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 hub of Polygon Network (formerly Matic Network). In the last 30 days alone, the MATIC price has increased by over 400 percent — and all without the help of eccentric electric car manufacturers. At the time of going to press, MATIC was trading at USD 2.05 — on January 1st, the price was still two cents.
In 2021, MATIC has shown a performance that was most recently seen in projects built close to the pump-and-dump scheme.
In contrast to the Memecoins, however, the Polygon Network is a project with real added value for the crypto space, above all 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 manifested Ethereum’s pioneering role. There are exciting competitors in the starting blocks with projects such as Cardano, Polkadot, or Solana. Nevertheless, Ethereum or the smart contract programming language Solidity is the first point of contact for most blockchain developers with the wonderful world of decentralized applications (dApps).
The hustle and bustle on the Ethereum blockchain mean that users have either high fees or very long waiting times for transactions. Ethereum 2.0 will remedy this with the switch to Proof of Stake and fragmentation, sharding. The change is anything but trivial. It will probably be a few more winters before Ethereum 2.0 blossoms in its full glory.
Polygon is fully committed to solving the scaling problem of Ethereum. Specifically, Polygon focuses on solutions in which a second network level relieves the chronically overloaded Ethereum blockchain. This is why one speaks of Layer 2 technologies. The Polygon Network forms such a second level for Ethereum. Founded in 2017 as Matic Network, the project initially implemented a version of Plasma. At the beginning of February of this year, the rebranding in Polygon took place, which, in addition to a facelift for the homepage and logo, also brought a more ambitious use case: Polygon wants to become “Ethereum’s Internet of Blockchains.”
Because Polygon is fully compatible with the Ethereum Virtual Machine (EVM) runtime environment, Ethereum-based dApps can easily switch to Polygon without leaving the Ethereum ecosystem. The list of partners who work with Polygon will grow rapidly in 2021. Aave, Decentraland, or Chainlink are only a small fraction of hundreds of crypto projects that develop applications for Polygon. A full list of Polygon partners is here to find. 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-store with Plasma and Proof of Stake. The offer will soon be expanded with Zk rollups and optimistic rollups. In any case, the demand seems to be there — the explosive course of MATIC is an impressive testimony to this.
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