PolyPulse #23: Polygon Nightfall and how it enables enterprises to onboard public

Howdy family!

Welcome to Poly Pulse – your guide to staying up-to-date on the latest trends in the Polygon DeFi ecosystem.

This newsletter breaks down top stories, developments, updates, and trends from the fourth week of May 2022.

During the fourth week of May 2022, there was a huge growth in the revenue per day for the validators to $223K as compared to $61K in the third week of May 2022. This sudden spike was due to the drastic rise in the volume of transactions and the average transaction fees per transaction (which also saw a rise during the week from $0.018 to $0.058).

Quickswap remained at the top with respect to the Unique Users, Polygon with 79k users followed by Dustland with 66k unique users.

Most enterprise blockchain solutions aren’t decentralized. They’re private or permissioned, relying on pre-existing trust among parties. By centralizing the blockchain, it compromises trust. On the other hand, public blockchain solutions don’t always make sense for enterprises. They’re expensive, lack privacy, and make all transactions visible to third parties.

This is where Polygon Nightfall comes in. With an Optimistic-ZK hybrid approach, enterprises get:

Security: transactions are stored on Ethereum mainnet.
Efficiency: transaction fees are the lowest possible.
Confidentiality: transactions are kept private from third parties.

Nightfall is a very powerful and versatile tool for a wide variety of enterprises that value private blockchain solutions. Across all industries and business verticals, from pharma to logistics, from food & beverage companies to high-value and commodity providers, we identified supply chain as the most promising application domain for Nightfall.

In the Supply Chain Orchestration, where multiple entities in a supply chain collaborate and coordinate using a decentralized and private payment network. After tokenization, single assets and production batches can be exchanged, paid, tracked and traced across the world, with the security of Ethereum and the efficiency and privacy offered by Optimistic and ZK rollups.

Nightfall can empower supply chain applications with:

Traceability
Proof of authenticity
Provenance guarantee
Efficient data reconciliation
Affordable, secure payments with fast settlement

Its first limited release, a Mainnet beta, was just released. The beta, still unaudited, will be restricted by wallet amount and number of validators, so that one can try it and get comfortable with it before its final release.

In the upcoming months, after a thorough audit, adding more validators, supporting validators’ payments in $MATIC, completing the SDK and a dedicated block explorer and ultimately removing network limitations would be the prime focus before the Mainnet launch targeting Q3/Q4.

Stay subscribed as we dabble into more depths of the Nightfall in the upcoming months.

To mitigate the loss due to the UST downfall, Polygon has launched the following initiatives: