Alchemy Pay to Deploy on Polygon zkEVM Chain

Alchemy Pay is partnering with Polygon (MATIC) to deploy its payment services on Polygon’s new zkEVM chain. Alchemy Pay will serve as one of the first fiat-crypto on-ramp providers for the zkEVM ecosystem, allowing users to easily convert their local fiat currencies into cryptocurrencies.

Polygon zkEVM is a zero knowledge scaling solution that combines Ethereum Virtual Machine (EVM) with Ethereum L1 security, reducing transaction costs and increasing throughput. It inherits Ethereum security, offers lower costs compared to L1 and better finality than other L2 solutions, and aims for similar throughput to PoS. Polygon Labs’ breakthroughs aim to achieve full EVM equivalence while offering better performance.

Developers building on this new chain can integrate Alchemy Pay’s direct-to-customer plugin into their decentralized applications (dApps) with minimal hassle. Alchemy Pay already supports a wide range of payment methods, including Visa, Mastercard, Discover, and Diners Club, across 173 countries. It also supports mobile wallets and domestic transfers in developing markets.

zkEVM is a Layer 2 solution for Ethereum, designed to handle more transactions at lower costs. The use of cryptographic zero-knowledge proofs (ZK-Rollups) ensures transaction validity and quick finality.

Developers can use the same tools and code that they use on the Ethereum network, making it easier to migrate or develop new projects. The network inherits the security features of Ethereum, as transactions are grouped into batches with zero-knowledge proofs attesting to their validity.

This partnership aims to make it easier for both developers and end-users to engage with blockchain technology. Lower transaction fees and higher throughput make it a more attractive option for developers and users alike. Jack Melnick, Head of DeFi BD at Polygon Labs, expressed excitement about the project, stating that Alchemy Pay acts as a “user-friendly gateway to the crypto spaces for users.”

Overall, this collaboration between Alchemy Pay and Polygon’s zkEVM chain could be a significant step forward in improving the accessibility and usability of blockchain technology. It combines the strengths of a leading fiat-crypto payment gateway with a scalable, secure Layer 2 solution.

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Blockchain Infrastructure Firm Chain Completes Acquisition of MDT for $100m

Blockchain infrastructure firm Chain has completed the acquisition of Measurable Data Token (MDT), despite the slump in cryptocurrency prices.


Chain announced on Saturday that the $100 million deal will provide the company with assets, including MDT, cash-back application RewardMe and financial data protocol MeFi.

Chain offers developers cloud services to build blockchain-based applications. The unique aspect of this deal involves token conversion, where MDT will become Chain’s native Token XCN, according to The Block.

The firm’s internal M&A handled the deal, alongside advisers from Tanner De Witt and Rooney Nimmo, it added.

“With this acquisition, there will be a sunset of the Measurable Data Token (MDT), which will be burned and swapped for XCN token,” a blog post said. “MDT token holders will receive the benefit of the swap and will be expected to receive a $0.08 MDT token value for the swap.”

Chain CEO Deepak Thapliyal said it was “complicated and requires a lot of counter-party assistance” when speaking about the process.

He added, “we will need the assistance of exchanges to support the swap for tokens that are off-chain. The process will be a lot less complicated for tokens on-chain and will be available through a simple smart contract since we are both primarily ERC20 tokens.”

Recently, XCN was trading on Coinbase at $0.09 a coin.

Chain was founded in 2014 by non-fungible token (NFT) collector and investor, Thapliyal. He is known for purchasing an Alien Punk NFT for $23.5 million.

Image source: Shutterstock


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Blockchain assessment: How to assess different chains?

With so many blockchain networks appearing all the time, new or even experienced crypto enthusiasts may feel overwhelmed when it comes to deciding which are the best to invest in.

In this guide, we’ll outline the most important aspects of any blockchain project, and why one should pay close attention to such details when assessing the different chains on the crypto market.

Use case

Arguably the most important part of any blockchain project is its use case. What is the project’s reason for existing? Is the project here to enhance payment processing? To improve on a business supply chain or to entertain users?

There’s technically no such thing as an invalid use case, but some are certainly more applicable than others. For example, a project meant to assist millions in acquiring food is likely to earn more support than a meme coin. If one decides that a project is valuable to them and that this value can translate over to a wide audience, then that’s a point in the project’s favor.

When examining use cases, it’s best to look at the project’s white paper. For example, we can take a look at Polygon’s whitepaper, which details potential use cases associated with the platform.


A project is nothing without its community. Blockchain technology is an open-source and user-driven solution, after all. When assessing a blockchain, it’s often best to check into the community and see how much power they have.

Reliable projects are generally as decentralized as possible, providing users from all over with the ability to hold tokens and have their say in governance. These users are usually outspoken, with public conversations happening on platforms like Reddit, Twitter and Discord. It’s usually best to join a project’s Discord server to gauge both the size and contributions of its community.

Transaction speeds and scalability

One’s blockchain project of choice might have the best intentions, but if the technology can’t scale or reliably process transactions, it’s at a severe disadvantage. What good is a platform that can’t serve the hundreds of thousands of customers it hopes to gain?

When assessing a blockchain, it’s best to examine the network’s typical transaction speeds alongside how it intends to scale en masse. Is it possible to implement upgrades down the line? Will it, or does the network already utilize a layer-two solution? Does the solution sound realistic in the long term?

