By
Steve Muchoki
April 19th, 2024
Even with the current bearish trends being experienced in the market, Polygon (MATIC) is poised for greater heights.
In the past seven days, Polygon (previously known as MATIC), a multichain scalable Ethereum-based platform has seen a growth rate of over 140%, despite the dwindling fortunes of the other cryptocurrencies, including the ones that have been in the game for a long time.
Current Status of Polygon (MATIC)
Polygon’s growth is perfectly timed when there’s a surge in Decentralized Finance (DeFi). On Monday midnight, the altcoin reached its all-time high at $2.14. Additionally, the token was trading at 22.92% more than it usually does.
In the same time and period that the cryptocurrency has experienced tremendous growth, other cryptocurrencies have continued to experience lower lows, with Bitcoin (BTC) dropping by 18.29% and Ethereum (ETH) declining by 10.49%.
At the time of writing, Bitcoin was trading at $45,283.80. This is a 3.78% gain in 24 hours. At the same time, Ethereum was trading at $3,498.92, a 5.26% gain. When compared to the two cryptocurrencies, Polygon (MATIC) had gained 19.35% than Bitcoin and 17.76% than Ethereum in the same 24-hour period.
Why the Concern
According to the data of DappRadar, over 75,000 active wallet users indulged in Dapps for the top twenty Polygons, with Ethereum layer-2 Polygon thriving the most.
The increased Polygon growth and usage has resulted in a volume of $1 billion. Additionally, tracked the number of Decentralized applications (Dapps) and discovered a substantial increase, from 61 to 99 Dapps. 46 of these Dapps fall under Exchange and DeFi.
The DappRadar report also shows that open source polygon-based DeFi apps are establishing themselves in Ethereum (ETH) and Binance Smart Chain after rebranding. With a combination of speedy and cheaper transactions, Polygon is in great demand and stands to outrank the Ethereum network which is much more costly.
Besides the prevailing high transaction fees, there’s the issue of congestion on the Ethereum network. The emergence of Dogecoin lookalikes (ELON, KISHU, and SHIB) have played a role in driving the transaction fees higher. This only serves to drive customers away as they seek better, cheaper and scalable, alternatives like Polygon (MATIC).
Even with the current bearish trends being experienced in the market, Polygon (MATIC) is poised for greater heights, thanks to the combination of the best traits drawn from the Ethereum network and blockchain to produce a more secure, transparent, cheaper, and faster product, the Polygon (MATIC).