Why Polygon (MATIC) Is A Good Cryptocurrency To Invest In – hackernoon.com

Polygon (MATIC) is a fast and highly scalable Layer 2 scaling solution for the Ethereum network. It also functions as a platform for building and connecting Ethereum compatible blockchains. Polygon reduces transaction fees on the. Ethereum network, whilst also increasing the speed of transactions drastically. The protocol enables instant transactions which cost a fraction of a penny ($0.002) Polygon's scalability focus is what makes it very attractive for decentralized applications that run on the Ethereum blockchain.Polygon has acquired Zero Knowledge startup Zero Knowledge, the company developed by Polygon, to build their new project - Polygon Zero-Rollup.

Cryptocurrency & Tech Writer.

Ethereum has a scalability problem; as we all know, gas fees can get very expensive, reaching into the hundreds of dollars once the network is overrun with transactions.

Here is where Polygon (MATIC) steps in, allowing users to access Ethereum DApps without having to deal with high gas fees and slow speeds.

This post will look at why Polygon (MATIC) is a promising cryptocurrency that should be considered by any serious investor.

Polygon (MATIC) is a Layer 2 scaling solution for Ethereum. It also functions as a platform for building and connecting Ethereum compatible blockchains networks.

Polygon started out in 2019 as "Matic Network," with its main aim being to scale Ethereum. In 2021 the protocol was rebranded to "Polygon," and its vision expanded to include building and connecting Ethereum compatible blockchains.

Polygon reduces transaction fees on the Ethereum network while also increasing the speed of transactions drastically. The protocol enables instant transactions which cost a fraction of a penny ($0.002).

Polygon's scalability focus is what makes it very attractive for decentralized applications that run on the Ethereum blockchain.

Uniswap, for example, announced that they had deployed Uniswap V3 on Polygon on December 22nd, 2021.

Polygon (MATIC) uses a variety of technologies to create a fast and highly scalable Layer 2 blockchain network:

Polygon's cryptocurrency MATIC is used for the following purposes:

Defi has emerged as a popular utility for the Polygon network due to its very low fees and instant finality. This can bring a lot of adoption to Polygon, as according to Bloomberg, Defi is now an industry worth over $100 Billion.

Combine this with Polygon's ease of use, speed, and affordability, and you have a potential market leader in the making.

To use Defi apps on Polygon, users need to bridge their Ethereum assets to the Polygon network. If you want details on how to do this, I recommend reading this Polygon (MATIC) investment analysis.

Popular DeFi apps on the Polygon network include:

As mentioned earlier in this post, Uniswap V3 has also been deployed on Polygon. This will bring a large number DeFi users to the Polygon ecosystem from Ethereum, where they can take advantage of the drastically lower fees.

Polygon announced on their official blog that they acquired the Zero-Knowledge startup Mir for $400m. The Mir team is joining Polygon and using their technology to build their new project - Polygon Zero, a highly scalable, Ethereum compatible ZK-Rollup.

In my last post about ZK-Rollup cryptocurrencies, we saw how powerful narratives can be for making profits as an investor.

ZK-Rollups are gearing up to be the next big narrative in the cryptocurrency space, and Polygon looks like a great choice for investors in this narrative, and here's why:

Polygon (MATIC) has already positioned itself as a viable scaling solution for Ethereum; adding ZK-Rollups to their arsenal will further increase scalability capacities.

This, in turn, will attract more users to the protocol and increase MATIC's value.

On December 17th, 2021, Polygon announced that they had partnered with Reddit co-founder, Alexis Ohanian to launch a $200 million dollar fund to invest in social media, gaming, and Web 3.0 projects.

Polygon will team with Alexis Ohanians venture firm, Seven Seven Six, to launch the fund. The venture firm's portfolio already includes Sky Mavis, the creators of Axie Infinity.

As well as being a co-founder of Reddit, Alexis Ohanian co-founded Initialized Capital in 2010 and was a seed investor in projects including Coinbase, Patreon, Instacart, and more.

Seven Seven Six will invest in gaming, social media, and Web 3.0 projects that are being built on Polygon.

Having these platforms built on Polygon will massively increase its adoption, especially if one of those projects goes on to become very successful.

If you decide to invest in Polygon (MATIC), I recommend using a cash-based exchange platform like CEX (Available wordwide and the USA) or Bitpanda (Only available in Europe) that allows you to easily buy and sell cryptocurrencies for cash.

If you plan to hold your MATIC for the long term, I recommend getting yourself a Ledger Hardware Wallet too.

Polygon (MATIC) is a good investment choice for any serious investor, the protocol has established itself as a leading Layer 2 scaling solution and is continuously innovating and making new acquisitions.

I hope you enjoyed this story; feel free to check out the useful resources below

CEX ExchangeGood exchange to buy Bitcoin, Ethereum, Polygon (MATIC), Polkadot (DOT), Binance Coin (BNB), and more from anywhere in the world with cash.Available worldwide, including the USA

BitPanda If you live in Europe, one of the best exchanges to buy cryptocurrencies with cash, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and many more. Only available in Europe

Ledger Wallets - Secure, buy and grow your crypto assets with the world's most popular hardware wallet. Buy a Ledger wallet here.

Kucoin - Great exchange where users can trade over 750 different cryptocurrencies, including new, low market cap cryptocurrencies. Available worldwide, INCLUDING the USA.

Binance - Exchange where users can trade over 500 different cryptocurrencies. Available worldwide apart from the US

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