EQONEX, which was earlier called Diginex and is a crypto exchange of the NASDAQ listed firm EQONEX, has announced that it would be listing Polygon’s MATIC token on its exchange for trading during the course of the week.
FinanceFeeds caught up with their head of Blockchain, Kelvin Ting, to discuss Ethereum, Polygon, and the plans of the exchange.
Kelvin said that the exchange currently lists Ethereum (ETH), Polygon (MATIC), Bitcoin Cash (BCH), USD Coin (USDC), and Tether (USDT) among the altcoins with more on the way.
On the reason for choosing MATIC to be listed, among 100s of other altcoins, he said, “Polygon was chosen for listing as it is a strong contender in the list of ecosystems which can push cryptocurrency towards mainstream adoption. The protocol already has more than 300 decentralized projects onboarded, and it is unlikely that this uptake in adoption will fall any time soon. ”
Polygon and Ethereum Growth and Upgrades
One of the hot topics being discussed in the crypto industry nowadays is how Polygon would match up with ETH 2.0 when it arrives and whether it would slowly move into oblivion when that happens. Kelvin believed that this would only help the ecosystem and said, “I see MATIC as being complementary to ETH 2.0. There are two ways to look at this – scalability and trading opportunities. From the scalability perspective, ETH 2.0 will have a theoretical maximum limit of 3200 transactions per second, based on 64 shard chains with a limit of 50 transactions per second per shard. On the other hand, the Polygon network is now able to process up to 7000 transactions per second on a shard. In addition, if a decentralized project were to be duplicated on both Ethereum and MATIC, this will offer users freedom of choice, and there are a lot of trading opportunities between both networks, as this will effectively mean that there is more than one trading venue, introducing price inefficiencies for traders to make a profit out of. ”
On his views about ETH 2.0, he pitched in to say, ” We expect that ETH 2.0 will bring about a new age in cryptocurrency adoption – changes here will make it a lot more feasible for users of Ethereum to perform smart contract operations and interact with decentralized applications, as well as for Ether to act as a currency. My view is that this will be applicable both ways, regardless of whether it satisfies or doesn’t satisfy user/developer expectations, as it is still a net improvement to the protocol. As mentioned earlier, I do not expect Ethereum to become irrelevant.”
ETH Vs Solana
Finally, on the ETH vs Solana debate, Kelvin had this to say, “Ethereum and Solana are interesting discussion topics. Both are smart contract platforms that support DeFi and NFT protocols. At the moment, Ethereum has the upper hand due to its ecosystem scale and maturity, but Solana is undoubtedly a worthy contender. However, when discussing all these, my view is that each blockchain has a part to play within the wider cryptocurrency ecosystem. Having healthy competition between blockchains is accretive to the entire ecosystem as a whole and such competition is essential to ensure that blockchain technologies move ahead in preparation for widescale adoption.”
EQONEX plans to add Chainlink (LINK) and The Graph (GRT) altcoins to the exchange shortly. It also is working on improved features like isolated margin, cross-asset collateralization, managed accounts, and dated futures which are likely to be introduced soon.