The author of the content believes that Polygon (Matic) is the most exciting cryptocurrency for 2023. Polygon is a layer 2 scaling solution that addresses blockchain scalability issues. It makes transacting on Ethereum cheaper and enables the use of the Ethereum ecosystem with its own security, ecosystem, and openness. Major companies like Nike, Starbucks, Reddit, and Meta have partnered with Polygon for NFTs and loyalty programs due to its low cost and scalability. The author believes that Polygon’s potential is near limitless and could potentially encompass half of Ethereum’s market cap at $100 billion, which would place it around $12 per Polygon.
The Potential of Polygon (MATIC) as the Most Exciting Cryptocurrency in 2023
Cryptocurrency has been on the rise in recent years, and Polygon (MATIC) is one of the most exciting cryptocurrencies to look out for in 2023. Despite having been priced at 75 cents at the start of this year and now at $1.50, the potential for Polygon to grow is immense. This article will discuss the reasons why and how Polygon has gained popularity among major companies.
What is Polygon?
Polygon is a layer 2 scaling solution that aims to fix scalability issues in blockchains. For example, if you transact on Ethereum, it can be pretty expensive, but Polygon makes it a lot cheaper to be inside the Ethereum ecosystem. Polygon effectively transforms Ethereum into a full-fledged multi-chain system, also known as the internet of blockchains. This multi-chain system is akin to other ones such as Polkadot, Atom, Cosmos, or Avalanche.
One of the major advantages of Polygon is its security, vibrant ecosystem, and openness. It has a wide range of uses, and it is a scaling solution for Ethereum. With Polygon’s upgrade from Matic to Polygon, it is trying to scale more and become an even bigger player in the market. It has also gathered attention from major companies due to its choice of functions.
Polygon has not gained as many partnerships as Ethereum, but it has secured major brand deals that could not work on Ethereum alone. Partners such as Nike, Starbucks, Reddit, Stripe, and Walt Disney have joined hands with Polygon. Polygon has become the most popular NFT (Non-Fungible Token) platform for major companies. It has developed its own use cases, such as loyalty programs through Starbucks NFT, where every time a customer buys a coffee, they get an NFT, which can eventually be redeemed. Similarly, Reddit users have minted more than 5 million NFT avatars on Polygon. Stripe reportedly plans to scale its payments to optimum security with polygon, and the brand intends to test USDC payments to Twitter creators via the Polygon blockchain.
Polygon’s potential for growth is immense. It is already in the top 10, and it is likely to become one of the best performers in the market. Its gains are significant, and it is still relatively low for where it is headed. It has a market cap that is 1/115th of Ethereum, making it a very good addition to the market. It is a lot better than Ethereum in many ways. According to prediction, it’s likely to establish itself as one of the best performers in the space.
Polygon’s potential as a cryptocurrency is immense; it is a layer 2 scaling solution that aims to fix scalability issues in blockchains. It has many advantages, including security, a vibrant ecosystem, and openness. Polygon has partnered with major brands and has become the most popular NFT platform, making it a top-performing cryptocurrency for 2023. Therefore, Polygon is an excellent investment opportunity, and traders should watch out for its progress over the next couple of years.