December 8, 2023 at 13:23 GMTModified date: December 8, 2023 at 13:23 GMT
December 8, 2023 at 13:23 GMT

Polygon ecosystem onboards Flipkart to build L2 chain

Popular e-commerce website, Flipkart, will be joining the Polygon ecosystem to launch an Ethereum Layer 2 (L2) chain. For the same, it will tap into the Polygon CDK-deployed L2 chain for its Web3 goals.

Polygon ecosystem onboards Flipkart to build L2 chain

Popular Indian e-commerce website, Flipkart, will be joining the Polygon ecosystem to launch an Ethereum Layer 2 (L2) chain. For the same, it will tap into Polygon Chain Development Kit (CDK) for its Web3 goals.

Polygon’s CDK is an open-source solution that allows developers to build and run their L2 networks that are based on zero-knowledge (ZK). While leveraging Ethereum’s security protocols, these solutions also promise reduced fees and quicker transaction finality.

The partnership is aimed at scaling Flipkart’s Web3 loyalty program called Firedrops. It was unveiled in June 2023, offering millions of Flipkart users experiences like games, and rewards, incentivising brand loyalty through gamification. This was directed at introducing “millions of new users to Web3”, said Polygon Labs.

Since its successful launch in September, FireDrops has amassed over 3.3 million active wallets. It claims that these hold at least one non-fungible token (NFT), with almost a third belonging to women.

The latest project was officially announced at Polygon Connect India. The e-commerce website has joined the likes of other projects including OKX, Astar, Canto, Gnosis Pay, Palm, and IDEX, who are already utilising this technology of building ZK-powered L2 chains.

This move will make it easier for developers to design and launch ZK L2s on Ethereum. Polygon CDK-deployed chains are interoperable as well, and can be unified within a broader web of ZK-powered L2s in the Polygon CDK ecosystem. The new chain will offer Flipkart a number of customisation options, including a fine-tuned onboarding experience, dedicated blockspace and low transaction fees for its users.

As stated by Polygon Labs, future upgrades to the CDK will also allow for enhanced privacy for transaction data, the ability to run the chain without a token or to use a central bank digital currency and access to liquidity in the greater Polygon and Ethereum ecosystems.

What’s next?

Users have been invited to join the FireDrops waitlist to become the first to experience the program by gaining early access. However, the L2 might take a few months to actually launch. 

Nevertheless, Flipkart users involved in the program will have access to the broader Polygon and Ethereum ecosystem that is working for a unified liquidity goal in its 2.0 roadmap. 

Nailwal has also promised more announcements before the end of the year. This has excited the community, which is expecting its greater institutional adoption. 

The ApeCoin proposal

In October, Nailwal had proposed that the ApeCoin DAO should utilise its CDK to develop a unique chain which would be tailored for the ApeCoin system. 

Tagging it as ‘ApeChain’, the network would be a ZK based Ethereum L2, with an annual price tag of around $200,000 to Polygon ($MATIC) for hosting the network. A development fund of $3.35 million, sourced from the DAO treasury, was also proposed. 

Offering ApeCoin DAO community a fitting scaling solution, Naiwal noted: “The ApeCoin community has been aware that ApeCoin will need to migrate to its own chain in order to properly scale since these very words were tweeted by Yuga Labs nearly 18 months ago”.

More recently, the blockchain platform also made headlines when the world’s largest Web3 marketplace for NFTs, OpenSea, released its Pro version on the Polygon network. The initiative is aimed at promoting interoperability of NFT trades.