Polygon’s scalability ensured its ascension up the crypto hierarchy in 2021. By breaking a network up into a series of chains, Polygon operates the “Internet of Blockchains.” It also utilizes layer-2 scaling to bypass transactions clogging on a single chain.
The Polygon Network offers exciting functionalities for developers and users alike, which has seen its community snowball into one of the biggest in the crypto space. So how has this fast-growing network performed in recent times?
Recent Developments
While the price of Polygon (MATIC) may have hit a temporary roadblock, the network hasn’t. Polygon has announced that the number of unique addresses on its network has recently hit a new all-time high above 100 million.
The Polygon PoS Chain Unique Addresses Chart. Source: PolygonScan
The Polygon Network is growing in popularity because of its low transaction fees and access to decentralized finance (DeFi) applications. However, early in October, Polygon increased its transaction fees by 30x (from 1 gwei to a minimum of 30 gwei).
While members of the Polygon community had criticized the move, questioning the development team whether any feedback was collected before the move was implemented, co-founder of Polygon, Sandeep Nailwal, stated that the move was necessary to deter spam transactions on the network.
In more community-pleasing news, Amun has announced the launch of the Polygon Ecosystem Index — PECO. This is the first index token designed to track the performance of the top projects on Polygon.
By collaborating with Polygon Foundation and other top projects in the ecosystem, PECO looks to provide an easy and low-cost way to invest in Polygon’s vibrant and growing ecosystem of DeFi and NFT projects.
Polygon has with India’s largest B2B e-marketplace, Agri10x. The partnership will see both heavyweights work together to give a facelift to the agriculture sector.
Polygon Studios has announced a partnership with DraftKings, a leading digital sports entertainment and gaming company. The partnership will see Polygon develop to accelerate the adoption of NFTs and Web 3.0.
Polygon will leverage the expertise DraftKings has acquired in the digital sports sector to introduce a whole new NFT audience to Polygon Studios: Polygon’s gaming and NFT arm, which focuses on bridging the gap between Web 2 and Web 3 gaming.
Future Events
Axion Network, a high-yield interest rate platform for long-term investing, will begin migration to the Polygon Network. Axion announced that beginning October 19 (19:00 UTC), its services will begin to migrate to Polygon.
Klever Exchange has announced that Polygon (MATIC) will be listed on its platform starting October 21. Users will be able to deposit and withdraw MATIC/USDT, MATIC/KLV, MATIC/BTC, and MATIC/USDC.
Klever users can now buy MATIC with a bank card or via ApplePay in KleverWallet. Trading goes live on Klever Exchange on October 26, 2021. The announcement comes just days after MATIC was listed on Upbit, Korea’s largest exchange.
DeFi growth engine Vesper Financeannounced the Beta launch of its integration with the Polygon Network. Users can now interact with Ethereum mainnet and Polygon networks at the Vesper Dev site
Polygon beta launches with support for USDC, DAI, WETH, and WBTC Grow Pools. What is more interesting, though, is upon full integration, Vesper will expand to other EVM chains and Layer-2 networks, such as Avalanche, Arbitrum, or Fantom.
Price Updates
Polygon (MATIC) has not had the best showings in the market, bouncing off a major resistance zone. While MATIC opened for trade on October 18 enviably, gaining 11% in the early hours of the day, the coin hit a major roadblock.
The five-day price chart of Polygon (MATIC). Source: Tradingview
After hitting an intraday high of $1.61, MATIC lost over 7%. MATIC now trades at $1.4889. Polygon is ranked as the 21st largest crypto, holding a market cap of $10.007 billion.
On The Flipside
- Polygon has been outperformed by other projects, including the likes of Stellar
- In September, Polygon ranked as the 18th largest project but has now dropped off the top 20 crypto projects
Community
Polygon has one of the most prominent and active community bases in the cryptocurrency universe, with 608K followers on Twitter and a boisterous presence on other social media platforms.
Polygon is building an ecosystem that provides almost all the crypto services including its recent venture into the NFT space. This has helped in building one of the most community-involved crypto projects. @MihailoBjelic sent out an appreciation post after Polygon hit a new milestone.
Polygon community members are also bullish about the future of the network. @cryptoMaxi420 wrote about Polygon Network:
Another Twitter user, @safari_mahmud,
@__salil_naik__ good news about the management of Polygon Network:
Why You Should Care?
Polygon solves one of the major problems that has plagued the Ethereum blockchain since its launch, scaling. In addition, Polygon has taken an extensive approach towards ecosystem growth. This could set up the project for massive growth in the future.
