Ethereum’s network fees have dropped to less than $1 for simple transactions and less than $1 for complex transactions involving different token swaps. Part of the reason for this reduction in network congestion is due to Polygon (Matic), which has recently gained considerable traction.
Polygon (MATIC), earlier known as Matic Network, rose 10x between Mar 2021 and its all-time high in May 2021 before crashing almost 66% in the recent crypto crash starting from May 19, 2021.
Polygon (MATIC) surpasses Binance Smart chain in daily transactions
Matic is a layer 2 scaling solution built on the Ethereum blockchain. It helps speed up transactions made on ethereum based DApps. So, Matic does provide a fundamental value to DApps developers.
According to the Twitter account IftikharPost, an account is created to share knowledge, experience and provide a vision for cryptocurrency traders, MATIC surpasses the Binance Smart chain in daily transactions.
The industry, right now, is possibly more hung-up on Polygon (MATIC) than on any other altcoin at the moment. And, rightly so as MATIC was the only asset to attain close recoveries nears its ATH levels post the 19th May crash. Over the past 3 weeks, however, it has been an endless range of red candles.
MATIC reached close to its ATH back on May 26 and has since been on a consistent downtrend. Within the span of 18 days, the coin’s price dropped by 41.32%, trading at $1.44 at the time of writing.
In addition, iftikharpost also shared about the top 5 Dapps on Polygon, from June 4 – 10 by Unique Active Wallet.
Top 5 Dapps on #PolygonMatic
(4-10 June) – By Unique Active Wallet
1. #quickswap – 54050
2. #sushi – 23440
3. #PolycatFinance – 19680
4. #AAVE – 13990
5. #DFYN – 6890
Source – DappRadar#MATIC #Defi pic.twitter.com/DBo1WQ63mH
— iftikharpost (@iftikharpost) June 13, 2021
Not just that, Polygon at present has the most number of partnerships in the crypto space. It is also working on a wider mission ever since its rebranding.
Matic, according to some analysts, could hence perhaps be the main solution to the Ethereum scaling problem and solve the blockchain trilemma.
Talking about the challenges of Polygon, it may face competition from projects like PolkaDot, Cosmos, or even the much-anticipated Ethereum 2.0 in the future. These projects, once operational, could overshadow Polygon and lead to significant headwinds for further price appreciation. Thus, investors should research important support and resistance levels before taking any fresh positions.
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