Launching on MATIC is like launching on BSC when it started
We’ve all heard of the great success the Binance Smart Chain has undergone. The world’s number one cryptocurrency exchange had launched its own parallel chain to utilize smart contract features, thus the BSC was born. However, in recent days we have been seeing the rise of MATIC, many similarities between the two blockchains are obvious and we may see new projects rising with the increasing popularity of the Polygon network.
Till today, organizations continue to launch their projects on the BSC. Originally, Ethereum’s gas fees were the main culprit for driving traffic to the Binance smart chain. Investors and developers opted to look for a cheaper alternative. Near the Binance Smart Chain’s official launch, close to 21% of Ethereum transactions were already done by the BSC with only 0.6% of the total fees. This meant that 35x the transaction cost was saved by simply moving to the BSC.
Nowadays the ‘trend’ of creating a BSC project seems to outweigh any of the utility-focused motives they originally withheld. Launching on the BSC now may seem even more competitive than the Ethereum network. The over-saturation of the market has found a need for a new blockchain home for smart contract projects.
The next big player in crypto
Polygon (MATIC) will be the next big player for launching brand new projects, such as DEX Crypto service CremePieSwap. With the ability to outperform both Ethereum and Binance in transaction cost and speed, launching on Polygon now may seem like launching on the Binance Smart Chain when it first started.
Benefits of launching on Polygon (MATIC) today
The first movers advantage is significant in the Defi space. With so many copycats attempting to steal a portion of identity to ride on the waves of success, there must be a solid motive to why they do it. The truth is, when you’re early to launch a project on an unexplored blockchain, more people will tend to take notice. Success is easier to come by when monopolizing a unique area.
Both PancakeSwap and BakerySwap had taken advantage of being some of the first projects on the BSC. Both DEX services enjoyed a share in a $100M accelerator fund that had aimed to bring new applicants to the Binance Smart Chain ecosystem. Now $CAKE sits at number 33 in top cryptocurrencies and BakerySwap has a market cap of over 500 million. The combination of utilization through early support and funding plus, venturing into a newer blockchain had paid off for both organizations.
History repeats itself
We are currently seeing a repeat of history through the recent revamp of the Polygon network. MATIC has recently launched an identical $100 million in funding for new Defi projects. Two of the most well-known projects in blockchain technology today, Aave and Curve, have already built MATIC compatible versions in the Polygon ecosystem.
Not only this but Polygon (MATIC) has launched a developer support program that aims to not only fund but technically support new teams. The DSO program offers early build grants to kick-off newfound projects, marketing and promotional support through the Polygon networks, technical guidance/project development, and connections with investors by sharing Polygon’s personal networks.
Creating a new project on MATIC has so many benefits over competitors. Similarities between the Binance Smart Chain launch are clear as day. Funding startups, direct support, increase in community awareness, and much more. We are witnessing history repeat itself and the ones to take advantage of it may be the winners of the current market race.
