The weekly boom of the MATIC crypto
Ethereum’s popular scaling solution, Polygon (MATIC), was undoubtedly this week’s star performer in the crypto world.
It is a blockchain network that enables faster and cheaper transactions on the Ethereum network using a combination of the Plasma Framework and the Proof-of-Stake (PoS) consensus mechanism.
Launched in 2017, the Polygon network aims to solve the problems of scalability, interoperability and user experience prevalent in the Ethereum ecosystem.
With Ethereum’s current block time of around 13 seconds and transaction fees sometimes reaching exorbitant levels, the Polygon network has become an attractive option for developers and users.
The Crypto and NFT World Prefers Polygon (MATIC)
Polygon (MATIC) has achieved another commercial success by acquiring a large NFT collection from Klaytn, a network affiliated with one of South Korea’s largest business groups and conglomerates, Lotte.
Lotte, South Korea’s fifth largest conglomerate in terms of commercial and financial importance, has decided to transfer its first NFT series to Polygon, which will continue to exist in the next planned editions.
This move by Lotte demonstrates Polygon’s irresistible appeal to the commercial world, especially its high visibility and relevance.
Lotte’s autonomous decision to transfer its collection of NFTs to Polygon will affect already issued NFTs, which include various benefits and advantages for those who own them in various businesses belonging to the Lotte Group.
The timing of the transition is not yet clear, but Polygon confirmed that it has no say in the matter, as it is an autonomous decision by the group.
While this news may not definitively change the fate of the NFT world and the chains and projects that support them, it is a sign of how attractive Polygon is to business groups looking to try their hand at experiences in the Web3 and NFT world.
This has also been evident in the past, with Starbucks and other companies choosing Polygon as their infrastructure.
However, this transition is a blow to Klaytn, who should metaphorically be in his own backyard. It is a sign that in the face of more established groups such as Polygon, resistance is becoming increasingly difficult.
It remains to be seen what will happen when the BellyGom series trades on Polygon, and if more in-depth reports will come out about this move, which is the latest in a clear convergence of the entire industry towards the services offered by this L2 on Ethereum.
The positive week for Polygon (MATIC)
The news that the Polygon platform is enjoying huge success in the crypto world has caused many investors to focus on the original MATIC token.
Currently, the MATIC token is trading at a price of $1.19 with a market capitalization of $10.3 billion. The traded volume is $445.4 million in 24 hours, with an unprecedented supply of 8.7 billion tokens.
These figures make Polygon’s token the fourth most popular cryptocurrency, an extraordinary growth primarily in the last 7 days.
In fact, the last week has seen an increase in the token of around 20% and meanwhile the token continues to grow. The all-time high of $2.92 is still a long way off.
As for 2023, the outlook for the MATIC token is more than positive, which is largely related to the recent news that Polygon is being used by many companies in the industry.
Market analysts predict that during 2023 the token will continue to grow to $2.
More optimistic still are the long-term forecasts, with market analysts believing that Polygon’s token could reach $4, specifically $3.90 by 2025.
They also shift to 2030, where the MATIC token could hover between $5 and $9, nearly tripling its all-time high.
We can safely say that today’s trends and forecasts show that Polygon is a project to invest in. Companies in the crypto world are already aware of it and are investing in the project.
