Polygon, originally known as Matic Network is an Ethereum based token that is a way to connect the Ethereum blockchain with other networks. This Indian-based project has taken off with its market cap go up by tenfold increase since Feb. Being open-source lends it the freedom to be developed and always open to updates. With a market cap of $11.26 billion and with its token price at $1.6 makes it a lucrative investment opportunity.
Polygon creators becoming billionaires when the valuation of Matic when to $14 billion. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun co-founded Polygon. Polygon has also been used by vendors to maintain covid test results with the help of its blockchain technology. It has also proved itself in terms of sustainability by using proof of stake, which keep in mind, is only recently adopted by Ethereum and not yet implemented by Bitcoin. Polygon has also faced a ton of challenges like starting in India which has only recently thought about adopting Cryptos.
One of the original sharks from Shark Tank, Mark Cuban has got a good eye for spotting trendy underpriced markets. Mark has been a strong and very vocal advocate for Polygon. Although he has not let his followers know any details for the better about his investment, it is great to see mainstream investors support Indian-based projects. Polygon has also appreciated talking with Mark and hopes that they receive more support from foreign investors. He also stated that DAOs or decentralized autonomous organizations along with entrepreneurs could make a lot of money to support non-profits. The decentralized nature of this organization along with the utility of Polygon could serve as a fierce competitor for companies.
Polygon has also merged with Okcoin, a Crypto Exchange that is available globally. The aim of this merger was to cut down on fees by 25% on trading Ethereum and other ERC-20 based assets. Polygon’s scaling solution has benefitted many including Okcoin. Skipping the middle step and having coins directly go to Polygon is more convenient and also takes into account one-click withdrawals. It has served as a convenient way to ground Ethereum’s excruciating fees and transacting with traditional payment methods.