Sandeep Nailwal, the founder of Polygon, identifies unlimited scalability and blockchain interoperability as pivotal factors for the long-term success of Web3 compared to the existing internet. Nailwal underscores the importance of user-centric design and seamless interaction to enhance the usability of blockchain, emphasizing the need for users to have the freedom to choose from various decentralized profiles.
In a recent post on X (formerly Twitter), Nailwal stresses the significance of a seamless user experience (UX) and cross-chain composability, asserting that Ethereum coupled with Rollups/Validium design is the optimal way to scale Web3 to the magnitude of the internet.
“We are only interested in building for that end state, ‘Planetary scale blockchain network,'” Nailwal affirmed, mentioning Polygon’s commitment to constructing a network of aggregated blockchains.
DCinvestor, addressing his 236,900 X followers, highlighted the critical role of Layer-2 introduction in the coming years for blockchain success. While acknowledging that bridging and interoperability solutions still require refinement, he cautioned against neglecting them, as the lack of attention could pose risks in the long term.
Spherical Insights’ recent data predicts that the global blockchain interoperability market will exceed $1.98 billion by 2030, emphasizing the growing importance of seamless interaction between different blockchain networks.
Blockchain interoperability has gained prominence in the industry, with Ramani Ramachandran, CEO of Router Protocol, noting in September 2023 that fostering interoperability with Bitcoin, especially with advancing Layer 2 solutions, indicates a widespread desire for a more connected blockchain ecosystem.
Major banks globally are showing interest in cross-chain interoperability for conducting tokenized asset purchases. The Australia and New Zealand Banking Group (ANZ) announced its adoption of Chainlink’s cross-chain interoperability protocol (CCIP), with ANZ Portfolio Lead Nigel Dobson stating that it is a hot topic for major banks globally as they explore use cases involving tokenized assets. A recent EY report indicates that 93% of institutional investors believe in the long-term value of tokenized assets.
