Cryptocurrency advances from war-torn Ukraine-Russia to use as hedging tools for inflation hit Brazil and Turkey. Bitcoin is the most valued and most widely used cryptocurrency on the planet. Ethereum and Dogecoin are also gaining market pie. These currencies have become increasingly popular because of their enormous market capitalization and market stability. Some of these coins are backed by billionaires also.
That isn’t to say that you have to buy the most popular coins to make a lot of money. Remember, bitcoin hits nearly $45000 now, which started its journey at $.08 in 2010. If you use fundamental analysis, a currency with a lesser market cap can potentially give you far more significant gain than one with a large market cap. So when you have a lot of information about a virtual currency, you can make a lot of money with it.
The India-based cryptocurrency, formerly known as Matic Network, was launched in 2017 to resolve scalability concerns on the Ethereum network. Polygon (MATIC) is one of the few cryptocurrencies that has held up amid the cryptocurrency bear market in the last half of 2021. The Polygon blockchain was initially known as Matic, which is why the token symbol is MATIC, and it’s currently one of the hottest cryptos on the market. If Ethereum is the train, Polygon(MATIC) is the key track.
Well, you need to understand one fact. Polygon is not a cryptocurrency in itself. It is a blockchain platform that helps solve and improve the infrastructure of Ethereum for a faster and low cost.
Matic crypto deals with a nearby 15 rank in the virtual currency world in a short period. With the increased demand for NFTs, more decentralized finance projects built on Polygon(MATIC), a project that partners with global opportunities, and 10,000 transactions per second(fps) network speed. It is one of the most resourceful systems of recent years and a problem-solving tool. When the blockchain system was developed, its main objective was to provide an efficacy solution for Ethereum. Polygon(MATIC) makers catch the pain point and push it through the Proof of Stake(PoS) system. PoS is the commit chain of Ethereum blockchain which sidelined the Point of Work(PoW) disruption.
In Feb 2021, Polygon MATIC crypto revealed its rebranding strategy, which was a black horse for the strategist. As a solution to Ethereum traffic, Polygon appeared with low fees to gain market attention. Polygon(MATIC) crypto’s price was $.01 in January 2021, just before the reformation, ended the year at $2.52 on 31st Dec 2021; spiked by 25,100%. Bitcoin started to bleed by the end of October 2021 with a nearby value of ₹47L and clocked now into ₹34 L. By the end of October 2021, MATIC crypto scaled up to $2.13 but plunged to $1.58 by next month, zoomed up to $2.92 in next month, highest value so far.
In February, Polygon (Matic Network), an Ethereum scaling startup, raised $450 million in its first significant fundraising round, anchored by Sequoia Capital India, Tiger Global, with participation from more than 39 major venture capital firms.
You can buy it in various forms
• In acquisition royale, you can buy Polygon MATIC in some games, allowing you to have enterprise NFT tokens.
•Install metamask and start getting into Polygon through ‘Ethereum Mainnet.’
•Get MATIC directly to Polygon wallet through (Bitforex, MEXC)
•Click on transak and choose Matic Polygon.
• You can directly join Polgon bridge and choose wallets as per comfort.
•If you have a valued token in the Polygon network, you can opt gas swap.
According to Polygon, their platform has handled 3.4 billion total transactions; the company saves $140 million in gas fees (transaction costs) daily. It claimed over 10,000+ decentralized apps(dApps) joined the Polygon network to scale up the performance of the Ethereum blockchain. Venture capital giants like Tiger global and Softbank escalated their value.
With $11.7 billion market capitalization and 13,000 delegators on the PoS system, the Polygon network raised market potential. Last year investors had Ethereum and other altcoins, such as Polygon (MATIC), faring better than Bitcoin amid downturns. As Ethereum’s price climbs, more projects are being launched. The most serious issue here is that gas fees( paid to miners for executing operations in-network ) will only get more expensive. And if you’ve ever tried to buy an NFT on the Ethereum network through Opensea, you know how outrageous the gas fees can be, which makes people reluctant to utilize the network. However, because Ethereum is now ranked first and has many projects, many people continue to work on it.
Polygon network comes to solve this gap. Polygon technology is an Ethereum layer with two solutions. It contributes to the scalability of Ethereum. But the most important reason why Polygon(MATIC) is still getting much room to grow is that if Ethereum’s market cap grows, so will Matic’s price. Growing Ethereum also escalates gas fee prices; thus, it is creating a market for the Polygon network. Ave’s Web3 social network decided to launch decentralized social media on a Polygon technology-made platform.
Dune analytics data clearly shows how the Polygon network is a growing platform for selling NFTs. Only this January, nearly 2.5 million NFTs were sold in the Polygon network. Polygon’s NFT users are primarily gamers and developers since it is based on Ethereum. Polygon technology invested jointly $200 million in decentralized social media.
Matic is a token or currency of Polygon technology. A Polygon layer two solutions are based on Ethereum. This sidechain is not intended to be an Ethereum dominator but rather to increase Ethereum’s frequency, speed, efficiency, and utility. Polygon technology proposes a method that contains both Layer 2 (including ZK Rollups, Plasma, shared security chains ) and Sidechains( like blockchain connects with Ethereum ) rather than a ‘basic’ Layer 2. The Polygon Protocol unites all of the Polygon-based blockchains. Polygon network protocol links these blockchains to the Ethereum network, allowing them to benefit from Ethereum’s security paradigm.