The Ethereum website contains extensive documentation on its current and future scalability methods. 

One can pair this factor alongside the community one, as dedicated community members would have public discussions surrounding their favorite project’s use cases and potential upgrades, as well as how it’s currently running.

Consensus and governance

The two most common blockchain consensus methods are proof-of-work and proof-of-stake. Proof-of-work (PoW) networks require miners that are users who dedicate their computing power to solve complex equations and validate transactions. Miners are paid for their efforts with each block mined, though the computer power required is harmful to the environment.

Proof-of-stake (PoS), on the other hand, provides power to users who hold and stake, or lock in, their digital assets. Generally, the more assets a user stakes, the more power they have within the network.

By staking, users typically become validators who then validate transactions, removing the need for miners. This process is more environmentally friendly than mining and rewards users in interest for their efforts. While both PoS and PoW have their pros and cons, many believe PoS is the future of blockchain and that PoW networks are on their way out.

After all, PoS is the more scalable option and Ethereum, the second-largest cryptocurrency in terms of market capitalization, is making the upgrade to PoS over the coming months. Consensus directly affects network governance and is something to consider when assessing different blockchain networks.


The team behind the project is just as important as the technical aspects of any blockchain. Projects should be very open regarding who’s developing a project, as well as the history and skillset of the team.

Failing to disclose the details about the development team can be a significant warning sign while assessing blockchains, as a lack of information could mean they’re looking to scam users. While this isn’t always the case, it’s recommended to stick with projects that are open about their development process.

The Polkadot project has some of its key members available on its website, including their real names and history. That said, it could be improved by including relevant social links to the team’s profiles so that users can conduct their own research to verify the project and the team behind it.


Not only should a blockchain have a solid reliable use case, but it should have a roadmap planned out regarding future developments and product feature additions.

A thorough roadmap generally means that the team has thought long-term about their project and how it can benefit the world. It also provides users with more knowledge about what they’re investing in, and whether or not the network aligns with their values.

The Cardano roadmap features detailed sections for each part of its roadmap, ensuring that all users can understand what to expect in the network’s future.

Market capitalization/total value locked (TVL)

When it comes to decentralized finance (DeFi) projects specifically, one vital factor to consider is its total value locked (TVL) and its market cap.

The TVL represents the total amount of all funds locked into a DeFi platform’s smart contracts. The higher a TVL, the healthier a platform’s ecosystem, as more users are taking advantage of its offerings.

Alternatively, a project’s market capitalization constitutes the value of existing assets within its ecosystem, serving as an indicator of the project’s growth potential. This number constitutes not just those utilizing the platform’s tokens, but also those holding assets in a passive way.

One can consider market capitalization to be the indicator of the popularity of a project, while TVL can mark how much money is actually being moved around within its various protocols. Both statistics are important, but it’s important to understand what each means relevant to a project’s competition.

DeFi Pulse details the TVL of all sorts of DeFi projects, while CoinMarketCap lists the market capitalization of nearly any chain on the market.


Finally, take a look at how long the project has been on the market. If it has been available for years, what has the project accomplished? Has it stuck to its roadmap and been reliable, or suffered from consistent delays and failing to deliver? A project’s reliability can be a great indicator of its longevity.

Alternatively, if a project is new to the market, consider observing it for a few months and seeing how things play out. If development appears smooth and the group is making a fair amount of progress and announcements, it might mark a more reliable long-term investment.


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Uniswap v3 contracts deployment on Polygon approved with 99.3% consensus

The Uniswap community has approved the governance proposal that sought deployment of Uniswap v3 contracts over the Polygon PoS Chain. The approval comes in the form of an on-chain vote that saw the participation of over 72.6 million users from the community.

Uniswap Labs announced to deploy Uniswap v3 contracts based on the votes that reflected over 99.3% approval consensus and will be supported by a $20 million fund — $15 million for long-term liquidity mining campaign and $5 million for the overall adoption of Uniswap on Polygon (MATIC).

In addition, Bjelic also announced it was the right moment for Uniswap to deploy on Polygon citing their position as “the second strongest DeFi ecosystem, right after Ethereum L1.” The entrepreneur also shared his willingness to incentivize Uniswap adoption, both financially and technologically.

The proposal was published by Polygon CEO Mihailo Bjelic on Nov. 20 and was open for voting until Dec. 18, arguing that “deploying to Polygon PoS can bring a lot of benefits” such as user base growth, huge savings for users, higher user activity, higher revenue, market capture and return to the original DeFi vision.

Source: Uniswap

Prior to on-chain voting for the governance proposal UP010, Bjelic released a set of consensus and temperature checks to identify the community sentiment behind the deployment of Uniswap v3:

“The consensus check 17 passed with 44M (98.87%) YES votes and 500k (1.13%) NO votes. The temperature check 7 passed with 7.79M (~100%) YES votes and 101 (~0%) NO votes.”

Related: Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative

As Polygon strives to maintain a competitive position against the Ethereum ecosystem, the community announced a $200 million initiative with Seven Seven Six, a venture capital firm owned by Reddit co-founder Alexis Ohanian.

As Cointelegraph reported, the initiative will focus on supporting and hosting gaming applications and social media platforms built on Polygon’s infrastructure. Polygon explosive growth this year was supported by the launch of over 3,000 decentralized on-chain applications and other protocol launches and cross-chain migrations.