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Ethereum’s Polygon will be Web3 king – This is why MATIC should be in your portfolio for longterm profits

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10
Nov
  • The Polygon network has proved ideal for over 37k decentralized applications seeking to scale their performance on layer 1 blockchains.
  • The Polygon network has a team of dedicated developers actively building the infrastructure for scaling solutions.

The Ethereum (ETH ) ecosystem is the undisputed king of smart contracts and no doubt that its leading scaling solution, Polygon, will be part of its future success. Despite the increased competition from other layer 1 smart contract blockchains, Ethereum has managed to retain its position. Consequently, Polygon (MATIC) has enjoyed bullish sentiments from most market strategists, traders, and analysts.

Moreover, Polygon (MATIC) has amassed over 135 million unique addresses and takes pride in 145k+ contract creators, according to data from the company’s website. Notably, the Polygon chain is secured by 100 active validators, on top of enjoying security from Ethereum’s network. As such, over 4 billion out of 10 billion MATIC have been staked for active farming.

According to the latest crypto price oracles, Polygon (MATIC) is up 32 percent in the past 24 hours to trade at around $1.08. In relation to Bitcoin price, Polygon (MATIC) has a market capitalization of around 244,442 BTC and a daily traded volume of approximately 60,738 BTC, according to metrics.

The Polygon network has proved efficient for over 37k decentralized applications seeking to scale their performance on layer 1 blockchains.

Polygon (MATIC) and future growth prospects

The Polygon network has a team of dedicated developers actively building the infrastructure for scaling solutions. Among the scaling product suite that Polygon offers include Polygon PoS, zkEVM, Polygon Avail, Polygon Edge, Polygon Nightfall, Polygon Miden, Polygon Zero, and Polygon Supernets.

Notably, some scaling products developed by Polygon developers are live, while others are either in development or in public testnet modes. As such, the future of Polygon is promising from a fundamental standpoint. Moreover, the Ethereum network is in development mode, with more upgrades scheduled in the coming years.

Notably, Polygon developers have focused on the fastest components of computer hardware in a bid to scale the Ethereum network, which is marred with network congestion.

From the financial statements, Polygon has key institutional customers, including Starbucks (SBUX), NuBank, Reddit, DraftKings (DKNG), Robinhood Markets (HOOD), and Facebook parent Meta Platforms’ (META) Instagram. 

“This has put Polygon in the unique position to be the Web3 on-ramp for millions of users, …… The market has started rewarding it for building through the bear market,” analysts Gautam Chhugani and Manas Agrawal from Bernstein wrote.

From a technical standpoint, the MATIC token has been on a rising trajectory since hitting its rock bottom in June. As such, the token has a high probability of attaining a new ATH and scaling further. Being a crypto project with real case utility, Polygon (MATIC) gained approximately 33876.8 percent from its ATL three years ago.

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