MATIC has been able to escape the fate of Bitcoin and other cryptocurrencies as most other cryptocurrencies crashed last month. Polygon managed to protect its token from the backlash by repeatedly surging the Ethereum layer 2 scaling solution. The token currently has a ranking of 18 if market rates from Messari are to be believed. The last month saw most of the cryptocurrencies like Bitcoin, Ether, Polkadot, Cardano, and XRP plummeting sharply- as they brought the total market cap down by around 24%.
MATIC Has Been Able To Prevent Itself From Plummeting
MATIC could withstand the worst impacts of this downdraft as the soaring usage of Polygon along with the constant growth in the congestion helped it escape. The high cost that usually troubles the blockchain of Ethereum has come through multiple stages of progress, as stated in a research note published by IntoTheBlock on the 2nd of June.
The current year saw Ethereum fees increasing by around 845% when compared to 2020. As of now, any transaction taking place on the network has an extra cost of $4.819. But, any transaction on the Polygon network has a transfer value of $0.001 on a transfer of $200. This has resulted in most of the DeFi protocols flocking to Polygon- and MATIC by default. This has led to the rise of this sidechain that offers high output in its transactions as well as relatively cheaper costs without letting go of its security features.
The impressive performance of MATIC has proven that the cryptocurrency which is backed by a strong fundamental principle can handle its own against Bitcoin’s price slide. As it stands, this token will keep appreciating in the following months- which can only be prevented by Ethereum seeing a major drop in usages of transaction costs.