Polygon (previously Matic) x Satoshi Club AMA Recap from 14th of February

Polygon (previously Matic) x Satoshi Club AMA Recap from 14th of February


Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Polygon (previously Matic) and our guest was Arun Philips — lead many of the Marketing and Community initiatives at Polygon (previously Matic Network). The AMA took place on 14 February.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Polygon (previously Matic)! Welcome to Satoshi Club

D. | Satoshi Club:
Hello all!

D. | Satoshi Club:
We are welcoming our guest — @arunphilips!

Arun Philips:
Hey everyone! It’s a pleasure to be here, with one of the biggest clubs in crypto!

D. | Satoshi Club:
Welcome to Satoshi Club!

D. | Satoshi Club:
Hello! good to have you here!

Mary | Satoshi Club:
We are happy to see one of the biggest crypto projects here as well

Arun Philips:

Mary | Satoshi Club:
Arun, could you please introduce yourself and introduce Polygon to our members

sure, we have newcomers among them

Arun Philips:
Definitely.

Arun Philips:
Definitely. My name is Arun Philips, and I lead many of the Marketing and Community initiatives at Polygon (previously Matic Network).
I bought my first Bitcoin in 2016 and from then it’s been a roller-coaster journey of learning and building, with many decentralized projects and a lot of research.
I’ve been actively involved in building Blockchain and Startup communities in India and globally, and our global Matic community is one I’m super proud to help grow!

D. | Satoshi Club:
Do you still hold that Bitcoin from 2016?

Mary | Satoshi Club:
I see that buying Bitcoin turn on some magic and people involved in crypto after this

Arun Philips:
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns, and ~200K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here (https://docs.matic.network/docs/develop/getting-started/).
Website (https://polygon.technology/) | Twitter (https://twitter.com/maticnetwork) | Reddit (https://www.reddit.com/r/maticnetwork/) | Telegram (https://t.me/maticnetwork)

Arun Philips:
Haha yup and not selling anytime soon

D. | Satoshi Club:
Wow, I envy your grip

Mary | Satoshi Club:
We continue to hear Polygon (previously Matic) almost every time a new project come here

Arun Philips:
Yes! Adoption is our biggest focus, we have 80+ Dapps onboard, 6M+ txns so far, and some of the biggest names in the space including Aavegotchi, Polymarket, EasyFi, and SportX building on Polygon!

D. | Satoshi Club:
Yes, it’s true. lots of different projects talking about Matic on AMAs in Satoshi club

Mary | Satoshi Club:
Neon District

and yes! A lot of things already done and as i see a lot of incoming!

Arun Philips:
That’s another big one too, you know Polygon quite well

Mary | Satoshi Club:
Thank you for your introduction, Arun! We prepare some questions for you from our community

Do you want to start with them or you want to add something?)

Mary | Satoshi Club:
Yes, I am trying to stay tuned

Arun Philips:
I think just one thing I want to add.

Mary | Satoshi Club:
Sure

Arun Philips:
If there’s one thing you guys take away from this AMA about Polygon, just remember this: Polygon is focused on scaling Ethereum and bringing Blockchain to the next million users! (Without the need for ETH-Killers

)

Mary | Satoshi Club:
It’s perfect

we really appreciate everything you’re doing

D. | Satoshi Club:

thank you for the great intro! let’s goooo!

Q1 from Telegram user @chzrles
Usually, when a rebranding is carried out it is because small problems have occurred, be they internal, legal, the project does not stand out, or simply because it is not attractive enough for users. In this case, what were the reasons that you decided to rebrand Matic to Polygon? Also, is this rebranding still ongoing or has it already been fully done?

D. | Satoshi Club:
This is was the most popular question

D. | Satoshi Club:
Indifferent forms

Arun Philips:
The reason for the rebranding was to include our wider focus and mission of scaling Ethereum.
Under the new paradigm, Matic’s Hybrid POS+Plasma chains are one integral part of the whole Polygon scaling ecosystem, but the ecosystem also includes top approaches like ZK-Rollups, Optimistic Rollups, and other solutions.
What’s important to note is the rebranding is not a simple logo or legal change, it is a purposeful change to develop the most powerful scaling solution for Ethereum and Blockchain!
We’ll continue to grow our technology and onboard some of the biggest DAPPS in the space. Stay tuned this week

D. | Satoshi Club:
Will rebranding affect your tokenomics as well? what will happen with tokens? Will total supply can change?

