The first Polygon Consensus Conference, held by BitKeep and Polygon, was officially opened on May 1, 2022.
There is no doubt that Web3.0 is becoming the focus of many industry giants and VCs. Since March 2022, many of them have started to make investments in this grand vision. Polygon, as one of the scalable solution protocols connecting the Ethereum blockchain, is on a fast track, and the team behind it has also made great progress in the field of Web 3.0.
BitKeep is the world-leading Web3.0 multi-chain crypto wallet dedicated to providing safe and convenient one-stop digital asset management service to users around the world and creating the world’s largest Web3.0 gateway. Polygon Consensus aims to connect more users with the Polygon ecosystem to demonstrate innovation on Polygon and build a blockchain-based future of Web3.0.
On the eve of the conference, Aishwary Gupta, the head of DeFi, Polygon, joined BitKeep in its YouTube live event. Focusing on the trends of DeFi and Web3.0 as well as Polygon’s latest product development plans, he shared some in-depth insight to crypto users under the theme of “Polygon, Up, Above and Beyond”.
Aishwary Gupta introduced the newly launched Polygon Supernets to users, which he believed could solve the privacy problems faced by enterprises. He also mentioned that Polygon would launch more solutions this year to help users benefit from the blockchain. Speaking of Web3.0, he believes that the best way to bring people to the Web3 world is to make the shift as seamless and smooth as possible. Mr. Gupta also emphasized that the wallet is the key enter the Web3.0 world.
The following is the transcript of Aishwary Gupta’s talk:
Q1: The first question is, working with Polygon, can you share what has been the biggest thing that you have seen with the team?
Aishwary Gupta: I think one of the things that paint Polygon apart from other blockchains is the commitment that we have. The way everyone wants to work. It’s always like, I don’t know. I think recently someone also shared it on Twitter, where they said that whenever I see someone from Polygon, it feels like it’s not just one person, he is like working for like in case of one person is like five persons worth, he is working. So that kind of… is what we all bring in. And that’s where…that is what like I think makes us go out and proudly say that the growth that we are retaining, the growth… the way in which we are building and everything that is happening today, that’s the result of it.
So, I mean, it’s that… which is like the commitment. So, one word if I want to define why Polygon is growing at this pace that it is growing, is commitment. The more we are committed towards it, the way in which every team member works, the way we are all working on just ensuring that Ethereum scales in any and every way that is possible today is, so that the dominance that Ethereum had like when there was no other chain, that’s 100%. So, that in some way comes back to Ethereum and that is I think one of the biggest things that I can say about my work experience.
Q2: The second question is what is the focus of the Polygon roadmap in 2022?
Aishwary Gupta: I think first of all, what we are trying to do is we are trying to bring in our solutions and make them live as soon as possible. So, that is one of the biggest themes that we have with Polygon. We have the PoS chain live. We have the Bridge live now. Recently last week, we also launched another solution, which is on Edge, which is Polygon Supernets.
Now what happens with Supernets and why Supernets are important is because there are a lot of solutions. So, let’s say tomorrow if Amazon comes in and Amazon says I want to do all my transactions. So, they need a separate chain. They cannot work on, like, major chains, which are there because the blockspace won’t be available. And if the blockspace is not available, the result would be higher transaction cost and which would like to defy the purposes of blockchain right now.
So, that way, what happens is you need a separate chain and that is what Supernets is all about. Supernets are basically standalone chains, which can, also be one of the biggest challenges, that enterprises also have is privacy. So, they don’t want to go out and put all their transactions in a public chain. They want to do all the transactions but not on a public chain. Obviously, because they don’t want to divulge their 100% secrets, trade secrets. That’s not possible for any business to do. So, that’s why I think these two solutions, the solution Supernets are going ahead and solving for that. Why Supernets are important? I think because of this particular reason because there are a lot of enterprises that are now onboarding the Web3 wagon.
And when they on board, they need that high level of support. They also need to, let’s say, modify some of the aspects of the blockchain in order to suit what they would require. So, I think that is what Polygon Supernets provides to the people, to these enterprises. So, any… if anyone from Web2 or any enterprise who wants to onboard is listening, so yeah, that’s what Supernets are all for.
While you might have a separate chain for doing all those things, you don’t have to actually worry about powering up your own validators all across the world, in order to do that chain. So, what basically we do is we ensure that the Polygon validators which are there, the PoS validators, which are there, can become your validators themselves. So, if they become your validators itself, so, you don’t have to actually go out in search of new validators and everything.
So, the security and then, yeah, PoS has its security rolled back to Ethereum. So, yeah, in a way, your security is not compromised again, while you still get a separate chain, which can be modified according to you and is completely dedicated to your transactions, so that you don’t have to like, fight for a blockspace with other solutions or other people who are doing those transactions at that particular time.
So, that’s something which is there, like next, we’ll have the Nightfall live most probably and then other solutions. So, that’s I think widely the roadmap of Polygon, to get all the solutions live so that everyone can take the advantage of it.
Q3: Is there any projects, which already building on Supernets?
Aishwary Gupta: So yeah, absolutely. I think there are 35 such projects, which are building on it. I definitely cannot disclose the names right now because they are under NDAs. So, I can say some of the biggest games, some of the world’s biggest games, some of the world’s biggest sports chains and sports competitions, and everything is built on Supernets. So yeah, we have four categories, which are right now building on it. These are DeFi apps. These are games. These are some NFT projects, and the last one is like some enterprises as well.
