The co-founder steps in with a new initiative when Polygon [MATIC] gains momentum

• MATIC has been one of the market’s biggest losers in the last month.

• On May 16, the number of active Polygon users reached its highest level in five weeks.

Following a prolonged period of calm, network activity on Polygon [MATIC] began to pick up steam. According to DeFiLlama, the number of active users on the Ethereum [ETH] sidechain reached 389,000 on May 16, the highest level in five weeks.

The increase in the user base had a corresponding influence on the number of network transactions. Polygon zkEVM, an L2 scaling solution, was responsible for a significant portion of the transaction volume. According to a tweet from Polygon, transaction volume on the zero-knowledge rollup (zk-rollup) has reached all-time highs in recent days.

Polygon’s new initiative

Polygon has gained popularity in recent months. Whether it was the much-anticipated Polygon zkEVM launch or the hard fork designed to stabilize network gas fees, the ecosystem has taken a proactive step toward making blockchain technology more efficient and accessible.

Polygon co-founder Sandeep Nailwal announced the introduction of the Nailwal Fellowship, a programme focused on providing financial aid and resources to early stage Web3 developers, as part of the ongoing efforts.

Nailwal stated that he would put $500k of his own money into this programme, which would be split evenly among ten persons each year. Symbolic Capital, a venture capital fund created by Sandeep Nailwal, will mentor the fellows in addition to the award money.

MATIC stayed immune

Positive ecosystem advances have failed to elevate the native token MATIC. As of this writing, the token had lost 1.4% in the last 24 hours. In fact, MATIC’s problems are not new. It was one of the market’s worst losers over the last month, losing more than 27% as of press time, according to CoinMarketCap data.

The price declines harmed investors’ confidence in MATIC, as the weighted sentiment remained negative. As a result, user adoption suffered, as evidenced by the gradual decline in the number of new addresses.

Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex  Exchange.