Currently, the price of the cryptocurrency Polygon (previously known as Matic) in the market is US $0.8206. However, on the basis of market trends, crypto analysts predict that this may increase to even US $1. So, what is the history behind all of this? Let’s take a sneak peak into the platform that has just started gaining popularity in the market.
What Do You Need to Know About Matic Before it was Polygon?
Matic is a cryptocurrency that first came out in October 2017. It started off as a platform to improve the infrastructure and scalability of Ethereum.
Being one of the biggest cryptocurrencies in the world, Ethereum was going through high gas fees and slow block confirmation. So, in order to achieve mass adoption of the cryptocurrency, Matic stepped forward to resolve the issues.
Matic can carry out 65,000 transactions in one second. It has provided plenty of user-friendly experiences and mobile apps which you can connect to your crypto wallet. Matic has also helped in data transfer across different blockchains.
How Has Matic Grown After Transforming to Polygon?
Now, after transferring to Polygon, it has become a lot more secure and is able to benefit from Ethereum’s network effect as it is based on Ethereum itself.
Polygon can provide Layer 2 solutions such as optimistic roll-ups, ZK roll-ups and many more. Additionally, Polygon SDK supports many solutions like availability of data, shared security services and inter-chain messaging protocols and modules.
This is how Polygon has made Ethereum a full-fledged multi-chain system, leading to increase in the prices for both Ethereum and Polygon. The number of users for Polygon have been increasing, which is leading to an increase in its value. Since Polygon is based on Ethereum, the value of the latter increases automatically.