So yeah, absolutely a lot of projects are already building, 35 I think we launched last week. And already 35 projects building on it is a sign of victory for us. Yeah, there are other such projects which we are trying.
Q4: Yeah, so we can’t wait to see more projects based on Supernets. So, the 4th question is, when you see Web3, what are the major things that you can name, which will accelerate the adoption of Web3?
Aishwary Gupta: I think when we talk about Web3, I think two days back only JD tweeted one thing. The best way to onboard Web2 people to Web3 is without them realizing that they are actually got onboard to Web3. And that is something which is a true statement to say. And when we talk about this, I think there are a couple of things that are very much important when we want to onboard on Web3 wagon. The first thing is basically education. Education is something where, if people are aptly educated, if people actually know what exactly Web3 is and how to actually get into Web3, that would be one of the biggest things that could ever happen. So, that Web3 education, so right now, I think most of the education that has been there is developer-focused. So, there are developers, there is a huge amount of developer-focused education.
But if you talk about education towards the users, education towards non-tech, that is something which is still a big missing puzzle, which is still there. So, that is something where we have to go out and where we have to understand that hey, this is something where we have to go ahead for it. So, that’s the first thing.
The second thing is if you are talking about that, it’s basically on-ramp and off-ramp. So, wallets, which are there, how quickly we can go ahead and the on-ramp to Web3 or on to crypto. So, let’s say, if you want to go ahead and if you want to be a part of Web3, and you want to use or you want to invest in cryptos and everything, so, how easy it is for you to go out in the woods. The better the payment on ramps and off-ramps are the better ideas.
I think one of the best things about BitKeep is also, it’s… they are actually solving this particular second problem, I would say. Where you can go ahead and have those things together. So, I mean, that is the second thing.
And the third thing that I feel particularly is the use cases. So, let’s say I’m on the ramp. So, the only reason that I haven’t off-ramped is that most probably whatever I’ve earned in the crypto world and everything, I’m not able to spend it. If I’m not able to spend it, ultimately, my go-to thing would be going back to the original source, which is my fiat in order to go and spend.
So, if you are able to go out and if you are able to actually understand or actually develop that kind of a use case for those Web3 folks, that hey if you are earning let’s say USD 10,000, you can use USD 10,000 to buy whatever you want, maybe your daily utilities, maybe something which is more towards, anything that you want, so from daily utilities to luxuries to anything. So, that’s something. So, these are 3 things, I think, which are very important for Web3 or to onboard people from Web2 to Web3, so yeah, these 3 things.
Q5: The 5th question is when you look at crypto wallets, do you see the wallet could be the key to onboard a majority of people to Web3?
Aishwary Gupta: Absolutely. So, as I said, I already said the second thing that, which is very much important is how to on-ramp and what are the wallets available. That is, I think one of the very big keys, and I think if that experience, the customer experience to go out and have a Web3 wallet just like a Web2 wallet, if that is something that people are used to it, then there would be no problem for them to actually have those wallets and to actually use those wallets.
So, today, if I let’s say have my money on BitKeep and if I can very easily in my country go out and issue a card against it, maybe a credit card or a debit card whatsoever, and I can go and spend that or maybe online… through online payments also we can go ahead and do those things.
So, I think within that wallet, what will happen is there would be a huge amount of utility. And obviously, a lot of people when they want to get into a wallet, they want to see a lot of solutions, a lot of tokens, which they can also buy. So, definitely, I think at that point also that host of tokens that you guys have is also something which can, which would be one of the biggest enablers for people to onboard there.
Q6: Would you be able to talk about some of the major things that we could expect from Polygon DeFi in the upcoming summer?
Aishwary Gupta: Absolutely. I think innovation is… So, DeFi summer last year was because of one particular reason, the innovations, the way new things came into the picture, the way new things were taking shape in the DeFi, yield forming, and everything. They became a little bit complex but yeah, there were new products out there, which enabled the DeFi summer last year.
I mean this year also we are expecting the same thing to happen. Why? Because there will be a DeFi summer this year as well. I think there is a lot of new kind of things that are developing here in DeFi currently as well and majorly in Polygon as well. Why? Because I think newer solutions are coming to Polygon. For example, we are talking about liquid staking today, which I think Polygon did not have liquid staking up to recently. So, that is something which is coming in. So, a huge amount of people, and various platforms are deploying that.
Then, the governance mechanism, the governance was now taking a very big shape. So, if you today, see Curve Wars are happening. You see… You listen to them. There are Curve Wars. So similarly, there are other wars that are happening on Polygon. So, that’s another thing which is there.
Apart from that, I think tokenomics is also something that is very, very hot these days. So, yeah, I mean there are certain projects like Oviex, Dystopia, Penrose, and all these things I think, which are actually going out and talking about order developing in this particular thing.
So, I think innovation has yet not stopped. And if innovation has yet not stopped, what happens is every time summer comes, what happens is everyone starts to see that these kinds of innovations happen. And that’s how… the more the innovation the more the summer lasts.
So, I think that same thing is going to repeat very soon as well this time as well. Why? Because we have a lot of such solutions coming out. A lot of innovations are actually happening. We are seeing better-structured products also coming into the picture.
I think last year, we were talking about over-collateralization when we were talking about lending and borrowing. This year, this time, we have real-time collateralization and real-world collateralization and under collateralization coming into the picture. So, yeah, things are improving. Things are… we saw like loans… we always saw whenever we are taking loans we have to pay interest. There are 0% loans, which we are getting today. So, yeah, I think things have evolved even more. So, we will see, or we will notice a lot of new innovations coming into the picture.