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Polygon could help the Ethereum blockchain to achieve up to 65,535 transactions per block.
Polygon (MATIC) price jumped over 32% today and was trading at around $0.4927 at the time of reporting according to metrics provided by CoinGecko. The sudden spike in MATIC in the past few months has been attributed to a high rate in its blockchain adoption by major decentralized financial platforms including SushiSwap, Aave, Curve Finance, and Open Sea.
Polygon Network, previously known as the Matic Network, aims to revolutionize the Ethereum ecosystem by introducing low transaction fees and higher throughput. More and more decentralized applications are joining the polygon network to tap on the fast-growing Defi market. Moreover, the implementation of Ethereum 2.0 and also layer 2 scaling solutions has been delayed amid increased Eth transaction fees.
According to Lark Davis, a popular cryptocurrency investor in Twitter, the total value locked on Aave on the Polygon protocol is around $1 billion. Hereby concluding that the MATIC coin is significantly undervalued.
Notably, MATIC had a reported market capitalization of approximately $2.57 billion according to CoinGecko. Additionally, the asset reported a daily trading volume of approximately $1.38 billion. There are 5,210,408,130 units of MATIC in circulating supply out of $10 billion.
Key statistics provided by Defipulse indicate the total value locked in Polygon in the past 24-hours stands at $845.5 million, up over 29% in the past 24-hours.
Polygon (MATIC) Network Growth and Its Coin Market Price
The Polygon Network is developed to help the Ethereum blockchain scale maintaining the security aspect among others. According to the developers, Polygon could help Ethereum blockchain achieve up to 65,535 transactions per block, theoretically. This is a huge improvement that could help the Ethereum ecosystem compete with other smart contract and Defi-oriented projects including Tron Foundation, and Binance Smart Chain.
Using Polygon Network, anyone can create optimistic rollup chains, ZK rollup chains, stand-alone chains or any other kind of infra required by the developer. The $MATIC token plays a vital role in the polygon network, primarily by enabling decentralized governance and also securing the system.
As a result of more integration of Polygon Network by major decentralized financial platforms, the $MATIC tokens gain more utility value, which in turn reciprocates to the rise in market price.
According to CoinGecko, $MATIC toke is up over 3185% in the past year through Monday. Besides, the asset has added approximately 47.1%, 34.7%, and 35.9% in the past 30-days, 14-days, and one week respectively. Ranked position 53 in terms of market capitalization, Polygon is set to significantly benefit from the cryptocurrency adoption, particularly Defi projects running on Ethereum. Furthermore, decentralized exchanges running on Ethereum blockchain are opting for the polygon Rollups to clear huge backlogs and reduce transaction fees.