Polygon, previously known as Matic Network, is a blockchain platform designed to make transactions faster, cheaper, and more secure. It is a layer 2 scaling solution for Ethereum-based decentralized applications designed to resolve challenges related to scalability across multiple blockchains. Polygon has outperformed all other tokens in terms of returns, with a growth of over 14,100% in just one year. Polygon’s recent collaborations with Infosys, Trace Network, and billionaire investor Mark Cuban have contributed to its dominance increase of 10,000% across all social media platforms, making it one of the most talked-about cryptocurrencies in the blockchain space.
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The Rise of Polygon in the Cryptocurrency World
The world of cryptocurrency is constantly evolving, with new blockchain platforms popping up all the time. However, one cryptocurrency that has been gaining traction in recent years is Polygon, previously known as Matic Network. Polygon is a blockchain platform that has been designed to make transactions faster, cheaper, and more secure. With the growing interest in decentralized finance, it’s no wonder that Polygon is quickly becoming one of the most talked about cryptocurrencies in the blockchain space.
Why Polygon is Poised for Success
Many experts predict that Polygon will absolutely explode in 2023, and for good reason. In this article, we’ll explore why Polygon is poised for success in the coming years and what makes it a unique and valuable asset for investors and cryptocurrency enthusiasts alike. We’ll discuss the technology behind Polygon, its use cases, and the potential it has to revolutionize the way we think about blockchain.
The Cost of Polygon’s Success
The cost of one unit of Polygon was raised by a substantial amount in 2021. A scaling solution for Ethereum’s many chains, the Polygon network is a cryptocurrency located in India. The digital asset had a phenomenal year in 2021 because of the various collaborations and coalitions that were formed. Even though the currency saw a brief decrease in value, it has recovered far more quickly than any other token. According to forecasts, the price of the currency will most certainly reach another all-time high this year, giving its recent certain value and the revived interest in Polygon.
Polygon’s Growing Popularity
Polygon is a layer 2 scaling solution that was constructed on the Ethereum blockchain. Its purpose is to assist in accelerating the transactions that are performed on Ethereum-based decentralized applications. It is possible that this network will be the one to give a solution to the scalability problems that the Ethereum network is experiencing. Remarkably, Polygon has outperformed all other tokens and has seen returns of more than fourteen thousand one hundred percent in only one year.
The goal of the project is to expand the use of cryptocurrencies all over the globe by resolving challenges related to scalability that exist across many blockchains.
The Factors Driving Polygon’s Growth
There are several factors that lend credence to the assertion that Polygon will see explosive growth in the year 2023. The first reason is the growth that cannot be stopped. While looking at the price chart of Polygon, it is clear that the token has had a considerable climb since the beginning of 2021, breaking over a long-time resistance level. This was accomplished by breaching the barrier level on December 27th. It reached a new all-time high of 2.92 cents, having notably risen prior to that day from one cent.
Polygon has seen a ten-fold growth in its market gap as a result of an increase in the adoption of its blockchain by gaming platforms, non-fungible tokens, and decentralized finance. According to the rating provided by Coin Market Cap, it has crossed 17 billion dollars and is now one among the top 15 crypto coins in the whole globe.
One other consideration to take into account is the important characteristics of Polygon. Polygon is a scaling platform for blockchains that is based in India. The project’s original name, Matic Network, was changed to Polygon once it was determined that its scope would be enlarged. The fact that the digital asset is involved with some of the most exciting developments in the cryptocurrency industry, including as DeFi, NFTs, and DAOs, is one of its most notable characteristics.
The purpose of the network is to improve interoperability between the Ethereum blockchain and other networks that are compatible. It provides developers with sophisticated capabilities necessary to establish a standalone network or a secure sidechain by deploying smart contracts and the security of the Ethereum network.
The Benefits of Polygon’s Sidechain Design
In October 2021, the number of unique daily addresses active on Polygon’s platform reached a new all-time high of 566,516. The sidechain known as Polygon grew busier than it had ever been before as more people gained access to DeFi via its low-cost scaling solution.
The almost fearless trading Polygon offers offered a breath of fresh air to seasoned DeFi traders that have been suffering under the weight of extremely high gas prices for some months now, said Tim Frost, the CEO of the Yield App. The Matic plasma chain is the third component of this equation.
Polygon officially changed its name to Polygon in February 2021 to become more well-known on a worldwide basis. In conjunction with the company’s rebranding, Polygon improved the system by integrating Matic plasma chain and other potential metaverse initiatives and by bringing in new users. As a result of this integration, a layer 1 blockchain network was created, which offers integrated scaling solutions for NFTs, DeFi, and other applications.
The Decrease in Ethereum’s Transaction Fees
Ethereum has long been the target of criticism due to the fact that its fee structure for facilitating transactions in the cryptocurrency industry is quite expensive. Nevertheless, by incorporating layer 2 scaling technologies like Polygon, decentralized financial protocols are able to easily circumvent Ethereum’s high transaction fees, hence making the platform accessible to a greater number of users.
The sidechain design of Polygon enables considerably quicker and less expensive transactions on the network, producing much-anticipated excitement in both the price of the network and the public’s impression of it. In the year 2021, Polygon saw a dominance increase of ten thousand percent across all social media platforms.
The Big Backing from Billionaire Investor Mark Cuban
The increasing popularity of Polygon has drawn the attention of several institutions as well as billionaire investors, which have led to an increase in the token’s rate of adoption. A noteworthy element that may drive Polygon to likely erupt in 2023 is a huge backing from billionaire investor Mark Cuban. According to recent reports, Cuban has put a large sum of money into Polygon. This investment, which can be shown on the portfolio section of his company’s website, was made by him.
Polygon has engaged in yet another significant partnership, this time with the Trace Network, in order to broaden the scope of its DeFi and NFT ecosystem. It is hoped that through establishing a go-to for merchants, NFT utilization may be brought to the general public. The alliance will place a particular emphasis on the creation of interchange linkages in order to eliminate cumbersome blockchain data silos. Trace Network will deliver an unparalleled level of traceability, transparency, and visibility to company operations all over the globe by using Polygon’s highly scalable layer 2 infrastructure.
In conclusion, Polygon is a unique and valuable asset for investors and cryptocurrency enthusiasts alike. Its growing popularity and adoption rate, along with its sophisticated capabilities and interoperability, make it a force to be reckoned with in the blockchain space. As the cryptocurrency world continues to evolve, Polygon is poised for success and may very well be the future of cryptocurrency.
