Polygon, previously Matic Network, is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Using Polygon, one can create rollup chains, ZK rollup chains, standalone chains or any other kind of infrastructure required by the developer.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system which means an Internet of Blockchains. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc., with the advantages of Ethereum’s security, vibrant ecosystem and openness.
Why is the price appreciating?
An event called the “Consensus 2021” is coming up on the 24th of May, 2021, which they say will “unite professionals across the globe for an immersive virtual experience, Exploring the Evolution of Cryptocurrency.” Investors are anticipating this event with hopes of a special announcement concerning the ongoing “XEND/MATIC Integration” that is expected to be completed in June 2021.
The rise in the price of Polygon can also be linked to the rising popularity of Ethereum. Polygon is a highly scalable Layer 2 Network for Ethereum that drastically reduces transaction fees for users looking to transfer cryptocurrencies.
Polygon has several advantages over other networks in terms of scalability, security and user experience. It is working with many companies on a ton of interesting projects.
Polygon helps solves the problem of high gas fees as it is used by crypto investors to transfer their crypto funds over the Ethereum network, at very little gas fees and a very high speed.
Matic is currently trading $2, up 87% over the last 7 days. It is however down about 25% from its all-time high of $2.68. It is currently ranked #14 with a market capitalization of $13.2 billion.