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Polygon wants to be the platform for big brands to develop their own Web3 strategies. It's already got companies like Adidas and Prada experimenting with NFTs on its network. Nailwal says not all corporations are sold on crypto yet, but NFTs have been easier for them to digest. What is polygon crypto Speculating on the future of such a unique layer-2 project as Polygon is challenging. One way of approaching this is by looking at the race for the best interoperability solution in the cryptocurrency space. The Polygon network’s biggest rivals are Cosmos Network’s Stargate and Polkadot. Polygon gained significant attention recently because its native currency, MATIC, outperformed most major coins during May’s market crash and again this week when most of the crypto market tumbled.
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In conclusion, the Polygon blockchain is a Layer-2 scaling solution for Ethereum that aims to improve transaction speed and reduce gas fees. It offers a multi-chain ecosystem of interconnected blockchains that support various consensus mechanisms which help to interact with each other through Polygon's inter-chain communication protocols. Developers can deploy smart contracts and dApps on Polygon using Ethereum-compatible tools and frameworks. Polygon has its own cryptocurrency, called MATIC, which is used used to govern and secure the Polygon network and to pay network transaction fees, staking, and more. As part of Polygon's updated roadmap, the new POL token will replace the MATIC token as the ecosystem's primary coordination tool. At the time of writing, Polygon's PoS chain possesses more than 172 million unique addresses, has more than 300,000 active addresses, and processes well over 2 million transactions a day. Daily transactions peaked in June 2021, with more than 9 million transactions. According to DeFiLlama, Polygon's PoS sidechain features 310 DeFi protocols and has a TVL (Total Value Locked) of $1.3 billion, making it the fifth largest ecosystem. Nansen provides sleek visualized data of Polygon's usage: Nansen's Polygon Dashboard.
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MATIC has been one of the most profitable cryptocurrencies of 2021, starting the year at $0.0178 on the 1st of January 2021, rallying to an all-time high of $2.62 on May 18 and therefore generating more interest among crypto investors. Coinpedia ventured a prediction that MATIC prices could rally as high as US$50 in the next five years if everything goes well for the network. Best Crypto Exchanges and Apps September 2023 Https://www.quora.com
Polygon cryptocurrency
Polygon utilizes Proof of Stake to scale the development of applications on Polygon Network. This helps Polygon achieve unprecedented transaction speed and cost savings by utilizing side-chains for transaction processing. Trading & brokers © 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy