Cryptocurrencies such as Bitcoin, Ethereum, and Ripple all saw declines last week, but the value of Polygon (MATIC) has risen nearly 35% over the same period.
In the wake of the bear market, many savvy investors have been pondering the next big thing. The Polygon (MATIC) appears to have hit the radar. It is one of the 15 largest cryptocurrencies globally and has been a hit in India.
Polygon Gains Popularity
Polygon’s former name was MATIC, or the Ethereum Internet Blockchain, an Indian blockchain expansion platform. This answers some of the problems Ethereum is facing today, such as high rates, low user experience, and low transaction count per second (TPS). And it aims to create a multichain ecosystem of blockchains compatible with Ethereum. This project initially started as a MATIC network. As the scope expanded, it later became Polygon. It aims to provide a discrete blockchain where value and information can be freely exchanged.
Polygon is involved in the most popular cryptocurrency spaces, including Decentralized Finance (DeFi), Decentralized Applications (DApp), Decentralized Autonomous Organizations (DAO), and Non-Financial Tokens (NFT).
Four software engineers built the Indian-born Polygon network: Janti Kanani, Sandip Nailwal, Anurag Arjun, and Mikhailo Bzhelich. The startup is based in Mumbai. Although it is already ranked as one of the top 15 cryptocurrencies, the founders have ambitious plans to make it the second-largest crypto project after Bitcoin and Ethereum.
At the moment, the cryptocurrency priced at 143 rupees. The coin rose more than 10,000% in the past year and more than 125% in the past month. Polygon (MATIC) has grown significantly in popularity for several reasons. Mark Cuban’s investment and the announcement of Google BigQuery have dramatically boosted Polygon’s growth.
Polygon’s immeasurable growth is partly due to the growing popularity of the Ethereum network and blockchain adoption. The practical way, which is cheaper and faster transactions than Polygon is offering, which is sidechain architecture, is generating the expected hype in public opinion and price. On February 9, 2021, MATIC announced plans to change the name to Polygon to gain global recognition. At the time, Polygon modernized the system by adding a promising metaverse design and integrating the Matic Plasma Chain. This enabled us to provide a Tier 1 blockchain network with integrated scaling solutions for NFTs, DeFi, and more.
Polygon Dominates the Cryptos
Polygon’s fee is surprisingly low. Therefore, it attracts attention and drastically growing demand for manageability networks amid the growing congestion and cost of the Ethereum network. Polygon will be able to take advantage of more projects. The increased adoption of Polygon will also appear to boost overall investor sentiment in the crypto market. According to LunarCrush, Polygon dominates the cryptocurrency across all other social media platforms and has increased 636% over the past three months, according to LunarCrush. This means that investors are paying more attention to currencies than ever before.
Also, on May 25, billionaire investor Mark Cuban sponsored this Indian blockchain company. He said he invested in Polygon and it is in his website’s portfolio. Cuba is famous for its cryptocurrency propaganda. Even after Elon Musk temporarily suspended Bitcoin payments to Tesla, Cuban stated that his basketball apparel company, Mavericks, will continue to accept cryptocurrencies.
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