Polygon is already making Ethereum scalable today – this is now massively reflected in the MATIC course.
While large parts of the crypto market are going through an overdue correction phase, one token is currently bursting one all-time high after the other. We are talking about MATIC, the economic center of Polygon Network (formerly Matic Network). In the last 30 days alone, the MATIC price has risen by over 400 percent – and all of this without the help of eccentric electric car manufacturers. At the time of going to press, MATIC was quoted at USD 2.05 – on January 1st the price was still two cents.
In 2021, MATIC showed an achievement that was last seen in projects built near the pump-and-dump system.
In contrast to the Memecoins, however, the Polygon Network is a project with real added value for the crypto space, especially for the Ethereum ecosystem. Because while the aging Smart Contract King persistently pushes his walker in the direction of Ethereum 2.0, the crowd in the Ethereum haze is getting denser. Decentralized finance (DeFi) and the hype about non-fungible tokens have further reinforced Ethereum’s pioneering role. There are exciting competitors in the starting blocks with projects like Cardano, Polkadot or Solana. Nevertheless, Ethereum or the intelligent contract programming language Solidity is the first point of contact for most blockchain developers for the wonderful world of decentralized applications (dApps).
The hustle and bustle on the Ethereum blockchain means users have either high fees or very long waiting times for transactions. Ethereum 2.0 will fix this by switching to Proof of Stake and Fragmentation, Sharding. The change is anything but trivial. It will likely be a few more winters before Ethereum 2.0 blooms in its full glory.
Polygon is fully committed to solving Ethereum’s scaling problem. In particular, Polygon focuses on solutions in which a second network level relieves the chronically overloaded Ethereum blockchain. That is why one speaks of Layer 2 technologies. The polygon network forms such a second level for Ethereum. The project, founded in 2017 as Matic Network, first implemented a version of Plasma. At the beginning of February this year, the rebranding took place in Polygon, which, in addition to a facelift of the homepage and the logo, also brought with it a more ambitious application: Polygon wants to become “Ethereum’s Internet of Blockchains”.
Since Polygon is fully compatible with the runtime environment of the Ethereum Virtual Machine (EVM), dApps based on Ethereum can easily switch to Polygon without leaving the Ethereum ecosystem. The list of partners working with Polygon will grow rapidly in 2021. Aave, Decentraland or Chainlink are only a small part of hundreds of crypto projects that develop applications for Polygon. A full list of Polygon partners can be found here. The majority of the projects come from the DeFi area, which, with its notoriously high fees, is particularly hungry for scaling solutions. Polygon has this in stock with Plasma and Proof of Stake. The offer will soon be expanded to include Zk rollups and optimistic rollups. In any case, the demand seems to be there – MATIC’s explosive course is an impressive testimony to this.
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Disclaimer: These lines are not a substitute for investment advice. Investing in the crypto market is at your own risk. Invest only as much as you are ready to lose. I receive commissions for purchases made through links in this post.