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Saturday, July 2, 2022

Why Polygon Outperformed Major Cryptos Including Bitcoin This Week?

A native cryptocurrency related to polygon, MATIC’s price increased by more than 35 percent during the last week mainly because of 3 reasons. Matic of Polygon seems to be on fire. During the last 7 days, it has managed to gain over 35%. It has also successfully managed to outperform every big cryptocurrency except Uniswap. There appear to be several reasons for MATIC’s strong uptrend. The reasons include the investment of Mark Cuban, the announcement by Google BigQuery, and the rise in hype regarding it. 

Growing Hype And Sentiment Around Polygon!

On 9th February, came the announcement on MATIC to rebrand to Polygon. After that, the integrated Plasma Chain of MATIC and promising projects of metaverse were brought in the company. It provided a layer 1 blockchain network by implementing their plasma chains. The layer was built-in with scaling solutions and other stuff for projects. In February, the team of Polygon announced that they were implementing and offering a Layer 2 Ethereum, Plasma Chains of MATIC, and a complete Plasma implementation. They also offered and implemented a PoS Chain of MATIC, a PoS-secured, EVM-compatible, and a permissionless Ethereum sidechain. 

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The sidechain relies on the strong security of Ethereum for checkpoints and validator staking. The cryptocurrency also onboarded over 80 amazing applications that included EasyFi, Cometh, Skyweaver, Neon District, Aavegotchi, Polymarket, and many more which are getting added almost every day. Following this partnership with MATIC, Polygon has transformed into a primary layer 1 blockchain project. The project is specifically for projects regarding metaverse. The user number has been rising ever since! The overall sentiment of the market has been getting boosted for the projects relating to the blockchain because of the myriad growing fundamentals.

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