Arun Philips:
No changes to the token.
All the existing Matic solutions and implementations, primarily Matic PoS Chain and Matic Plasma Chains, REMAIN FULLY FUNCTIONAL and will continue to be developed and grown as very important components of the Polygon ecosystem.
These implementations will not be impacted or changed in any way, and NO ACTION IS REQUIRED from developers or end-users.
With Polygon we are just expanding the suite of solutions we want to offer to the community, and all the existing solutions and implementations will continue to exist and operate as integral parts of this extended platform.
In this new paradigm, the $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
The founders and the Matic Network team will all continue to work in an unchanged way under the new brand.

Mary | Satoshi Club:
Yes, I see that Matic Plasma, zk Rollups, etc are coming soon

do you have more definite terms for this?

D. | Satoshi Club:

Arun Philips:
Our research teams are not only actively working on solns like ZK and OR, but also some other exciting stuff in data availability and cross-chain L2 interoperability.
Can’t release fixed dates yet, but follow us on https://twitter.com/maticnetwork and promise you guys will be the first to know!

Mary | Satoshi Club:
We want to be the first

Satoshi Club likes news

Mary | Satoshi Club:
We will follow your updates!

Arun Philips:
Then there’s a lot in store for you guys from Polygon

Mary | Satoshi Club:
Ready to proceed? Or you want to add something?

Arun Philips:
All good, let’s go!

D. | Satoshi Club:
Thank you for the answers!

Q2 from Telegram user @rioliandaro
Polygon is effectively turning Ethereum into a complete multi-chain system (aka Internet Blockchain). This multi-chain system is similar to Polkadot, Cosmos, Avalanche, etc. What is the difference? since there are many layer-2 projects dealing with scalability issues, what is Polygon’s main competitive advantage?

Arun Philips:
Three major advantages I want to highlight.
1. Polygon is able to fully benefit from Ethereum’s network effect. This is because it is built as an integral part of the Ethereum ecosystem, while the aforementioned projects are competing ecosystems built from scratch.
2. It is inherently more secure. Polygon uses Ethereum, the most secure and battle-tested programmable blockchain in the world, as the economic hub and source of security, while the competing projects use recently launched and less expressive chains for this purpose.
3. It is more open and powerful, primarily in terms of architecture types it can support. This is because (1) Polygon is built on Ethereum, so it can trivially incorporate basically any scaling or infrastructure solution from the Ethereum ecosystem, and (2) we fully adopt Ethereum’s ethos of open innovation and we designed Polygon with it as one of the main design goals.

Mary | Satoshi Club:
Do you cooperate with Ethereum team?

Arun Philips:
I believe this part is important to stress We fully adopt Ethereum’s ethos of open innovation and we designed Polygon with it as one of the main design goals.
With that being said we have some of the top researchers in Ethereum working Polygon, and many of our team members including Mihailo Bjelic and Jaynti Kanani, our CEO our long Ethereum researchers and developers, having contributed to many critical Ethereum network updates.
We also have top advisors from the ETH ecosystem like Ryan Sean Adams, Hudson James, John Lilic, and Anthony Sassano.

Mary | Satoshi Club:
I see, that really impress, Ethereum is a king

btw, are you ready to provide L2 solutions for another platforms in the future if needed? I see some platforms are going to be overcrowded also soon

Mary | Satoshi Club:
Or you plan to develop only in Ethereum direction?

Arun Philips:
Right now, we’re focused on Ethereum! We don’t see the need for other ETH-Killers when a secure and battle-tested Ethereum can be scaled for mass adoption.

Mary | Satoshi Club:
I got it

when you remind about “ETH-Killers” i can’t stop smiling

Arun Philips:
Hahaha you get it!

Mary | Satoshi Club:
Thank you for your answers

ready for the next?

Arun Philips:
Yes I’m ready

D. | Satoshi Club:
Let’s do this!

Q3 from Telegram user @Gutike95
Could you really give us more detail about the “Adapter modules”? What are its functionalities and how does it help in the compatibility of ETH with other projects?

Arun Philips:
Great Q!

Arun Philips:
Adapter Modules are part of a number of auxiliary solutions and products which will extend Polygon functionalities, improve the developer experience and introduce support for specific use cases.
These are basically adaptors that will let you interact with external blockchain networks.

D. | Satoshi Club:
So it’s a tool for developers? can we say that?

Arun Philips:
Yes it will be part of the SDK for devs to use.

D. | Satoshi Club:
Cool, I think techies will be happy

Mary | Satoshi Club:
How this tool’s usage affects the lives of ordinary people, as me and @Cool_as_Ice?

