An analysis of the current state of Polygon(MATIC)
There are only two days left to register for the CremepieSwap Whitelist. Many of you may be on the fence about deciding if you should participate. CremepieSwap will be developed on the Polygon(MATIC) network. If you’re hesitant because of the unfamiliarity of the platform, this brief analysis will give you a general idea of the current state of Polygon.
What is happening in the market today
The recent slump of the cryptocurrency market has left some altcoins in the gutter. Tossed away and immediately abandoned from the slightest hint of a downward trend. The analysis of the market by investors has seen plenty of predictions for the next coming months. The reality, however, is that no matter the number of statistics and graphs we evaluate, the future of the crypto market is never certain. What we can do, however, is look to the past.
It has been evidently clear in the last few years that cryptocurrencies are more than just a fun weekend hobby for the regular trader. The practicality of blockchain technology may just bring us into the next revolutionary industry, and the blockchain networks that will take us there are the ones that provide legitimate use cases.
History of Polygon(MATIC)
Founded in India and rebranded into Polygon in February of this year, Polygon had provided Ethereum scaling solutions since 2017 as a secondary layer.
The early solution at the time called Plasma allowed for offloading on the congested Ethereum network.
“We were among the top Plasma teams in 2018, then the industry hype moved somewhere else,” It keeps on moving.” — Sandeep Nailwal (COO of Polygon)
Rollup technology was adopted by the Polygon team recently since many Defi projects on the Ethereum network have preferred this layer 2 solution.
Rollups are a verification technology for transactions that operate on an off-chain to then re-publish back onto the main channel. They have been the favored solution in recent Ethereum scaling products. The result of this has seen cheaper and quicker transactions.
What makes Polygon(MATIC) special?
Although Polygon has been one of the market leaders in scaling and layer 2 technology, there are plenty of other competitors who have been active in the space for just as long. The difference however is Polygon’s ease of use and multitude of choices for developers on their platform.
“If you take Amazon Web Services, they allow developers to choose between Linux, Windows, and other kinds of servers. You’re free to choose. We wanted to do the same for decentralized, execution platforms” — Sandeep Nailwal
Price analysis and publicity
Prior to the rebranding, Matic had struggled to move past the $0.03 price point however, it soared to around $0.9 in April of 2021. The all-time high of Polygon was reached on May the 18th at a staggering $2.68. The increase in price was a matter of the general market trend and constant bullish Polygon news.
Since the recent market dip, Polygon has been sitting between $1.04 — $1.38 in the last few weeks.
Plenty of publicity had also boosted the price of Polygon, most notably Mark Cuban, who has stated he is invested in Polygon and has expressed his thoughts on the company a number of times.
“It’s fast, it works well, and most importantly, their user base is growing exponentially.” — Mark Cuban
Polygon has been expanding in recent months. It’s clear to see from past performance that dramatic upgrades and expansions for use cases will continue to push the project further along, regardless of price forecast and general market movement.
