Polygonal cryptocurrency is growing in popularity. Is this a good investment option?
Recently, the cryptocurrency bubble has gathered momentum, attracting many investors and next-gen millennials. However, the crypto market has been hit hard due to China’s ban on the use of cryptocurrency. The wave of crypto panic selling has caused the prices of cryptocurrencies such as Bitcoin, Ether, etc. to drop sharply.
What is Polygon?
Initially launched under the name Matic Network in 2017, crypto Polygon is a platform built on the Ethereum blockchain intended for the development of decentralized applications. It was founded by three Indians – Sandeep Nailwal, Anurag Arjun and Jayanti Kanani. Unlike Bitcoin and Ethereum, the Matic Polygon coin is not influenced by high transaction fees due to congestion. It is an open source technology that provides developers with the tools to instantly implement a stand-alone network or secure sidechain, leveraging the security of the Ethereum network through smart contracts.
Simply put, it solves the scalability issues that other cryptocurrencies built on the Ethereum blockchain typically face, keeping the decentralized aspect intact. With this, Polygon is considered a synonym for Decentralized Funding Transactions (Defi). As a result, many Defi platforms have built sidechains on the Polygon network.
Is Polygon a good investment?
The recent crypto market crash affected this magic coin as the price of Polygon crypto before the hit was $ 2.45, which then came down to $ 1.38. However, Polygon’s current price is now $ 2.24. Well, due to its advantages over Ethereum, it has managed to win the eyes of crypto fans. This is one of the reasons Polygon is growing in popularity.
Although Bitcoin and Ether are leading the crypto market, many investors are eagerly awaiting new options and investing in other cryptocurrencies that have good potential and significant long-term benefits. Here, Polygon crypto wins the game. Especially, after the consequences of the crypto merger and its sharp increase in use, this is an option to consider.
According to Cointelegraph, on May 17, Polygon had 75,000 new users and continues to grow. This is a clear sign of its widespread popularity among users, which could be very successful in the long run.
Also, network congestion is a major drawback for Layer 1 networks. Since Polygon is a Layer 2 network, it demonstrates its advantages in the world of Defi, where there is no fee payment. high transaction costs to minors.
This is the advantage of sidechains. Users can avoid the high fees due to congestion and take advantage of the benefits of popular blockchains such as existing code infrastructure, a well-founded developer base, and more.
However, don’t be fooled by its growing popularity. It is ultimately a crypto coin and is part of the highly volatile crypto market. Therefore, if you want to invest in the Matic Polygon coin, you need to take a close look at the projects that are leveraging their smart contract capabilities on the Polygon network. Also, analyze the growth in terms of participation.
But to add more fuel to your interest in Polygon, the price of the matic coin is $ 2.24, which has increased 36.90% in the past 24 hours. With a trading volume of $ 8,101,680,911, the market cap for Polygon coins is $ 13,987,690,046.
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