The cryptocurrency Polygon which is also known as Matic has gained more than 30 % on 12 May 2021 in a 24-hour cycle. The Matic crypto had gained from a low of USD 0.85 to a high of USD 1.2. The cryptocurrency has seen a major growth in the year 2021. Let’s look at what exactly is this Polygon crypto and Is polygon crypto a good investment or not?
What is Polygon?
Polygon is a framework or more of a protocol for building and connecting the blockchain networks which are compatible with Ethereum connections. It is an open-source technology that will help the developers with certain tools that will help them to ready the network and deploy them or a secure sidechain that will help to leverage the security of the Ethereum network through smart contracts.
Matic Network is a cryptocurrency that is used to power the transactions and to pay the fees on the Matic network. Matic had recently merged with Polygon where the Matic Network got rebranded as Polygon.
About The Polygon crypto
The Polygon crypto was launched during the year October 2017 under the name Matic Network. It was formed by a team that had contributed to a number of projects that were associated with the Ethereum ecosystem.
In February 2021 the Polygon (Matic) had rebranded from the name Matic Network. During the time of rebranding, the token had seen a surge in its price from USD 0.0175 to USD 0.446 as of 12 March 2021. The crypto saw an increase of around 2,548 %.
Reason for the Rise in price and Further use of Polygon
The rise in the price of Polygon or Matic Network is due to the rise in the price of Ethereum. Matic Network or Polygon is a highly scalable network that will help the users who are looking to transfer the cryptocurrencies at a very low transaction fee.
The crypto and their network have a lot of advantages which include scalability, user experience and security. You can check the website of Polygon as they are working with a lot of companies and also undertaken a lot of interesting projects.
Matic Network is mainly used by the people in order to transfer their crypto funds through the Ethereum network at a very high speed and little expense. Since the Ethereum network is usually at its peak transferring crypto directly through the Ethereum takes a lot of time and is really expensive.
This is the major reason why people use Polygon instead of Ethereum which will help them transfer their crypto assets to the Ethereum chain without worrying about the expensive fee or the long duration. As the price of Ethereum increases the network of Ethereum becomes more congested and hence people shift to Polygon.
These are the major factors for the rise in the price of Polygon and the experts believe that Polygon has a huge potential to grow in the near future.
Should You Invest in Polygon?
Investing in Polygon again depends on your risk appetite. Like any other cryptocurrency, you should be investing the money you are ready to lose so that your emotions don’t play a role.
However, the experts believe that as the decentralized finance industry, cryptocurrency is gaining traction in the recent years, it is believed that tokens such as Polygon will have an increased demand in the future. This is because a lot of users would opt for a faster and much cheaper option to transfer the cryptocurrency funds.
What is Polygon Coin?
Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a multichain scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum.
What is Matic network?
Matic Network is a blockchain scalability platform which provides secure, scalable and instant transactions.
Where can I buy a crypto polygon?
Polygon Crypto is available on major exchanges including Binance and Coinbase.
Polygon is more like an alternative for the Ethereum network and the investors have started preferring it because of its advantages and scalability options. The Polygon token would be a crypto to be watched out for in the coming years.