Polygon (MATIC) is Ethereum’s handiest answer, Bloomberg’s senior strategist explains why
Bloomberg senior macro strategist Mike McGlone has shared with the general public a contemporary outlook on the crypto market and its newest tendencies. Within the report, McGlone argued, on the subject of Layer 2 options for Ethereum, that no protocol compares to the sort of community effectivity Polygon (MATIC) has dropped at the desk.
The economist cites the truth that Polygon has change into one thing of a beacon for blockchain builders, utilizing cutting-edge zero-knowledge know-how to make sure privateness and velocity of transaction processing.
Ethereum’s largest DeFi platforms corresponding to Aave and Uniswap are migrating to Polygon, and the overall variety of decentralized purposes is greater than thrice that of its nearest L2 competitor and is nearly half that of Ethereum itself, McGlone notes.
With its growth enchantment, Polygon has additionally managed to change into a model of kinds for NFT and Web3, the economist goes on to say. An increasing number of companies from the skin world are keen to dive into the brand new digital financial system, and in the event that they do, it’s extra usually Polygon that gives the springboard for them to take action. As was reported by U.Immediately, Coca-Cola, Reddit, Starbucks, Meta, amongst others, have onboarded on Web3 through Polygon over the previous yr.
Polygon (MATIC) worth motion
The value motion of Polygon’s native token, MATIC, confirms and displays these arguments to some extent. Because the begin of the yr, its worth has risen by greater than 50%, a fifth of which, about 12%, occurred in February. In the meantime, towards Ethereum, MATIC has proven development of virtually 15% because the starting of 2023.