Why is Polygon (MATIC) is still a big deal?
Polygon (earlier known as Matic Network) is a decentralized framework for building Ethereum-compatible blockchain networks.
Polygon soared over 10 times between March 2021 and reached its all-time high in May 2021, before crashing almost 66% in the recent crypto meltdown on May 19, 2021. But the recovery from the crash and the #buythedip trend around this Digital Currency is comparatively better than most of its crypto peers.
What is Polygon (MATIC)?
Polygon is an ultimate framework developed to improve the interoperability between Ethereum Blockchain and other compatible networks. According to the latest long-term forecasts, MATIC tokens could react a $3.05 by the end of 2021, $5.5 by 2025, and $9.41 by 2028. Polygon has witnessed a Market cap of more than a tenfold increase since Feb 2021, thanks to the increased use of blockchain by gaming, Non-Fungible Tokens (NFTs), and Decentralized Finances (Defi).
Cryptocurrencies — an Overview
Over the past couple of years, the crypto market has seen explosive growth. A few years ago, cryptocurrencies were just a niche technical hobby and many who worked on the mainstream financial institutions considered it a Scam. Eventually, the technology behind it made a clear statement that blockchains are here to stay. A large number of Major fintech and banks started involving themselves in Blockchain Business.
As the crypto industry started to boom, more and more cryptocurrencies are added to the market. In the last few months, hundreds of cryptocurrencies like SafeMoon, Orfano, SafeMars, and a lot more have been added.
The Advent of Ethereum
The advent of Ethereum into the crypto market in 2015is one of the entire market’s key milestones. It was Vitalik Buretin and Gavin Wood who are the people behind this massive idea, the Founders of Ethereum.
Ethereum is considered one of the greatest cryptocurrencies to date, thanks to the vast use-cases it provides. Ethereum has found its way to be a better cryptocurrency serving in an enormous number of fields. Everything was great about Ethereum, but the gas fee. This became a major drawback of the ETH 1.0 project as for every transaction made on Ethereum, there was an increasing amount of gas fee (transaction fees on ethereum).
Polygon’s (MATIC) emergence
Then came Polygon (MATIC) an Indian Crypto project started by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The Network is called Polygon, the coin powering it is still MATIC. Matic is a highly scalable L2 Network for ethereum, that reduced transaction fees for users. They have greater scalability, security, and UX.
Mark Cuban’s Trust
Mark Cuban, an American billionaire entrepreneur, and a great investor who is also a big cryptocurrency fan has already invested in Polygon.
He said “Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development”. He also said that he is an active user and he wanted to integrate with polygon into his NFT gallery.
The Realtime Growth
Polygon’s price is up over 10K% since the start of the year. Its market cap of over $11B made it the 15th Biggest cryptocurrency right now. Polygon is suited for a long-term investment as it is backed up with a wide range of projects.
In theory, Polygon’s utility goes beyond Ethereum. It can now layer onto any Blockchain to add speed and allow different platforms to work with each other. This surging use of Polygon Network’s Ethereum L2 scaling solution has allowed the MATIC token to largely escape from the great Cryptomarket crash in May 2021.
Polygon supports NFTs
Polygon already has a well-developed NFT ecosystem with many tools, marketplaces, brands, and other products being built on it. It has more than 150 NFT Dapps and marketplaces like OpenSea already built and working on it.
WeNew, The Memory Palace of the Metaverse where iconic moments are sold in time. They have chosen Polygon, based on the fact that Polygon Network works on POS(point on Sale) model which means that it is environmentally safe and also easy to scale as well.
The platform has also tied up with Andy Murray so that the winner of the NFT auction for the digital art, that would be held in July, would get to play a match with Murray. The winner would also get two tickets to the 2022 Wimbledon Finals. Each collection of digital artwork on sale on the platform would depict a moment or person in history.
Polygon announced its latest development which will see the launch of an all-new blockchain project called Avail. The project is a scalable data availability-focused blockchain targeted for standalone chains, sidechains, and off-chain scaling solutions. Avail will offer increased scalability throughput to layer-2 solutions by using Avail as an off-chain data availability layer.
Pickle Finance has previously been operating primarily on the Ethereum blockchain, but now expands to the MATIC blockchain too.
And a handful of great projects can be seen on their official website here
Polygon has seen an increase in Defi activity in 2021, with the project gaining popularity.
Polygon (MATIC) is just an initial step for a giant leap in the Crypto world. It has also caught the eyes of great investors, bands, and tech companies. It surely has a lot of promising projects from the Technical standpoint. But there have been no intentions in this blog to make/force its readers to invest in Polygon (MATIC). You should do your own thorough research before making any investment decisions.
Risk comes from not knowing what you’re doing — Warren Buffett