Polygon Matic crypto pushes (Proof-of-Stake) PoS in its architecture instead of regular Proof-of-Work(PoW). The main difference is that in PoW networks, validators (liable for transaction verification)must perform labor (computations), whereas, in a PoS protocol, token holders approve and verify transactions. Polygon relies on a group of validators, often known as operators, to protect the network. Validators are responsible for running a full node on the Ethereum Mainnet, producing blocks, validating transactions, and participating in consensus. All stakeholders receive rewards according to their stake at each checkpoint, except the proposer, who receives a bonus.
In most token design types, the Polygon Matic crypto token is usually minted on Ethereum and delivered to Polygon PoS. To transfer a token to Polygon PoS from the Ethereum track, the user must first secure funds in an Ethereum contract, after which the tokens are created on Polygon PoS. Polygon PoS validators run this bridge relay mechanism, which requires 2/3 agreement on the locked token event on Ethereum to mint the equivalent token amount on Polygon PoS.
It is a crypto-economic bridge in which the bridge’s 2/3+ stake agrees on the account balances of all Polygon network users regularly, and users can use this agreement to withdraw cash on Ethereum. Basically, a small multisig(a wallet controlled by two or more keys) contract controls polygon technology, but this example concentrates on its long-term purpose. Some Ethereum scaling solutions are Polygon edge, Polygon nightfall, and Polygon avail.
Advancement of L2 solution :
Among all bridges, the layer two bridge is the most advanced ecosystem. It does not entrust the funds’ security to a group of custodians. Before the cash may be released, the bridge must be convinced that everything with the off-chain system is in order. If the bridge believes the off-chain system is compromised, it will bypass the other network. Polygon technology is Ethereum Virtual Machine (EVM) compatible, making it handy for individuals who create Ethereum apps and programs in Solidity.
Last year, it was one of the top gaining cryptocurrencies. The price jumped from $0.01 in January 2021 to $2.92 in December 2021.
Polygon Matic crypto price prediction 2022
With a price tag of $2.503, Polygon’s crypto price has started the trade for 2022. In the first week of the year, the altcoin fell to $1.913. By 18th January, the price had retraced to $2.452.If MATIC crypto manages to complete the month of April with a bullish growth of $1.8916, it will be considered a success. Experts anticipate the quarter ending on a positive note. This might push the Polygon crypto price to its all-time high of $2.597. On the downside, the altcoin might drop to $1.572; it’s an all-time low. However, regular buying and selling pressures might push the price to $1.9005.
Polygon Matic crypto recently announced a burn mechanism replacing the gas fee mechanism with increasing value. Price is expected to touch $3.16 in the bullish market in the second quarter. However, the average value during a tough time is anticipated at $2.4.
Polygon price prediction 2023 to 2025 and Market sentiment :
• If we check the news directly from the horse’s mouth, many algorithm-based forecasting services raise a green signal. According to Walletinvestor.com, the Polygon( MATIC) is projected to be an “amazing” long-term investment. According to its Polygon crypto price prediction, Polygon (MATIC price) could hit $2.97 by March 2023. It is predicted that by March 2027, it would have risen to $8.3.
• Digitalprice.com also predicted a gradual increase in the Polygon (MATIC price) in 2022, with an average of $2.06 in 2022, $2.32 in 2023, and $3.14 in 2025. According to Digital Coin, Polygon’s long-term price projection is $7.5 by 2031.
By breaking its prior price records, the polygon (Matic) price could set a new high in the next five years. It is expected to rank among the top ten cryptocurrencies. Several inbound projects and partnerships could aid its expansion. Ethereum 2 with scaling solution raised concern among experts, but it will hit the market. Investors and venture capitalists are boosted by Polygon Matic’s price projection for 2025.
Read Also: | Best Place to Buy Cryptocurrency in 2022.
For NFT, the Polygon network is considered one the promising system with high speed and low fees. The Polygon wallet set a record number of transactions in January 2022, nearby 2.5 million.
You can choose a platform like Opensea to buy or sell NFTs.
Polygon wallet is a transaction medium to receive and send cryptocurrency in the Polygon network. You can consider Metamask, WalletConnect, and Venly platforms for this.
A fake MATIC wallet app was rotating in the market in 2021; however, Playstore turned down the app, and Polygon warned users about the trap and confirmed Matic did not have a wallet app.
By 8th April 2022, the price is $1.57 or INR 119.26.
Polygon Matic was a comparatively less volatile cryptocurrency during its last one-year journey. Definitely, it has a good potential in 2022 as a long-term investment from market scope to the confidence of venture capital firms.
1) The Polygon network is getting future with an ample number of DeFi or decentralized finance projects shaping the platform.
2)The Polygon blockchain network set a record in NFT dealing. Compared to Ethereum, it is significantly cheaper to mint NFTs on the Polygon ecosystem.
3)Expanding the market with fast frequency is the key points to investing in the Polygon network. With 10,000 transactions per second( Ethereum’s PoW system scaling up only 13 to15 tps) and 13k delegators on PoS, the system ramped up the gaming industry.
All the information are used for education purpose only. Investing in Cryptocurrency poses a risk of financial losses. Investors must therefore exercise due caution. InvestoAxis is not liable or responsible for any losses caused as a result of decisions based on the article.