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A Look at Why Polygon is Defying Bearish Market, Keeps Soaring
Even as cryptocurrencies with larger market caps continue to tumble, MATIC (Polygon) Ethereum’s multichain scalability platform has skyrocketed. In a seven-day trailing period, it has grown by nearly 145%.
The platform’s surge is taking place in the backdrop of a resurgence of the Defi sector. By midnight on Monday, the coin had attained a record high of $2.14.
MATIC Gains Over BTC and ETH
At the time of going to press, Polygon’s token was trading at $2.04. The price represented a 22.92% jump in 24 hours.
As Bitcoin (BTC) shaved off 18.29% and Ethereum (ETH) fell 10.49% over a seven-day trailing period, the crypto has pushed up 145.39%.
It is important to note that by publication time, BTC gained 3.79% to trade at $45,283.89 in 24 hours. Similarly, ETH shot up by 5.26% to exchange at $3,498.94.
At the same time, MATIC traded 19.35% against BTC. Again it traded 17.77% above ETH.
Polygon’s $1Billion Growth
Quoting data from DappRadar, Cointelegraph affirms that Polygon grew its active user wallets by 75,000 in one week’s span.
Resulting from this increased usage, the platform expanded its volumes by $1 billion. Additionally, Polygon has seen a rise in the Dapps that it’s tracking from 61 to 93.
DappRadar further states that Polygon-built Open source DeFi apps are finding adoption on other chains, for example, Binance Smart Chain and Ethereum. Rebranding and minor tweaking enable their deployment.
Polygon’s boon arises from the demand for its faster and affordable transaction offerings. Ethereum’s higher gas fees per transaction are pushing this demand.
Riding On Dogecoin Clones’ Popularity
The popularity of Dogecoin (DOGE) clones, including SHIBA INU (SHIB) and Dogelon Mars (ELON), has worsened the congestion and increased the fee that ETH charges. MATIC continues to gain from this situation.
The upturn in the DeFi sector has buttressed both AAVE (AAVE) and Celo, the mobile DeFi platform. Both have registered positive gains in the week.
Since adapting Polygon, AAVE’s price has shot to an all-time high buoyed by increased activity in its network. So far, the coin’s gains in the year have jumped over 700%. It is the world’s second-largest DeFi platform and the 23rd biggest crypto.
30 Minute Dapps Scaling
Designed as a protocol and framework for the deployment of Ethereum compatible blockchains, Polygon allows for half an hour scaling of Dapps. Besides lower gas fees and faster transaction times, it prides itself in providing an interoperability medium that is secure and open.