This coin has given a return of 10000 percent in the last 1 year Its market cap has reached 10 billion dollars and this coin comes in the top 15 cryptocurrencies. Because of this coin, the founder of this coin has become the first crypto billionaire of India. This is India’s biggest crypto project I am talking about Polygon Matic. Its market cap in February was $200 million, but now its market is said to be $10 billion.
It also has a team member of Serial Bitcoin on its advisory board. Its founder is quite knowledgeable in the cryptocurrency field and he also headed the India Crypto covid-19 Fund. In which Ethereum founder Vitalik donated Shiba Inu. It was started in 2017 and has four co-founders out of which three are Indian. And after 2017 he raised $5.6 million by listing the coin on Binance And then in 2020, there was a movement in its price.
Because Ethereum’s gas fees were getting too expensive for investors and developers So people were shifting from Ethereum to Matic, so the price changed from there. Then he changed its name in February 2021, rebranded it, and increased the scope of work. So after this, you can see that its price is moving in the upward movement itself.
Even when the market crash happened in May, this coin recovered quickly. And when the market crash happened in June, it started recovering again. Today its price is running near 98 -99. This coin is backed by Mark Cuban who is a Billionaire He has started accepting bitcoin in his own app Maverick. At a recent event, Mark Cuban said that if there is any coin that is competing against Bitcoin and Ethereum, it is Polygon Matic.
So since they did the rebranding, there is some news coming every month. Collaboration, Investment, Partnership, and Mark Cuban invested in this coin on May 25 and around that, they partnered with Google. They partnered with bitquery cloud services.
Infosys, Trace Network, Kyber have also announced a partnership with them for DEFI, NFT Sushi swap, Ave, and other Defi projects have been building on this platform. And the Indian government took the help of Polygon for scaling the covid data So its name is Polygon and its platform is Matic, so if you search by name Matic on the coin switch app then you will get it and you can go there and check the chart too.
So now we check their website, they have written on the website that it is Ethereum internet of blockchain which is a layer two solution. What is Ethereum? Ethereum is an open-source blockchain with smart control functionality Which was started in 2015 Ethereum’s blockchain is used by developers to operate or build decentralized apps. But there are some issues due to which people and developers are shifting to Matic. What is the issue like high gas fee, takes time in the transaction and scalability.
So solving this is Matic Polygon There can be 15 transactions per second on Ethereum but 65000 transactions per second on Polygon. This is the biggest reason people are shifting from Ethereum to Polygon and the second reason is the high gas fees. Ethereum gas fees are now starting to drop And Ethereum is bringing eth 2.0 in its solution but it may take 2 years for it to arrive It takes 102 seconds for a polygon to be a transaction, so you can easily operate or develop your decentralized application on it More than 400 apps have been created on Already Polygon and more than 80 projects have been completed.
76 million transactions have been completed and more than 8 lakh users have come 2.4 million transactions are happening on Ethereum but 7.4 million per Day on Matic Talking about revenue, it is 10000 dollars per day for Matic. Ethereum has more than 500000 dollars per day Developers are shifting from Ethereum to Matic as gas fees are higher and transaction time is more Active Sushi Swap Wallet is 4000 on Ethereum as of June 13th and 15000 on Polygon As of June 10, Polygon on AVE has six billion trading volumes, compared to only 2.4 billion for Ethereum.
You can also build decentralized apps with Polygon’s blockchain Defi, Nft, and use it for gaming. But its competitor is eth 2.0 which may take 1 to 2 years to launch. Apart from this, Polka Dot and Cosmos are also in their competition. How Crypto Price Moves Upside or Downside | One is because of the buzz-like meme that happened with coins. Second, if any news comes about the partnership and collaboration, then because of this it moves.
So Matic is fundamentally a very strong cryptocurrency I haven’t heard anything negative about it till today. It is a very strong cryptocurrency but it has eth 2.0 also polka-dot and also cosmos in its competition So now it has to be seen where its price goes now and now it has maintained its price well.
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