Does Matic Polygon have a future?
One of the most popular cryptocurrency projects in the world is called Polygon (Matic). The current market capitalization of Polygon Matic is $6,784,720,394, and its total supply in circulation is 8,482,124,683. Let’s find out that does Matic Polygon have a future?
What Is Polygon coin?
Alongside the Ethereum blockchain, Polygon is a “layer two” or “sidechain” scaling solution that enables quick transactions and minimal fees. The network’s native cryptocurrency, called MATIC, is used for staking, paying fees, and other things.
MATIC is available for purchase or sale on platforms like Coinbase and Binance. Polygon is a decentralised Ethereum scaling platform called Polygon enables developers to create user-friendly, scalable decentralised applications (dApps) with cheap transaction fees without ever compromising security.
Polygon MATIC is a scaling platform and it makes it possible for blockchains enabled by Ethereum to speak with one another. Additionally, it is utilised to build fresh Ethereum blockchains for organisations and companies in need of centralised payment alternatives.
Why Polygon?
- The amount of gas that Polygon matic saves each day is around $140 million. This is a significant contribution of Polygon’s efforts to improve the global climate.
- One of the largest social media platforms in the world, Instagram, has launched NFTs on Polygon.
- Adidas Originals and Prada, two enormous business giants, introduce their NFT line on Polygon.
- Polygon is used by Stripe to introduce global cryptocurrency payouts.
- Since Polygon is dedicated to fostering the growth of Web3 apps by providing the necessary infrastructure for Web3, more than 19000 dApps have used Polygon to scale their performance.
What does Polygon do to help Ethereum?
Ingenious at finding solutions, Polygon. The scalability and price difficulties unique to Ethereum can occasionally lead to a poor user experience. With so many users, Ethereum’s networks are frequently congested, which raises the cost of transactions for everyone.
Since Ethereum has these problems and no workable alternatives, Polygon has become a hero. By establishing a ground-breaking, unique Layer-2 solution, this blockchain platform with roots in India has overcome these problems and allowed Polygon to use Ethereum for transaction verification at a significantly reduced cost.
Rise of Polygon (MATIC)
The native token of the Polygon blockchain is called MATIC. The main application of MATIC on the blockchain is as a staking token for Proof of Stake (PoS)-based transaction validation. These coins can be used by miners as both investment assets (which gain value over time) and utility tokens (which can be staked for regular returns).
In order to address Ethereum’s lack of efficiency and scalability, the Polygon network was developed.
The original developers of Polygon later became MATIC, with their headquarters in Mumbai.
When the platform was complete, it would be able to use sidechains as scalability assets and offer scalable solutions to Ethereum’s issues.
Where can I buy Polygon (MATIC) coin?
Many of the top centralised and decentralised exchanges in the world offer $MATIC. Some of the platforms where you can purchase $MATIC are listed below:
Founders of Polygon (Matic)
In 2017, the blockchain scalability platform Polygon (previously Matic) was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. It was developed to address the issue of high transaction costs and slow fees on Ethereum, the second-largest cryptocurrency in the world by market value.
Although Polygon is built on Ethereum, users can create applications on it at a much lower price than on Ethereum. Matic, Polygon’s native token, has seen its value soar from about $26 million when it was originally released in 2019 to over $14 billion now.
The co-founders of Matic have become billionaires as a result of the cryptocurrency’s price increase; a portion of this is due to their existing 4-5% interests in the asset. The owner of the Dallas Mavericks of the National Basketball Association (NBA), multibillionaire investor Mark Cuban of Shark Tank fame, recently made an undisclosed investment in Polygon.
It can be challenging to verify data in the crypto world, and there may be other Indians who have amassed substantial fortune but are not well-known. Nailwal, whose cryptocurrency fund for CAVID-19 assistance has so far raised over $1 billion, was interviewed by Mint about the history of the business and its future.
Pros And Cons Of Polygon (Matic)-
Pros
- Low transaction Fees
- High-speed transactions per second.
- Scalable and providing staking rewards.
- Wonderful for decentralised financial apps.
Cons
- High market cap to total value locked ratio (asset may be overvalued when this occurs).
- There will be competition from alternative scaling options.
Advantages Of Polygon
Compared to Ethereum, Polygon has a number of advantages. One of these benefits is the quicker transaction times and cheaper transaction costs compared to Ethereum, which makes it a desirable chain to employ for decentralised financial applications. Another benefit is that by staking Matic, you can benefit from network security benefits. Although staking is available on Ethereum, the entry barrier is substantially greater than it is with Polygon.
The primary benefit of Polygon is that it has a wide range of potential applications and was designed to grow as the number of users increased, so it could theoretically be utilised for widespread adoption. Projects have started moving to Polygon, indicating a change in users’ preferences towards the newcomer.
Disadvantages Of Polygon
There aren’t many drawbacks to Polygon as a whole. The biggest drawback would be the emergence of additional scaling solutions as competition, whether for Ethereum or other blockchains. While shifting their attention to scaling Ethereum exclusively rather than any other blockchain project could be very profitable, it’s also possible that another project will emerge that accomplishes the same goals Polygon had when it was still known as Matic Network.
The Market Cap to Total Value Locked ratio is currently above 1, which indicates that the asset’s value exceeds the value of the assets that have been locked into the network. Even though it’s very early in Polygon’s existence, this doesn’t necessarily signify anything, but if the ratio continues to be higher than 1, it might be overvalued.
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Anchal