Polygon counters the underlying challenges of Ethereum and gains acceptance from smart contract developers
During the 2021 bull run, many cryptocurrencies experienced massive growth. But the past year was not good for every digital token. The popularity of some top cryptocurrencies stepped over growing tokens and made them disappear in thin air. Therefore, investors were left in a haze to figure out if it is a buy or sell season. Entering 2022, the dominance of top cryptocurrencies has declined drastically, paving the way for potential Indian crypto-like Polygon. According to price predictions, MATIC tokens have the advantage to hit US$5 before the end of 2022 if everything goes well.
Indian Crypto Polygon has only one task to accomplish- to make transactions on the Ethereum blockchain faster and cheaper. Although ETH is the top second cryptocurrency, investors are tired of its downsides including the speed of transactions and high fees. The popularity of Ethereum’s decentralized applications and other amazing features have created more congestion on the network. Fortunately, Polygon has emerged as a remedy. With its multi-chain and complete system, MATIC solves the traditional issues of Ethereum. Its compatibility with the Ethereum blockchain and its ability to counter the traditional challenges makes it attractive for smart contract developers. This advantage has further impacted Polygon’s price drastically. Even though the price is around US$2 for now, MATIC predictions indicate a massive upsurge this year.
What is Polygon and Why is it Making a Buzz?
Polygon is a blockchain framework that helps in building interconnected networks. Using a sidechain solution, Polygon tries to counter some of the major issues of Etheruem including poor user experience, congestion, high transaction fees, and speed. Outperforming its predecessor Matic Network which was only processing transactions off-chain, Polygon concentrates on launching interoperability blockchains. Customization is also the biggest advantage in the Polygon network.
With four amazing layers including the Ethereum layer, security layer, Polygon networks layer, and execution layer, MATIC token stands out from many existing blockchain mechanisms. The Etheruem layer of Polygon is specifically designed to streamline smart contracts.
What makes Polygon so special in the digital space is its efforts to attain blockchain interoperability and scaling. Its compatibility with Etheruem is also an impressive stance that gives an edge to the MATIC token. Although the network has drastically expanded since its inception in 2017, the Indian crypto uses its traditional token called ‘MATIC’.
The Recent Advancement of Polygon
Polygon and its MATIC token were put under the spotlight recently after an astonishing announcement. A collaboration between Prada and Adidas is planning to publish new projects on the Polygon network. They are getting ready to auction NFTs designed by digital artist Zach Lieberman between January 28 and February 3. The duo will donate the money to a charity devoted to artists and creators.
Besides, the brands are also planning to release their metaverse collaboration called ‘Adidas for Prada ReNylon collection’ on Polygon. The news has made investors choose MATIC tokens for a while, which eventually drove Polygon’s price by 2%.
Polygon in 2021
Similar to many other cryptocurrencies, MATIC also experienced a massive rise in 2021. The Indian crypto began the year at US$0.01 and towards the end, Polygon’s price went up to US$2.92. In a nutshell, MATIC has recorded a surge of 9.059% in 2021 alone. Currently, the cryptocurrency is on the top 20 list and has a market capitalization of US$14.23 billion.
Where will MATIC Head be in 2022?
The core motto of Polygon is to address the underlying challenges of the Ethereum network. With that in heart, the blockchain mechanism is doing well so far. Besides, MATIC has also undergone some development and changes, which has put Indian crypto at the forefront.
MATIC is also a victim of the overall cryptocurrency bear run. Although the digital token performed well in 2021, it began the year on a gloomy phase. Therefore, experts have kept US$2.72 as its resistance level for 2022. If it manages to break the psychological barrier in early 2022, then the US$5 mark will be easy to achieve.
According to prediction charts, MATIC will perform well in the long run. Its value will go up to US$7.5 by the end of 2023. Further, It will reach US$12 and US$20 in 2024 and 2025 respectively.
Share This Article
Do the sharing thingy