The crypto market may be in limbo between a deep bear market and recovery, but that hasn’t stopped investors from deploying capital into the space.
“In a sense, bear markets are arguably good for the industry,” Shreyansh Singh, head of investments at Polygon, said to TechCrunch. “They allow platforms with a clear long-term vision and a sustainable model to continue building new solutions and help weed out projects that perhaps rely on the hype too much.”
Polygon is one of the better-known layer-2 blockchains building on Ethereum, with about 37,000 decentralized applications (dApps) launched on its chain. It’s home to some of the biggest web3 projects like Uniswap V3, OpenSea and Aave.
In April, Polygon launched a $100 million ecosystem fund to help web3 developers build on its network. A month later, Polygon launched an “uncapped” fund to help projects built on the now-defunct Terra ecosystem migrate to its blockchain. Safe to say, the blockchain and the team behind it have been busy.
Over 50 projects have begun migrating from Terra to Polygon’s ecosystem, including the NFT marketplace OnePlanet and NFT game Derby Stars.