Through his tweet today, Messari analyst Tom Dunleavy singled out Polygon as a top-performing crypto asset and further described traits that set the cryptocurrency for further growth.
The Rise Of Polygon In Business Use Cases
Dunleavy first said the huge number of daily active users on Polygon is a demonstration that the Ethereum layer-2 scaling network continues going from strength to strength. The analyst said approximately 90% or more of the token distribution is unlocked or distributed in Polygon contracts, with a fraction of MATIC burnt gradually over time. Such token burning helps to increase the price of the tokens in circulation.
Dunleavy further recognized Polygon as the crypto industry leader in zero-knowledge and optimistic roll-ups. He pointed out that Polygon zkEVM harnesses the power of advanced cryptography called zero-knowledge proofs, which enables it to work seamlessly with all existing wallets, smart contracts, and developer tools.
Ethereum’s transaction capacity is known to be lower than rival blockchains like Tezos and Solana, and its high gas fees make it quite expensive for various use cases. Polygon zkEVM helps to boost Ethereum’s network’s capabilities, thus allowing users to transact cheaply and rapidly without compromising the network’s essential security guarantees.
Dunleavy also talked about the Decentralized Social (DeSo) on Polygon, which is seen through the presence of the Lens Protocol – a decentralized social graph that developers use to develop social dApps, and users leverage to take control of ownership of their assets.
Lastly, Dunleavy described Polygon as a utilitarian platform that is widely used in network operations and widespread applications. Polygon has continued partnerships with institutions like Stripe, Instagram, and Adobe, among others, to develop innovative solutions. Today, the Polygon network supports more than 53,000 dApps (decentralized apps). Several major Web 3.0 projects, like Opensea, Aave, Uniswap, and others, are on the network to offer services to their users.
Polygon’s success is also based on its partnership deals to raise investment funds. Last year, the firm struck a massive deal in which it raised $450 million from a variety of investment firms.
MATIC Price Action
MATIC fared much better than several other digital assets during the bear market witnessed last year. Instead of dropping its value, the token managed to retain some key support levels and started surging again. Such an uptick was due to large-scale partnerships (with firms like Coca-Cola, Disney, and others) the token announced last year, as well as the increasing adoption of its layer-2 scaling solutions.
Since the beginning of this year, MATIC has experienced an impressive turnaround, soaring its value by about 55.29%. MATIC is currently trading at $1.18, up 1.05% in the last 24 hours, with a trading volume of $501 million. With a market cap of $10.2 billion, MATIC is ranked 10th among cryptocurrencies listed on Coinmarketcap.
Featured image from Shutterstock, Chart from TradingView
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