Polygon aims to boost the appeal of the Ethereum platform by providing a Layer-2 scaling solution. The developers that require a safe and convenient platform to create scalable decentralised apps (dApps) are the target audience for this solution. The native token of Polygon, MATIC, is used throughout the network and is essential to many different elements of the system.
The Polygon price (its native coin MATIC) corrected about 30% last year despite recent roadmap upgrades and revisions, starting the year off by trading in the $0.7 to $0.8 region. However, it has subsequently maintained a positive upward trend this year. But, how Could Polygon (MATIC) Be The Next Ethereum of 2023? Continue reading to discover more.
What Makes Polygon the Next Rising Cryptocurrency?
Built on top of Ethereum, Polygon is a Layer 2 scaling solution or generally a sidechain. It aids in the processing of numerous transactions for Ethereum and, following processing, bundles and sends transactions to Ethereum's Blockchain. The key advantages of Polygon are shorter transaction times and lower fees.
The integration of Polygon with Ethereum to reduce fees and transaction times is a big deal for Polygon, as Ethereum is the second-largest cryptocurrency in the world. Prior to Polygon, the Ethereum Blockchain was extremely sluggish and had hefty fees, which annoyed developers and consumers.
Ethereum and Polygon have a mutually beneficial relationship. Ethereum's expensive fees and lengthy transaction times were preventing developers and users from using it.
Nevertheless, they may now make use of Ethereum's many uses in a more timely and cost-effective manner by leveraging Polygon. It will be more advantageous for Polygon if more people and businesses begin to use it.
How Does Polygon Impact Businesses?
Currently, Polygon is drawing large corporations for business alliances. Many businesses have partnered with Polygon for their Blockchain projects.
Some of the well-known brands in Polygon's basket are Meta, Disney, Starbucks, Mastercard, Nike, and Coca-Cola. The success of Polygon might be gathered from all these significant relationships.
How Could Polygon (MATIC) Be The Next Ethereum of 2023?
Polygon stands out from the rest of the cryptocurrency market due to its close connection to the Ethereum network. The Polygon Network is a quick, cheap, and effective scaling solution for the Ethereum blockchain, and it has revolutionised decentralised finance (DeFi) and NFTs. Access to NFTs, some of which are based on polygons, has been sped up and made simpler.
The user base of Polygon will grow as more individuals engage with DeFi and NFTs because of its low transaction fees. As institutions start constructing L2 networks like Polygon, onboarding will increase.
Additionally, Polygon is now experiencing the least damage from the bear market. And now is a better moment to invest in this fantastic initiative in order to reap long-term rewards from its expansion.
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