Arun Philips:
Devs will make sure that you guys have the best Blockchain experience!
Already the team at Quickswap has built an incredible DEX with liquidity farming, that has almost zero txns costs and super-fast speeds with more than 1000% APY!
Better tools for devs, a better experience for you!

Mary | Satoshi Club:
Thanks, Arun!

D. | Satoshi Club:
Wow, I wanna try this DEX

Mary | Satoshi Club:
We should definitely try this)

Arun Philips:
Quickswap.exchange

Mary | Satoshi Club:
We will try in the nearest time

Arun Philips:
Trust me you’ll stop using Uniswap after this

D. | Satoshi Club:
Thank you!

Mary | Satoshi Club:
In my saved

Mary | Satoshi Club:
Ready for the next question?

Arun Philips:
Yepp, let’s go!

Q4 from Telegram user @Arisabela
Many projects are already using Polygon architecture, I’ve seen most of them are related to in-game and NFTs features, how does Polygon can integrate into these kinds of platform and make them successful? Is Gamified DeFi one of your core areas?

Arun Philips:
Yess! Games + DeFi + NFT is a big part of our gang of Dapps at Polygon.

Arun Philips:
We have had some incredible Dapps like Aavegotchi, Megacryptopolis, Neon District, Zed Run that are doing such incredible stuff with DeFi and NFTs on Polygon!
That ecosystem is massively growing, there’s a BIG NFT related news coming soon

Mary | Satoshi Club:
You collected almost all hype things

Mary | Satoshi Club:
BIG NFT?

My alerts are turned on

Mary | Satoshi Club:
Which another areas you see as most potential in crypto?

Arun Philips:
We expect great things from Personal Tokens, DAOs, DeFi, NFT, and Gaming! There will be a ton of awesome projects from these sectors.
Apart from that, we have many interesting projects with enterprises, governments, and other real-world use cases that we are extremely proud to be a part of!

Mary | Satoshi Club:
Amazing! Your journey just started

Mary | Satoshi Club:
Thanks! Can we jump to the next question or you want to add something?

Arun Philips:
Just this cool CT article! https://cointelegraph.com/news/matic-rebrands-to-polygon-in-pursuit-of-polkadot-on-ethereum-strategy?utm=twitter

Arun Philips:
Let’s go

Mary | Satoshi Club:
Nice

Q5 from Telegram user @yellowchamp
As part of the Unifarm Cohort 2 together with Oro Pocket, Nord Finance, Terra Virtua, Router Protocol, and ZeroSwap Labs, can you tell us what is the main objective of this collaboration with different networks? How does staking method with Unifarm Cohort 2 works especially with Polygon network? How much would be the APY and minimum to stake? How many days or weeks or months is the locked-in period? I have read on Twitter that some people are commenting about high gas fees regarding staking to some network, so as one of the cohort, how does Polygon(former Matic Network) will help to solve gas fee problems and attract more people to join Unifarm Cohort 2 staking? Thank you.

Arun Philips:
Unifarm is a super cool project where you can stake one token and farm five tokens!
There should be some updates soon to solve the gas fee problem

Learn more here https://blog.oropocket.com/how-to-use-oropocket-platform/a-step-by-step-guide-on-how-to-stake-on-unifarm-cohort-2/ s=21

Mary | Satoshi Club:
Btw, I wanted to ask you, do you have customer support? Sorry, a bit offtopic)

D. | Satoshi Club:
Thank you, for the new opportunities to get more tokens

I will read this as well.

Arun Philips:
Wallet support here: https://wallet-support.matic.network/

Arun Philips:
Awesome!

Mary | Satoshi Club:
Thank you!

Mary | Satoshi Club:
We love farming

will read this article

Mary | Satoshi Club:
Ready for the 6th and last question from this part?

Arun Philips:
Yes let’s do it

Mary | Satoshi Club:
It’s my favorite

Q6 from Telegram user @cryptofollower
Polygon aims for a world in which people and machines collaborate exchange value globally and freely. So how do you plan to do that? For example, do you support the chips integrated into human skin?

Arun Philips:
Community is one of the strongest pillars Polygon stands on!
Join our global community here: https://t.me/maticnetwork
Twitter: https://twitter.com/maticnetwork?s=21
We have communities in regions across the world, and we have an active ambassador program called Matic Mitras who are our strongest supporters

you can apply for Matic Mitra here: https://matic.network/matic-mitra/

Mary | Satoshi Club:
So, no chips just communities?

