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Tuesday, April 20, 2021

Decentraland Announces Layer Two MANA token Transfers, Plans Full Migration

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Just a day after two decentralized financial powers announced Layer Two integrations via the Polygon sidechain, a large non-fungible token and game title have now followed suit.

In a blog post this morning, the NFT-powered virtual world and video game Decentraland announced a token bridge allowing users to move native MANA tokens to Polygon and vice versa. At the time of publication, MANA is the 80th token ranked by marketcap and has increased 3750% on the year to $ 1.01, per Coingecko.

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This is only the first step in what will be a much larger migration, as the project intends to allow all Decentraland dApps, including their Builder and Marketplace contracts, to transact on Polygon.

In addition to the fast payment times, the integration will also make all transactions completely free for users. While Polygon normally charges transaction fees at the cost of fractions of a dime, Decentraland said it will also take advantage of Biconomy.io meta-transactions. This will allow users to “claim, buy, sell and exchange connected objects for their avatars entirely on Polygon, with no transaction fees”.

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Finally, the integration will allow users to purchase MANA tokens directly with credit and debit cards through Polygon integration with crypto on / offramp Transak.

The migration is another victory for Polygon in a multi-horse race to provide scalability solutions to the chronic costs of Ethereum gas. Polygon – which changed its name from Matic, a potential former competitor to Ethereum whose sidechain claim is somewhat strained – has particularly benefited from the slumber of competition behind the wheel, as when the platform rollup Optimism has postponed its release for three months. .

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Yesterday, Aave and Zapper both announced Polygon implementations, giving the project two market top 100 wins in less than a week. However, there might be more competition in the Scaling Wars, as last week Starkware raised $ 75 million.