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Home Markets Cryptos
Why is Polygon unaffected by the current cryptocurrency market dip?

Why is Polygon unaffected by the current cryptocurrency market dip?

Ajibola AkamobyAjibola Akamo
2 years ago
in Cryptos, Markets, Spotlight
Share on FacebookShare on TwitterShare on Linkedin

Polygon, previously Matic Network, is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.

Using Polygon, one can create rollup chains, ZK rollup chains, standalone chains, or any other kind of infrastructure required by the developer.

READ: Miners earn a whopping $3.5 million per hour on Ethereum network

Polygon effectively transforms Ethereum into a full-fledged multi-chain system which means an Internet of Blockchains. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc., with the advantages of Ethereum’s security, vibrant ecosystem, and openness.

READ: Coinbase to raise $1.25 billion via Senior Convertible Notes

Why is the price of Polygon appreciating?

An event called the “Consensus 2021” is coming up on the 24th of May, 2021, which they say will “unite professionals across the globe for an immersive virtual experience, Exploring the Evolution of Cryptocurrency.” Investors are anticipating this event with hopes of a special announcement concerning the ongoing “XEND/MATIC Integration” that is expected to be completed in June 2021.

The rise in the price of Polygon can also be linked to the rising popularity of Ethereum. Polygon is a highly scalable Layer 2 Network for Ethereum that drastically reduces transaction fees for users looking to transfer cryptocurrencies.

READ: Starbase gains 2000% as investors assume Elon Musk launched coin

Polygon has several advantages over other networks in terms of scalability, security and user experience. It is working with many companies on a ton of interesting projects.

Polygon helps solves the problem of high gas fees as it is used by crypto investors to transfer their crypto funds over the Ethereum network, at very little gas fees and a very high speed.

Matic is currently trading $2, up 87% over the last 7 days. It is however down about 25% from its all-time high of $2.68. It is currently ranked #14 with a market capitalization of $13.2 billion.


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Tags: CryptocurrencyPolygon
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Comments 1

  1. Moses says:
    May 20, 2021 at 8:55 am

    For investors with long term perspective, I recommend polygon. One day it will be sold for $250-375. Long term is the be approach to make money in cryptocurrency investment.
    Think of Bitcoin and Ethereum in the past 5yrs, then think of polygon in the next 5yrs.

    Reply

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