Polygon Integrates with Farcaster Frames: New Onchain Capabilities Unveiled

• Farcaster Frames has confirmed support for Polygon PoS transactions and a subsequent 500K MATIC grant to follow.
• Frames allows users to build interactive apps that run directly on the Farcaster social feed making it the next frontier in the social media space.

Polygon has in a recent post confirmed the integration of Farcaster frames. The announcement highlighted the support of Polygon (MATIC)’s Proof of Stake (PoS) transactions and the subsequent 500K MATIC grant to spur developers to build.

Farcaster Frames are an exciting addition to the existing social media framework. As part of the web3 innovation, it allows developers to build and interact with mini-apps directly on the open-source decentralized social feed. Frames allow for social media platform users to perform key on-chain activities such as minting NFTs, placing bets and predictions, and signing up for events directly from the Farcaster feed. This platform has been viewed as the next frontier in the social media scene, leading to its spectacular growth.

The Polygon PoS integration will allow users to execute these functionalities with ease, and efficiency, and at a fraction of the cost. Frame has already integrated Polymarket, the leading decentralized prediction market to leverage this integration. Polymarket allows users to predict and make bets on highly debated topics such as crypto, sports, and elections. Polymarket is widely celebrated as the breakthrough crypto app built on Polygon PoS.

The easiest way to use @Polymarket is now on Farcaster.

– Works in the mobile app with a wallet you already have
– Any Polymarket URL automatically turns into a frame
– And with no algo penalty for links, you get distribution pic.twitter.com/4V4PeEpKq6

— Dan Romero (@dwr) July 18, 2024

To get users (builders) engaged, Polygon has announced a new grant to the tune of 500K MATIC. The development team confirms that this amount is sourced from the Community Treasury 1,000,000,000 POL grants program. This grant will enable those building on Polygon PoS to try out Frames and subsequently, the Frames builder on Farcaster, build on Polygon PoS.

With grant applications open in August, the team has promised to share more details on rules and guidelines for participation.

In light of these developments, Polygon’s MATIC has experienced significant price fluctuations. At the time of writing, MATIC is changing hands at $0.508  marking a 2.20% surge in the last 24 hours.

Despite the ecosystem celebrating a growing user base, MATIC has experienced significant hurdles with the token partaking in short-lived price surges that are followed by sharp declines.

MATIC’s price is at the risk of dropping below the $0.50 mark following its massive dominance of sellers eager to break even.

Historical data has highlighted MATIC’s volatility compared to Ethereum. Reminiscing, early January saw MATIC rally from $0.75 to $1.20. This was later reversed in February to a low of $0.70. Fast forward to the March 2024 year-high rally, many investors sold their MATIC assets when the token hit the $1.24 mark. This is contrary to big brother Ethereum which saw a steady price increase. MATIC’s price momentum pinpoints the lack of confidence in the long run of the token.