Here’s how India-based Polygon (MATIC) outperformed other major cryptos
The fallout from the bear market has caused many savvy investors to seek out the next big thing. Polygon (MATIC) seems to have fallen under their radar. It ranks among the top 15 cryptos in the world and has become a huge hit in India. An increase in user demands has driven cryptocurrency exchanges like
to list the currency on their platforms.
So what is Polygon?
Polygon (formerly MATIC) is an Indian blockchain scalability platform called the ‘Internet of Ethereum Blockchains’. This is the answer to some of the challenges that Ethereum faces today, such as high fees, poor user experience, and low transactions per second (TPS). And it aims to create a multi-chain ecosystem of ethereum compatible blockchains.
Originally, the project started under the name MATIC Network. It was later renamed Polygon when its scope widened. It aims to provide separate blockchains that can freely exchange value and information.
Polygon is involved in some of the hottest areas of cryptocurrency, such as DeFi (decentralized finance), DApp (decentralized application), DAO (decentralized autonomous organizations), and NFT (non-fungible tokens).
So who built Polygon?
Polygon – a network of Indian origin was built by four software engineers – Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. The startup is based in Bombay.
Although it has already captured a place among the top 15 cryptocurrencies, its founders have ambitious plans to make it the third largest crypto project after Bitcoin and Ethereum.
At the time of writing, the price of this cryptocurrency is Rs 143. The coin has risen over 10,000% in the past year and over 125% in one month.
Several reasons explain the substantial rise of Polygon (MATIC). It includes the growing hype around Polygon, the Google BigQuery announcement, and Mark Cuban’s investment.
- Growing investor interest in MATIC
Polygon’s immeasurable growth is in part due to the rise in popularity of the Ethereum network and the adoption of its blockchain. Faster, cheaper transactions facilitated by Polygon’s side chain architecture generate much anticipated hype in terms of pricing and public perception.
On February 9, 2021, MATIC announced its intention to rename itself Polygon with the goal of achieving global recognition. Around this time, Polygon upgraded the system by bringing in some promising metaverse projects and integrating Matic Plasma Chain. This enabled it to provide a Layer 1 blockchain network with integrated scaling solutions for NFT, DeFi, etc.
Amid increased congestion on the Ethereum network and its rising costs, Polygon’s surprisingly low fees are gaining ground. With increased demand for scalable networks, Polygon could integrate more projects.
The growing adoption of Polygon also appears to strengthen overall investor sentiment in the crypto market. According to LunarCrush, Polygon’s dominance across all social media platforms has increased by 636% in the past three months. This means that investors are more interested in the currency than ever before.
Recently, Polygon announced its partnership with the consulting wing of Infosys Ltd. This collaboration is called
. It aims to enable Infosys to provide breakthrough technologies to its customers. M-Setu will act as an open source bridge that will allow businesses to cross-operate using the ethereum blockchain.
The Trace network is another of Polygon’s notable collaborations. Currently, Trace is using it for NFT and DeFi in hopes of establishing a starting point for retailers to introduce NFTs to the public. For example, if a luxury brand wanted to create NFTs on their products, the trace and polygon collaboration would provide them with liquidity aggregation, full transparency, and supply chain traceability.
In addition to several other milestones, Polygon made a massive announcement on May 29. He said he has completed a project to integrate Polygon’s assets into Google Cloud’s BigQuery. This integration allows BigQuery users to leverage Polygon, improving its accessibility and positioning.
Google Cloud’s BigQuery has included Polygon in its 1TB offering. This means BigQuery users can run queries on Polygon and access various blockchain-related datasets on its network.
Additionally, billionaire investor Mark Cuban backed this Indian blockchain company on May 25. He revealed that he has invested in Polygon and can be seen in his company’s portfolio on their website. Cuban is known for his advocacy for cryptocurrencies. Even after Elon Musk temporarily suspended acceptance of Bitcoin payments for Tesla, Cuban said the Mavericks (his basketball clothing brand) would continue to accept cryptos.
He said having a high transaction per second (TPS) provided by Polygon is critical to lowering the cost of ownership for users. In addition, Polygon already has many blockchain projects that add to its reasons for investing.
Mark Cuban said: “Having more GST and lower gas prices is not enough. There must be a current network effect and significant growth in the number of users. This is a challenge for most L1 and L2 because [with] with a few exceptions, the marketing in the crypto world is beyond terrible. It’s quick; it’s working well and, more importantly, their user base is growing exponentially. ”
Cuba’s investment in Polygon has been a catalyst towards its flawless growth. As a cryptocurrency backed by the billionaire investor who backed Bitcoin, Ethereum, and other major cryptos, Polygon can expect higher adoption in the future.
The cryptocurrency of Indian origin – Polygon quickly gained popularity. It has also partnered with several government-based blockchain projects to scale data related to COVID-19. Its scaling solutions have been adopted by more than 400 applications, 76 million transactions and nearly 790,000 unique users. Its $ MATIC token is listed on various major crypto exchanges, including
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