The co-founder of Polygon network, Sandeep Nailwal, was recently interviewed by journalists. During the interview, Nailwal shared his views about how the Polygon network might be able to outperform the Ethereum network. He commented that the smaller gas fees, higher scalability, and faster transaction fees are some of the best features of the network.
Polygon network is a layer-2 scalability solution hosted on Ethereum. The project gained unicorn status with its $1 billion funding expedition and added additional support for Web3 social application development by a $200 million supplement. The Web3 project is going to be pegged with the Opera browser, which will grant it access to 80 million Android users around the world.
When an interviewer asked the Polygon network co-founder about how its transaction fees and speed performance are fair in comparison to the Ethereum network. Nailwal replied that data from Polygon Scan Explorer indicates that one transaction block at Polygon requires 2.3 seconds to process. Meanwhile, Ethereum currently takes 15 seconds.
He also pointed out that the gas fees at the Polygon network are as low as 0.001 MATIC, which is a decimal fraction of a penny. Reflecting on NFT projects and marketplaces, Nailwal replied that none of the NFT projects on Polygon has been able to rival the likes of CryptoPunks. He added that the biggest NFT sale on the Polygon network was reported by Dolce and Gabbana estimated to be $7 million.
Nailwal also responded in detail on the matter of DeFi incorporation in the Polygon network. He pointed out that all the decentralized applications running on Ethereum has made a shift to the Polygon network, including Uniswap, last week. He also claimed that the biggest NFT projects on the Polygon network are Aave, Decentraland among others, with a total value locked exceeding $6billion.
Nailwal also claimed that with the addition of PoS, the Ethereum TPS count would reach a maximum of 20. He claimed that for the Polygon network, the TPS would reach 1,280 with the addition of 64 shards next year. He also pointed out that there are currently 3000 development projects under development for the Polygon network, and the total active users on the Polygon network are 50% higher than Ethereum.