Polygon recruits a large company in its network of validators


© Reuters

Investing.com – now counts DraftKings, a $23 billion digital sports gaming and entertainment company, among its validators. This is the first time that a major listed company has taken an active role in blockchain governance.

Polygon validators verify the authenticity and validity of transactions on the network and earn rewards in return. Following the Proof-of-Stake mechanism, all validators stake Polygon’s native MATIC tokens as collateral for the right to manage nodes.

As part of its deal, DraftKings has partnered with digital asset infrastructure provider Zero Hash to become one of Polygon’s 100 validators.

770 million dollars at stake on the Polygon network

Over 2.67 billion Polygon MATIC tokens, worth over $4 billion, have reportedly been staked so far by Polygon validators who have collected nearly $770 million in rewards at this day.

“DraftKings will take its place among existing validators as an equal member of the community, furthering our commitment to building a decentralized, community-driven consensus network,” said Sandeep Nailwal, co-founder of Polygon.

Polygon has established itself as an important part of Web3 by providing a sidechaining and scaling solution compatible with , which helps increase transaction speed and reduce fees compared to the base layer.

Polygon is said to be home to some big blockchain projects like NFT’s lending and marketplaces platform, including Mark Cuban’s OpenSea and Lazy.com. Over 7,000 decentralized applications are currently being developed on Polygon, making it a popular destination for Web3 projects.

DraftKing aims to position itself in the market

While large corporations have shown growing interest in the emerging Web3 economy, most involvement so far has been limited to investment and promotional campaigns.

DraftKings’ decision to take an active role in the day-to-day operations of a major crypto network marks a significant milestone in blockchain adoption.

DraftKings has announced several Web3 initiatives over the past year, including the launch of its publicly available NFT Marketplace.

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