• Polygon co-founder Sandeep Nailwal announced the launch of the Nailwal Fellowship to provide financial assistance to early stage Web3 developers.
• The number of users on Polygon and transaction volume are reaching new highs, driven by their L2 scaling solution zkEVM.
• Despite these developments, native token MATIC continues to struggle in the market.
Polygon [MATIC] Gains Momentum
Polygon has been gaining strong momentum over the last few weeks, with active users on the Ethereum sidechain spiking to 389,000 on 16 May – its highest level in five weeks. Furthermore, transaction volume on the network’s zero-knowledge rollup (zk-rollup) has reached record-breaking levels recently.
Nailwal Fellowship Launched
In order to further promote web3 development, Polygon co-founder Sandeep Nailwal announced the launch of the Nailwal Fellowship – a program aimed at providing financial assistance and resources to early stage Web3 developers. Nailwal is investing $500k of his own money into this initiative annually divided among 10 people every year. In addition, fellows will receive mentorship from Symbolic Capital and access to top founders and investors for 6 months.
MATIC Still Struggling
Despite all these steps taken by Polygon towards making blockchain technology more efficient and accessible, native token MATIC continues to struggle in the market dropping 1.4% in 24 hours as of this writing.
Apply for Fellowship
Interested applicants can submit their application for the fellowship before 15th June 2021 deadline here: https://t.co/Xha8DWOjXm 11/11 — Sandeep Nailwal | sandeep . polygon 💜 (@sandeepnailwal) May 16, 2023
Conclusion
In conclusion, Polygon is taking measures towards promoting blockchain technology through initiatives like Nailwal Fellowships while MATIC struggles due to an overall bearish market sentiment for cryptocurrencies over recent weeks.
