Polygon is set to be a major player in the Ethereum (CCC:ETH-USD) scaling business if recent predictions turn out to be true.
Polygon is a scaling solution for Ethereum that allows the cryptocurrency to be traded with lower transaction fees. That thanks to it taking pressure off of other scaling solutions are that getting clogged up by high numbers of trades.
While Polygon still isn’t the biggest of the Ethereum scaling solutions, it’s quickly making up lost ground. The network operates at about a third of what Binance Smart Chain. That’s worth noting as Binance Smart Chain is the largest Ethereum network.
The increasing interest in Polygon comes as more platforms start to accept it. That’s resulted in use rapidly increasing. So much so that it’s seen transactions double. If the network can keep this momentum going, it’s will quickly catch up to other players in the space, reports Crypto Briefing.
Here are the platforms that now offer Polygon.
- Aave
- Curve Finance
- mStable
It’s also worth pointing out that Polygon (CCC:MATIC-USD) offers its own crypto tokens as well. These tokens have been seeing major gains in value alongside the expanded use of the company’s network. As of this writing, the crypto was sitting at 86 cents per token.
So what are the predictions for Polygon? A light estimate says it could reach 98 cents in 2021. However, a more bullish one claims the price could go as high as $1.91.
MATIC is up 12.2% over the last 24 hours as of Thursday morning and is up 627.5% since the start of the year.
Of course, investors in crypto have other options they should look into as well.
There are plenty of cryptocurrencies, and related companies, out there and some of them might perform better than others. A few examples worth looking into are Ethereum, Alchemy, and Bitcoin (CCC:BTC-USD). Investors can see the latest news about these subjects below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.