D. | Satoshi Club:
I wanted to ask the same

Arun Philips:
Couldn’t have put it better myself! Focus on the communities, collaboration will happen by itself

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Gutike95
Do you mention that “Many projects are exploring ETH-compatible blockchains”, but aren’t each chain really totally independent and unsupported? If not, what are the characteristics that these chains must have to be compatible with ETH?

Arun Philips:
Compatibility with ETH means 100% EVM compatibility, like solutions on Polygon support.
This means you can deploy Ethereum apps onto Polygon solutions without any changes to your code!

Q2 from Telegram user @AugusS7
You mentioned that “Polygon combines the best of Ethereum and sovereign blockchains into an attractive set of features”, but really which set of features are you referring to? And this will require assuming the cost rates of both chains?

Arun Philips:
Three major advantages I want to highlight.

  1. Polygon is able to fully benefit from Ethereum’s network effect. This is because it is built as an integral part of the Ethereum ecosystem, while the aforementioned projects are competing ecosystems built from scratch.
  2. It is inherently more secure. Polygon uses Ethereum, the most secure and battle-tested programmable blockchain in the world, as the economic hub and source of security, while the competing projects use recently launched and less expressive chains for this purpose.
  3. It is more open and powerful, primarily in terms of architecture types it can support. This is because (1) Polygon is built on Ethereum, so it can trivially incorporate basically any scaling or infrastructure solution from the Ethereum ecosystem, and (2) we fully adopt Ethereum’s ethos of open innovation and we designed Polygon with it as one of the main design goals.

Q3 from Telegram user @AmirJosh
What is the story behind the rebranding of the name from Matic to Polygon? Do the change of name brings new ideas that will affect the roadmap of the platform and a new whitepaper might be release soon?

Arun Philips:
The reason for the rebranding was to include our wider focus and mission of scaling Ethereum.
Under the new paradigm, Matic’s Hybrid POS+Plasma chains are one integral part of the whole Polygon scaling ecosystem, but the ecosystem also includes top approaches like ZK-Rollups, Optimistic Rollups, and other solutions.
What’s important to note is the rebranding is not a simple logo or legal change, it is a purposeful change to develop the most powerful scaling solution for Ethereum and Blockchain!
We’ll continue to grow our technology and onboard some of the biggest DAPPS in the space. Stay tuned this week

Check out the Polygon light paper here: https://polygon.technology/lightpaper-polygon.pdf

Q4 from Telegram user @bathulosnom
Besides the global Community do you have local communities for local users who don’t understand well English? If yes how can I join?

Arun Philips:
#Community #Giveaways
Join your Local Community Today!

We’re extremely proud of our local communities all over the world — Polygon is secured and enabled by each one of you.

We’re doing exciting giveaways, contests, and events in our communities across the world!
Look for your region below

India and SAARC: https://t.me/maticnetwork_india

Americas: https://t.me/maticnetwork_america

Europe and UK: https://t.me/maticnetwork_uk

Arabic: https://t.me/maticnetwork_arab

Spanish: https://t.me/maticnetwork_spanish

Australia and New Zealand: https://t.me/maticnetwork_anz

Russian — https://t.me/maticnetwork_russia

German: https://t.me/maticnetworkgerman

China: https://t.me/maticnetwork_china

Indonesia: https://t.me/maticnetwork_indonesia

Turkey: https://t.me/maticnetwork_turkish

SriLanka: https://t.me/maticnetwork_srilanka

Netherlands: https://t.me/maticnetwork_netherlands

Korea: https://t.me/Matic_network_Korea

Africa: https://t.me/maticnetwork_africa

Japan: https://t.me/maticnetwork_japan

Philippines: https://t.me/MaticNetworkPh

Vietnam: https://t.me/maticnetwork_vietnam

Q5 from Telegram user @DVDH_29
What distinguishes the Polygon ecosystem from other liquidity farming projects?

Arun Philips:
We have things like Triple Yield farming with low fees and high speeds

https://twitter.com/maticnetwork/status/1355172613258006529?s=21

Q6 from Telegram user @Wormz28
Gas Fees are terrible right? So how we can on-ramp directly into MaticNetwork using Transak? So can you explain more about Transak? Also does Onboarding into USDC or other Matic assets on Global Transak can save a ton in Gas? If yes, how can you say so, and how it works?

Arun Philips:
Great Q! Yes, there is a way to get started with low-cost high-speed farming, WITHOUT paying eth fees!
Read this blog for details
https://twitter.com/transak_finance/status/1359495902159908866?s=21

Q7 from Telegram user @stargateeatlantis
Can you talk about your team and their experiences of defi and also about the experiences of your partners?

