Polygon (MATIC) is currently the 10th largest cryptocurrency and has been running recently due to big advancements and partnerships, including with Disney, Nike and Starbucks. The platform is being used by a growing number of users, and has overtaken Ethereum for daily active users. Polygon’s fast speed, high throughput and low cost have made it an appealing option for big brands. Additionally, the platform has announced a partnership with Fractal, founded by Justin Khan, the co-founder of Twitch. Matic’s run may continue due to changing inflation calculations by the Fed, which could solidify a bullish narrative. Amazon’s nft initiative has created speculation that Matic may see a lot of attention, similar to Avalanche.
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Polygon: Reasons for its recent success and potential for future growth
Introduction
How is it going everyone, it’s Sam! In this article, we will delve into Polygon, or Matic, and why it has been running recently. Polygon has become popular among crypto enthusiasts as it is now the 10th largest crypto globally. In this article, we will discuss some of the big advancements and partnership announcements made by Polygon.
Polygon’s Recent Success
Polygon has done exceptionally well over the past week, up 16% compared to Bitcoin’s 4% and Ethereum’s negative 2%. The usage of Polygon has significantly increased since last summer when it was just around 30 cents. It has witnessed a 300% increase since then, and some people think that this run in crypto is going to continue.
Polygon’s Partnerships
One of the reasons Polygon has been running is because of the ton of massive partnerships it has garnered with big brands such as Disney, Nike, and Starbucks. A lot of these big names are integrating on Polygon, causing usage to increase. It is quickly becoming a go-to choice for building on top of and scaling Ethereum-based projects. Polygon is very fast and shows high throughput, making it cheap as well. Thus, big brands are willing to build on Polygon, leading to increased usage.
Polygon and Gaming
Fractal is a significant partnership that Polygon has made recently. It is a partnership initiated by the co-founder of Twitch, Justin Khan. Fractal helps companies create blockchain-enabled games. It is a big partnership that’s considered a significant step forward for Polygon in gaming. This partnership is expected to create a lot of great connections for Polygon in the gaming industry.
The Future of Polygon
Polygon is also considered to be a go-to option for Amazon as it is fast, cheap, and scalable. Amazon has announced an NFT initiative that could pump up the Polygon price if it chooses Polygon. It is essential to note that Polygon is considered to be Layer 2, but it functions just like Layer 1 for all practical purposes.
Polygon Vs. Bitcoin
It is important to look at how Polygon is valued in Bitcoin, not just versus the US dollar. In the chart, we can observe that Polygon has been pumping up recently while Bitcoin has not been moving up as much. It is noteworthy that we are bucking the downtrend as there isn’t much resistance in the Polygon Vs. Bitcoin price. Thus, we could see this trend continue, and Polygon’s price could increase by an additional 10 or 11 cents without Bitcoin’s price moving.
Conclusion
Polygon has been performing exceptionally well lately, with massive partnerships and being the go-to choice for building great projects. However, crypto is a highly volatile market, and anything can happen in the coming months. Overall, it might be wise to hold onto Polygon.
