Why Palm Network’s Transition to a Polygon Supernet Is a Big Deal

Palm’s move unlocks new opportunities for the Polygon ecosystem.

Character entering from a portal, on digital Polygon land touching the logo.
Created by Kornelija Poderskytė from DailyCoin
  • Palm Network has revealed plans to become part of the Polygon ecosystem.
  • The move, which aims to improve accessibility to the platform, has been widely discussed.
  • Palm’s move unlocks new opportunities for the Polygon ecosystem.

ConsenSys-backed Palm Network has revealed plans to transition from an Ethereum sidechain to a Polygon Supernet. The transition, which aims to make the minting, trading, and collecting of non-fungible tokens (NFTs) more accessible, has been widely discussed.

As development teams kick off what is likely to be a year-long effort toward the landmark transition, here’s why it is such a big deal.

More Big Brand Opportunities for Polygon

Palm Network is a specialized network that offers creators and artists tools to create and share their work as assets on the blockchain. 

Sponsored

As a result of a recent merger with Candy Digital, a prominent NFT marketplace, the network boasts licensed collectibles from big brands like NASCAR, Netflix, Major League Baseball, and Warner Bros, all of which it will be bringing to the Polygon ecosystem.

Speaking on the Palm Network move, Polygon Labs Executive Chairman Sandeep Nailwal highlighted in a tweet that it was yet another nod from a “top-tier team.”

“This is the 4th zkEVM Supernet announced in the last two weeks. Just the starting,” he added.

Sponsored

Palm Network’s transition to a Polygon Supernet will happen in two phases. Firstly on August 23, the network will transition from its proof-of-authority (PoA) consensus model to a proof-of-stake (PoS) model. Finally, sometime in 2024, the network will transition to a zero-knowledge-based Layer 2 network.

Polygon Supernets refer to app-specific chains built on Polygon’s consensus software. These Supernets are part of the Layer-2 solution’s broader Polygon 2.0 roadmap, expanding the network into an ecosystem of zk-proof powered chains. 

Palm Network’s transition to a Polygon Supernet significantly feeds into Polygon’s big brand appeal narrative. The network already boasts partnerships with Nike, Starbucks, and the Warner Music Group.

On the Flipside

  • The transition has yet to happen and could take up to a year.
  • The move’s success depends heavily on the Polygon 2.0 vision, which still receives community feedback.

Why This Matters

Palm Network’s transition to a Polygon Supernet onboards more brands to the Polygon ecosystem, raising awareness about the network, which could lead to greater adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.