08 December 2021 | ZebPay Trade-Desk
Polygon, formerly known as Matic, is a systematic and easy-to-use platform designed to scale and grow Ethereum infrastructure. Popularly referred to as the “Ethereum Internet”, it is a blockchain-scale platform that originated in India. It was created to overcome the obstacles of the Ethereum blockchain, namely low transactions per second (TPS), high fees, and better user experience. Polygon ranks as the 14th largest cryptocurrency by market cap and the fastest growing in the crypto space.
Polygon (MATIC) Snapshot (at the time of writing):
24 HR Volume
All Time High/Low
ROI (from ICO)
Script in Circulation
Polygon was launched back in October 2017 when it was called Matic Network. Prior to moving to their own network in 2019, the Matic Network team made a huge contribution to the Ethereum ecosystem. The Polygon team worked on running the WalletConnect protocol, Plasma MVP, and the widely used Dagger event notification engine on Ethereum. On February 9, 2021, MATIC announced that it would rename itself POLYGON with the aim of achieving worldwide recognition. They broadened their reach and vision by updating the system by bringing in metaverse designs and integrating the Matic Plasma chain. Its focus now includes providing separate blockchains that can exchange information and value for free.
Polygon has grown very rapidly, as has the value and market capitalization of its native Matic token. There are several reasons behind this substantial increase in Polygon. The growing fanfare around Polygon is due to investor interest in it. Includes the announcement of Polygon’s partnership with the consultancy wing of Infosys. The collaboration is called “Msetu” and will serve as an open source bridge for companies to operate through Ethereum. Another big step forward for Polygon came on May 29 when it announced that it had completed a project to integrate Google Cloud BigQuery with Google by including them in the 1TB offering. That’s a great one. New to BigQuery users, as they can query Polygon and gain access to different blockchain-related datasets on its network. Probably the biggest publicity Polygon received was when billionaire investor Mark Cuban revealed that he had invested in it and is visible in his company’s portfolio on their website. This acted as a catalyst and Polygon’s growth increased several times.
Price (US $)
MoM ROI (%)
Volume ($ BN)
From the table above, we can see that the price of the token was constant until 2021.During this time, the asset was in its initial stage, since its launch, and therefore had not yet proven its usefulness in the crypto ecosystem. As the asset began to mature and gain attraction from the investors and traders, it started to gain momentum towards the end of 2020.It has grown by around 7366% since january. This was around the time that Matic Network rebranded itself. Polygon and incorporated a new set of goals and objectives, as well as significant investments in the protocol. With Coinbase and Binance, the two big names in the crypto space that support it, Polygon has been on the rise since the start of January. With Polygon offering lower fees and faster transactions, Etheruem’s network congestion is contributing to this and proof of stake attracts delegates, its price would rise further. Polygon’s MATIC rallied last week due to the implementation of Miden, a ZK-rollup solution which will facilitate scaling of the Polygon Network with Zero Knowledge proof (ZK). The volume had faced some volatility due to different fundamental reasons but has picked up very well in the last quarter of 2021. The volume of the token has swelled by about 8079% since january.
Ever Since MATIC was rebranded as Polygon, It has outperformed other prominent tokens like Bitcoin and ETH. The Average Prices have jumped about 37% since last quarter. The surge in market capitalization has made Polygon rank among top 15 cryptocurrencies. Along with Price Average Volume and market cap have also climbed around 50% and 112% respectively.
Market Cap ($,BN)
Polygon’s Matic token has an outstanding supply of 10 billion of which over 23% has been released and by the end of December 2022 all tokens will be in circulation. The growth in market capitalization of assets is phenomenal. Its growth has been so much faster than the prominent assets like ETH and BTC and the growth rate is double. Even compared to other projects which are providing layer 2 scaling solutions in the Ethereum network like OMG, LRC, CELR it is the oldest and the only one with an upwards trend in terms of market capitalization accelerating forward. OMG is non custodial layer 2 scaling solution on the Ethereum blockchain, it facilitates a faster and cheaper transaction via a side chain architecture to group up many transactions off chain into a batch which then can be verified on the Eth root chain as one. OMG token growth has been great despite negative trends in certain quarters owing to market crash and other fundamental reasons. LRC is the native token of Loopring which is an open protocol created for building of decentralized crypto exchanges using hybrid solutions to make ethereum transactions more efficient. It launched in August 2017 but only came to limelight recently due to its upward rally. CELR is an ERC-20 token created on the Ethereum blockchain used to manage the cEconomy providing quick swift simple and safe off chain transaction for smart contracts as well as transactions. Created in 2018 the token has seen quite an up down in the last 5 quarters but holding strong now ranking 150 in terms of market capitalization.
Matic token currently ranks 14th in terms of market capitalization. Which is astoundingly well for a young asset like it. But the founders want to make it the 3rd largest crypto project just behind Bitcoin and Ethereum. As seen above it has grown by a huge amount in just a year. Compared with the top assets such as Eth the growth of Matic is simply massive plus the acceptance. And with its other altcoins siblings of Ethereum layer 2 it’s rising fast and overtaking everyone of its league now the top coin. With tokens released each month, that would attract a lot more market share in the coming days.
Polygon, an Indian cryptocurrency, spread its wings and took off. Last year only, the network has also partnered with various governments on blockchain-based scale-up projects for COVID19-related data. Polygon’s scaling solutions have been used by more than 400 applications, 76 million transactions and nearly 790,000 unique users. The $ Matic token is listed on various major cryptocurrency exchanges, including ZebPay. And recently, ZebPay is also providing over 6% of interest rate on our lending platform. Polygon is involved in some of the innovative and new age creations of Crypto such as DeFi, DApps, DAO and NFT. It experienced a benchmark rally last week due to the new upgrade Miden scaling the network with zero knowledge proof (ZK). It also acquired Hermez Network, a sibling of the same in August which facilitated the upgrade. This zero knowledge solution is going to help in verifying data privately without revelation to a third party. All crypto experts should keep an eye out for this resource. It can bring surprising changes to the existing infrastructure and more love and popularity for altcoins.
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