Arun Philips:
What’s most important for DeFi protocols is composability, and I believe that since L2 is 100% EVM compatible, this composability is carried onto L2.
The next important consideration for DeFi protocols is gas fees: harvesting, staking, opening and closing vaults — functions in DeFi contracts are extremely gas-intensive.
We’ve already seen users pushing for L2 versions in popular Ethereum DeFi protocols, and we’re confident that 2021 will be the year of a high influx of DeFi protocols onto L2.

DeFi:

Wallets: Arkane
Infrastructure: MyWish, Transak, Bulksender
Exchange & Liquidity: QuickSwap, Dfyn, Jelly Swap, SwapMatic
Credit & Lending
DAOs and Governance: PowerPool, DiTo,
Earn & Aggregators: Fire Protocol, Rubic Finance, Bonded Finance, Reef Finance
Prediction and Betting Markets: Polymarket, SportX, PlotX
Stablecoins: USDC, USDT, DAI
Cross Chain Protocols: CyberFi
BTC
Algo/Rebase Coins: Rebase
Insurance
Oracles: Chainlink, DIA, API3, Tellor
KYC & Identity
Derivatives: Injective Protocol
B2B: Parcel, Creol

Q8 from Telegram user @Karoceh
How will Polygon adapt to Ethereum when they can scale themself? Will Polygon work separately? Can we know how the commitment of both companies in the future?

Arun Philips:
I believe this part is important to stress We fully adopt Ethereum’s ethos of open innovation and we designed Polygon with it as one of the main design goals.

With that being said we have some of the top researchers in Ethereum working Polygon, and many of our team members including Mihailo Bjelic and Jaynti Kanani, our CEO our long Ethereum researchers and developers, having contributed to many critical Ethereum network updates.

We also have top advisors from the ETH ecosystem like Ryan Sean Adams, Hudson James, John Lilic, and Anthony Sassano.

Q9 from Telegram user @Beterror203
Hi, Mr @arunphilips I’m read that Matic (Polygon) Like other second-layer solutions, supports Ethereum tools and allows developers to “just pick their Ethereum smart contracts and deploy them on Matic sidechains in a matter of minutes, as Matic is one of the pioneers in offering this service, what would be the innovation and vision that Matic would have in the coming years according to the evolution of ETH and Defi in general, what do we expect from you?

Arun Philips:
Polygon has been focused on solving these two problems for Dapps in our ecosystem.**

  1. Switching RPCs- Through a partnership with Biconomy, we’ve enabled gasless meta transactions without network switching. This means Dapps can have their users stay on the Ethereum network, while txns take place on Matic. This is a huge development and is already working wonders in user experience. Check out this promo Biconomy is running till March — free txns for all Dapps that use Biconomy!
  2. Bringing and Removing funds to/from Layer 2 — Though Matic’s POS Bridge supports deposits in ~10 mins and withdrawals in ~30 mins, this step is still difficult for an average user. To combat this, we have a robust on-ramp and off-ramp directly to Matic thanks to Transak. This means that a user can enter and exit layer 2 seamlessly in a matter of few minutes. We also have exciting integrations with Connext to enable fast exits from Matic.

Q10 from Telegram user @dumpspump
I’d like to learn about the general tokenomics of your token and your project?

Arun Philips:
The benefits of holding MATIC are many!

  1. Take part in Network Security by Staking Matic and earning ~30% APR. In addition to the network returns, Matic stakers are constantly receiving benefits and airdrops for securing the network. In the last two months, Matic stakers have received airdrops from Marlin Protocol, AUDIT.ONE and many other validators and partners. You can also use your staked position in Matic to farm tokens from other projects like Marlin Protocol.
  2. Used for Transactions on Matic Network, holding Matic allows you to interact and use the plethora of Dapps on Matic, without high gas fees burning a hole in your pocket!
  3. As collateral on Partner Networks: You will be able to use Matic as an asset on multiple partner networks, eg. Derivatives trading using Matic, Prediction Markets for Matic, Yield Farming on Quickswap, etc.
  4. Participation in exclusive funding rounds: Select projects collaborating with Matic Network will take place exclusively in MATIC tokens. Marlin Protocol and Cere Network were the first project to raise funds on Matic Network, as part of the Matic Ecosystem Initiative, and many more are in the pipeline to do the same.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Polygon (previously Matic). They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
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