereum, which might be 1:1 convertible for underlying tokens equivalent to DAI, USDT, LINK, and AAVE.
Since we had to make sure the safety of our gamers’ funds, our main consideration when choosing the L2 residence for Aavegotchi was ample safety and decentralization of the community.
Polygon has made nice strides by way of gradual decentralization. There are presently round 90 validators staking MATIC (Polygon’s native asset) to safe the community, most of that are run by neighborhood initiatives with vital funds staked. Validators require a ⅔ majority consensus to validate transactions and create checkpoints on Mainnet.
Polygon makes use of a twin technique of Proof-of-Stake on the checkpointing layer and Block Producers on the block producer layer to realize quicker blocktimes. It additionally ensures a excessive diploma of decentralization by attaining finality on the primary chains through the checkpoints and fraud-proof mechanisms.
Purpose 2: EVM-Compatibility
Considered one of our standards for choosing a viable L2 possibility is that it have to be appropriate with the Ethereum Digital Machine and the contracts that run on it. Most L2 options don’t match this standards. Some options have created their very own languages, or require rewriting into languages like Rust. The one L2 scaling options that supply EVM-compatibility are Polygon, xDAI, and Optimistic Digital Machine (OVM). In order that narrowed it down, rather a lot.
Purpose 3: Manufacturing readiness
Aavegotchi was able to launch yesterday. Delaying our launch to attend for an answer like OVM or ETH Part 2 to return absolutely on-line would harm neighborhood morale and weaken our momentum. The world wants DeFi-backed pixel avatars NOW, even when they don’t comprehend it but.
So ultimately, like the vast majority of crypto initiatives trying to have the most effective of each worlds by having fun with Ethereum’s enormous community impact, whereas avoiding the community congestion, we have been left with two choices: xDAI and Polygon.
Polygon and xDAI are each viable opponents for the throne of “EVM-compatible sidechain”. Like siblings, they generally squabble and bicker, however on the finish of the day, they’re household and so they share the identical aim of serving to to scale Ethereum. We did thorough analysis on each protocols, however ultimately determined that Polygon met our wants higher, for the next causes.
Purpose 4: Rising community impact
The entire quantity locked (TVL) on Polygon is rising rapidly. As of publishing, it has already reached $200+ million, in comparison with xDAI’s $16 million. Excessive gasoline prices are forcing initiatives on Ethereum to significantly take into account migrating to L2, and as Polygon’s community impact grows, the inducement emigrate to Polygon will turn out to be ever stronger.
Purpose 5: Nice Developer Ecosystem
Polygon’s mechanism for bridging is extraordinarily versatile. Lately, Aavegotchi Core Summoner Nick Mudge bridged Aave’s interest-bearing aTokens onto Matic/Polygon through a particular personalized bridge that enables them to retain their curiosity whereas on L2. It’s extremely straightforward for present protocols to start shifting their belongings onto L2.
Increasingly developer instruments such Chainlink are additionally launching on Polygon, giving present Ethereum builders highly effective constructing blocks within the new gasless setting.
Purpose 6: Interoperability with different NFT initiatives
Polygon has a rising listing of NFT dApps launched or planning to launch quickly. A full listing could be seen on their web site, however a few of our favorites are: Decentraland, Somnium Area, Zed Run, Terra Virtua, and Niftex. Notably, the NFT market OpenSea is launching on Polygon as effectively.
At this level, we hear about new NFT initiatives shifting to Polygon virtually day by day. One of many overarching targets of Aavegotchi is to allow interoperability with different NFTs, so it is necessary that Aavegotchi exist in a rising ecosystem. Equally, Polygon’s staff has a powerful give attention to blockchain gaming and NFTs.
LFG! (Let’s Forge Greatness!)
Our neighborhood could be very glad with our determination to launch on Polygon and is eagerly awaiting the sport to launch. In actual fact, our customers barely observed the transition as a result of acquainted expertise: the method of bridging tokens from Ethereum to Matic/Polygon is intuitive and as user-friendly because it will get, whereas infrastructure options like Quickswap DEX supplied liquidity mining incentives to draw our customers to their platform. There may be one distinction that actually catches the attention, nonetheless: the transactions are nearly free and far quicker.
The Nice Migration is simply starting, and it’s not possible to say what the ecosystem will appear to be in 5 years, however we consider in Polygon’s bold mission to finally make Ethereum “a full-fledged, highly effective multi-chain system”. We’re extraordinarily excited to launch Aavegotchi’s DeFi-backed crypto avatars on their community.
Additionally printed on: https://aavegotchi.medium.com/why-aavegotchi-chose-polygon-356238977fb2
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