Polygon to invest $100 million to promote development in ‘Supernets’ chains

Decentralized Ethereum scaling platform Polygon announced today that it has launched a $100 million fund that would invest in Web3 developers looking to develop projects on its newly-launched ‘Supernets’ blockchains.

Polygon’s new project ‘Supernets’ is a customizable tool where developers can create tailor-made blockchain networks with respect to their projects’ requirements without additional operational or hosting costs. Per the announcement post Friday, a Supernet will be able to support various scaling and infrastructure solutions, including Ethereum Virtual Machine, Layer 2 blockchains, and more.

The new project will enable a lower barrier of entry for projects previously developed on Polygon Edge, a product launched by Polygon that offers developers to run their own customizable blockchains. Since Polygon Edge shares a network of validators, Supernets will allow developers to create their own secure, decentralized blockchain network.

Polygon co-founder Sandeep Naliwal said in the blog post:

“Polygon’s goal is to bring mass adoption to Web3 as the key to blockchain adoption is to provide a comprehensive range of options for enterprises. Empowering developers to build what they want has always been in our DNA—and we’re excited to be able to offer a tool that achieves just that.”

The announcement revealed the funds will be used for multiple benefits, such as development and research contracts, grants, acquisitions, third-party integrations, liquidity mining, and more.

Polygon’s latest initiative is similar to layer 1 protocol’s Avalanche’s ‘subnets’ project. A subnet is a network of several nodes within the avalanche blockchain. Anyone can create a separate app-specific Layer 1 or Layer 2 blockchain within the network and customize it. With an aim to popularize the project, Avalanche has also launched a $290 million incentive program called ‘Avalanche Multiverse.’

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