Recently, Mike McGlone, a Senior Macro Strategist at Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal”), shared his thoughts on the impact of layer 2 (L2) scaling solutions on Ethereum. Polygon is “a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.” The Polygon Lightpaper describes Polygon as “a protocol and a framework for building a connecting Ethereum-compatible blockchain network.” According to the February 2023 edition of Bloomberg Intelligence’s “Crypto Outlook” report, 2022 was a defining year for Ethereum, despite a decline in activity on the base chain. McGlone attributes this success to the widespread adoption of NFTs and Web3 applications on Layer-2 (L2) chains. (cryptoglobe)