The search for undervalued and undiscovered cryptocurrencies
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As the market was plummeting over the last few weeks there was one stand out performer — Polygon. Its price entered the market dip at around $0.81 and increased to a high of $2.62. Whilst Bitcoin was suffering at the hands of the likes of Elon Musk’s attention seeking utterances Polygon was on the receiving end of praise from the likes of Mark Cuban who announced he had bought into the project and was a big supporter.
MATIC is the cryptocurrency that powers the Polygon network which provides a framework for building and connecting blockchains that are supported by Ethereum technology. It aims to provide a cheaper, more secure and streamlined solution for transactions conducted on the Ethereum blockchain. The network provides a side chain to the main Ethereum blockchain.
According to their website, ‘Polygon solves pain points associated with blockchain, like high gas fees and slow speeds without sacrificing security.’
They must be doing something right because the number of apps built on Polygon between January and May has increased eight fold to almost 400.
Projects have been flocking to Polygon’s because it allows them to benefit from the distinct advantages and leadership Ethereum has in the blockchain world whilst allowing them to overcome the weaknesses which Ethereum has been slow to rectify, namely high gas fees and slow processing times.
This article is the penultimate in the series of Crypto Moonshots from various ecosystems from Binance Smart Chain to our current stop, Polygon. View the other articles in the series here.
Last week we launched our spin off podcast Moonshot Monday Q&A. This is a follow up with projects that appeared on our weekly podcast asking them probing questions posed by our community. Listen to the founder of Candela Coin going through his paces here.