Polygon has partnered with BitGo to provide MATIC-owned staking capabilities. Additionally, users can earn rewards by staking ERC-20 MATIC tokens. BitGo decided to support Polygon because of benefits like fast speed, low gas costs, higher security, and carbon neutrality commitment.
Another Strategic Partnership For Polygon
The Polygon-BitGo partnership is not the first of its kind in recent times. Polygon has entered into several partnerships with other platforms.
However, the new partnership between Polygon and BitGo will provide wallet services and custody of MATIC owners. Where Polygon is a decentralized Ethereum-based scaling platform, BitGo provides regulated custody, financial services, and core infrastructure to investors.
🪙@BitGo start support for #Polygon 🥳
Now offering Polygon’s original MATIC tokens in a quality hot wallet & custody.
MATIC holders now have the ability to stake ERC-20 MATIC tokens via BitGo and earn rewards.
Some reasons why BitGo took this step 👇
– Polygon (@0xPolygon) January 19, 2023
BitGo’s COO, Chen Fang, said, “By offering more features to MATIC, we provide investors with a more secure way to protect their assets and provide the platform with the tools they need to build the future.”
This week, the price of MATIC has gone down. At the time of writing, the price of MATIC is $0.969, 1.36% higher than the price of the last 24 hours.
What Is The Delhi Hardfork And Why The Uproar?
In December 2022, Polygon released Bor – v0.3.1-Mumbai, the hard fork is named Delhi Fork. The benefit of this hard fork release is that it will reduce transaction costs on Polygon by reducing problematic price spikes. The development team estimates that the base cost is reduced to 6.25% of the post-hard fork implementation from 12.5%. Another benefit of this hard fork is that it will improve chain reorganization.
This update allows BitGo users to access Ethereum’s second layer platform. In addition, Polygon has also announced further improvements to the network. This comes from “still pending” zero-knowledge (ZK) rollups to the mainnet. As a result, Polygon is aiming for better scalability and privacy in the network.
The Delhi hard fork was launched on January 13. By January 18, everything Polygon validator perform the upgrade. In addition, holders of more than 3.5 billion MATIC tokens validate the updated version of the blockchain.
Although, this Delhi hard fork is controversial because only 15 validators participated in the selection process.
BitGo is one of the oldest crypto custody platforms, launched in 2011. According to BitGo, the company handles more than 20% of all Bitcoin transactions. It has support for more than 300 blockchain-based digital assets. The network became more prominent as BitGo offered support to Polygon.
Featured Images From UnSplash, Graphics From TradingView.com.