Polygon (MATIC) continues its breathtaking 2021 bull run, charting gains of 17% on the day and 40% since last week
MATIC, the native token of Layer 2 scaling project Polygon, has attracted attention throughout the 2021 bull market thanks to its rapid rise to both fame and widespread usage. Popular with both regular users, who benefit from low gas fees, and billionaire investors such as Mark Cuban, MATIC has scores of dedicated and loyal followers whose avid buying has pushed the price up significantly.
Continue reading to learn about Polygon, as well as finding out how and where to buy MATIC today.
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What is Polygon?
Polygon is a Layer 2 scaling solution built for the Ethereum blockchain. Ethereum, while still the most popular blockchain for decentralised finance (DeFi) and decentralised apps (dApps), has run into problems this year. Owing to its popularity, the main Ethereum blockchain has become very clogged with transactions, meaning that gas fees have become incredibly high and transactions incredibly slow.
Polygon aims to address this problem, and has gained considerable popularity in doing so. Polygon essentially acts as a “sidechain” for Ethereum, bearing some of the transactional load from DeFi and dApps and bundling transactions together. This means that the main Ethereum chain can process hundreds of transactions at once, with Polygon securing and validating them so that no security measures are sacrificed.
Should I buy MATIC today?
Polygon (MATIC) is one of the coins that looks to have a definite future, meaning that it has plenty of potential as an investment vehicle. Ethereum is likely to face scaling issues for the foreseeable future: these are hoped to be solved by the forthcoming Eth 2.0 upgrade, but this has become notorious for the endless barrage of delays it has faced.
Until the upgrade is implemented, Polygon (which is the most popular scaling sidechain for Ethereum) will be indispensable for DeFi power users and casual dApp fans alike. This will arguably lead to increased demand for MATIC tokens, which could see more price surges like the impressive 40% that was gained this week.