Since the beginning of 2021, Polygon (previously MATIC network) has grown 123x in value to become one of the most valuable cryptocurrencies in the world with a total market cap of nearly $14 billion at press time. Polygon is now an inch closer to flipping Uniswap, BCH, and ICP to claim the top 10 cryptocurrency title by market cap according to data from CoinMarketCap.
On January 1st, 2021, Polygon (MATIC) was trading at $0.01784. At press time MATIC is trading at $2.22 signifying growth in value worth 123.3x or a return on investment of 12,231%.
The steady growth of MATIC despite the recent market crash and bearish sentiment across the crypto industry can be attributed to its ethereum scaling technology, DeFi adoption, and user growth. Polygon (MATIC) provides a Layer-2 scalability solution to the ethereum blockchain to increase its scalability and reduce gas fees. Any developer who has tried to build a decentralized application used by the masses, on the ethereum layer-1 blockchain, knows that in its current manifestation with the slow transaction processing and hefty gas fees, it isn’t quite ready. Polygon exactly solves the same problem and has become a darling platform for the DeFi ecosystem.
DappRadar materials state that the top twenty Polygon DApps interacted with more than 75,000 active user wallets in just the past week. And in the past month, Polygon-tracked DApps increased from 61 to 93; 46 of those fall in the DeFi and Exchange categories according to data from DappRadar.
Bitly, the company behind the Ethermine pool, also announced that they will onboard their 300,000 miners to the Polygon network on June 1st for small miners. Today, news came out that billionaire Mark Cuban had made an undisclosed investment into the platform.
Polygon also announced today the launch of its SDK stack that will allow developers to easily deploy their own Ethereum-connected blockchains. The SDK will provide several plug-and-play modules with custom-made solutions for parameters like consensus and synchronization. Sandeep Nailwal, co-founder/COO of Polygon stated that the Polygon SDK will play an important role in the future of Ethereum multi-chain efforts as well as layer-two advancements.
“With advanced ‘Layer 2’ solutions, Ethereum 2.0 all coming online now or soon, the need for a comprehensive interoperability framework is stronger than ever. With the Polygon SDK, we are solving pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-L2 communication.”Sandeep Nailwal, co-founder/COO of Polygon
Polygon is coming out as one of the best crypto projects of 2021. Analysts and experts are very bullish about its price prediction and future scope given its adoption and speed of development. At press time, Polygon is at the 13th position on CoinMarketCap ranking and likely to flip Uniswap, BCH, and ICP within a weeks time if not days.