Polygon (previously MATIC network) is an Indian crypto startup founded by Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani. The rise of Polygon might seem mostly overshadowed last week, as big changes happened in more popular cryptocurrencies like Bitcoin and Ethereum but it is growing at a very steady pace.
The Crypto world and people have started noticing Polygon in a big way after its native coin MATIC crossed the $2 milestone in a month’s time from less than a dollar to become the top 20 cryptocurrencies by market cap. This was also the same time when the entire crypto market was bleeding and nearly $1 trillion was wiped off from the market amid bitcoin energy concerns and China FUD.
At press time, Polygon stands at #12 on the CoinMarketCap chart, with a per coin price trading at $2.24.
Polygon is a layer-2 solution that will work on top of any blockchain in order to increase its scalability and reduce gas fees. It will allow different blockchains to talk and transfer funds and information in a universal language. It is the internet of blockchains that has only been implemented on Ethereum as of now.
This is the primary reason for Polygon’s steady growth in the last 1 year, more and more DeFi platforms experiencing Ethereum’s scalability and high gas fees problem are all migrating to the Polygon network.
And it is not surprising to see billionaire investor Mark Cuban has backed Polygon network according to his new disclosure on one of his websites. Cuban has been a strong vocal supporter of cryptocurrencies for a long time.
Cuban strongly believes in Polygon and has been using it for some time now. He is also expected to help Polygon grow. He is helping National Basketball Association (NBA) in integrating Polygon with Lazy.com, which allows people to easily display non-fungible tokens (NFTs).
“It is fast, it works well and most importantly their user base is growing exponentially.”Mark Cuban
The demand for layer 2 scaling solution is attracting capital inflows lately. Just a few weeks back Metis protocol had raised $4 million in funding. Made-in-India crypto startup Polygon’s native token MATIC has surged more than 8,000% over the past year, while it also remained largely unaffected by the recent crash in the crypto market.