I don't get the point of Polygon
So I just did some more research on Polygon. I was under the impression that you could use it to move around ERC20 tokens faster and with less gas. You can't really do that. You need to use the Polygon Bridge and bring your assets over to the network. It seems like a similar process as wrapping Bitcoin for use on the Ethereum network.
I don't want to use a bridge. I want to use a L2 protocol that facilitates fast exchanges of money but keeps everything on chain and does it fast. If I need to use a bridge, why wouldn't I just use the Binance bridge and use pegged BEP20 or BEP2 tokens.
I see Polygon as a direct competitor of the Binance Smart Chain and Heco Chain. How are they going to offer yields compelling enough to get someone like me to switch over from Binance Smart Chain. Binance has billions of dollars and thousands of employees. I am pretty sure they help keep the chain working and liquid. I would bet Venus and Pancakeswap have something to do with Binance. Binance provides legitimacy to the coins by letting you trade them.
As you probably know I now believe in the advertising theory of cryptocurrency now. What I am referring to is the theory that the currency with the best advertising and marketing will win. I think the chain with the most support is probably Binance Smart Chain. They may not be advertising now, but just wait. As there become more and more AMMs out there, how are you going to know whether to go to ape swap or panther swap.
Eventually you will see ads. They may be online. They be on Roku. Perhaps Pancakeswap will sponsor the Super Bowl but coins need to set aside a marketing budget if they want to win.
The perfect example is Doge. Elon Musk talked it up and it is now worth 40 billion dollars. It is one of the least functional least develop and least accepted cryptos. That didn't stop it from mass adoption. All they need to do is make it available in PayPal.
When I talk about Advertising, I am actually more talking about marketing. Price, product, and promotion.
The price of the service, the coin, and the what the coin do makes a difference but if all else is equal good marketing wins. Is Coca Cola really that much better than Faygo? Well, maybe it is. But its essentially the same. Or what about Pepsi or RC Cola. When you go to a restaurant, you usually go with the one that they have. That will be the same with crypto. If you can use Doge coin everywhere and no one accepts Litecoin, then Litecoin will probably die and Doge will continue to thrive.
If Doge adds smart contracts and cross chain bridges, it will become a lot more valuable. If you can use Doge for Defi and Yield Farming, it would become even more valuable.
Safemoon has the best advertising and look how well its doing. There are a lot of people that only want to own safe moon.