PARIS, April 09, 2021 (GLOBE NEWSWIRE) -- Polygon announced today on their twitter & telegram that they’re partnering up with GraphLinq on multiple grounds. GraphLinq will be utilising Polygon for Layer 2 solutions to save on huge gas fees and on the other hand will add support for Polygon on their IDE, Engine & Analytics platform.
What is a layer 2 solution, and how will it help GraphLinq Protocol?
Layer 2 is a collective term for solutions designed to help scale an application by handling transactions off the main Ethereum chain, to execute them on the Polygon chain.
GraphLinq Protocol will host its layer two solutions over the Polygon chain to optimize the efficiency of execution costs & the average time of transactions per second: Polygon block time is 2 seconds and the average transaction fee is $0.00004 which is exactly what we need to run our service efficiently.
GraphLinq’s native asset, GLQ uses a deflationary framework for maintaining the state of the graphs running over the Engine network from our interface at app.graphlinq.io, as for users to pay fees based on the graph execution cost, they need to deposit some GLQ on the cloud contract balance which are used to run and “fuel” blocks executions.
The current cost for only one deposit or withdrawal from the cloud contract balance with the current ETH network (based on a gwei price at 153) is approximately ~$15.65, while users would now have to pay only a fraction of that price to do the same actions over the Polygon chain.
To make that possible from the native GLQ token, Polygon created a mapping system to “Bridge” our ERC-20 version to the Matic mainnet -> check out their mapping system.
This lets you swap the ETH version for the GLQ token on Matic (reversible)
GLQ Matic token is already deployed on the Matic Chain and can be swapped from your Matic wallet at wallet.matic.network
Explorer URL : explorer-mainnet.maticvigil.com/tokens/0x0CfC9a713A5C17Bc8a5fF0379467f6558bAcD0e0/
View of the interface from wallet.matic.network bridge
GraphLinq will also integrate the Polygon chain into our Engine and IDE to create connectors, events, and live information from the chain activity which may expand their audience and possibilities!
Development roadmap as part of the partnership between Polygon / Matic & GraphLinq Protocol:
- Deployment of the GLQ bridge Token over Matic
- Upgrading our cloud contract balance to Polygon network and updating our front app
- Adding on an interface a direct overview to swap token from ETH to Polygon
- Developing GraphLinq staking smart-contract and releasing their interface
- Integration of Polygon connectors over the Engine / IDE to give real-time events from Polygon chain in graphs
- Giving real use case example of graphs to actually visualize data and do automated tasks from Polygon chain
- Adding support for Polygon as part of GraphLinq partner in the analytics interface to give data visualization from Polygon datas
SMARTDEX (On Polygon Chain — GLQ PARTNERSHIP
A new and incredible project for decentralized trading just came out on the Polygon chain known as smartdex, powered by Autonio. They are rethinking the way of making DEX trades and farming/staking pools on AMM protocols.
GraphLinq now has their own GLQ token over the Polygon chain, so it will give more possibilities to the community to profit from their activities and be able to trade on smartdex.
GraphLinq will also be hosting a farming pool with rewards that will be soon announced with more details from the smartdex team that will be available on swap.smartdex.app/#/farm
GraphLinq will also include blocks in the Engine and on the IDE to create bots to watch pairs and monitor liquidity on smartdex (like Graphlinq did for Uniswap and other AMM protocols).
- Polygon GLQ token hash: 0x0CfC9a713A5C17Bc8a5fF0379467f6558bAcD0e0
- Ethereum GLQ token hash: 0x9f9c8ec3534c3ce16f928381372bfbfbfb9f4d24
Join GraphLinq Telegram & Polygon Telegram Community
Follow GraphLinq on Twitter & Polygon on Twitter
Media Contacts -
Contact Name: Rishabh Anand CMO
Organization name: GraphLinq
Address: Paris France
Email: info@graphlinq.io
Website URL: graphlinq.io
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31055767-21b5-4c5c-ba69-f780bf52253b