The Golden run of Made-in-India crypto token Matic

The Golden run of Made-in-India crypto token Matic

                                                                                                                       

Matic, a Made-in-India crypto token, has taken off exponentially. It has grown by more than 8,000 percent in the last year, virtually unscathed by the current crypto market crisis. Matic has increased by over 90% in the previous 14 days, whereas bitcoin and ether have decreased by roughly 30% and 35%, respectively, in the same time frame. Matic is one of the top 15 cryptocurrencies in the world today. The total market capitalization is estimated at approximately $11 billion.

Polygon, formerly Matic Network, was founded in 2017 by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun, three Indian software developers. Later, Serbian Mihailo Bjelic was added as a co-founder. Polygon is the first well-structured, user-friendly ethereum scaling and infrastructure development platform. The startup wants to make the current decentralised ecosystem more usable and convenient to the users.

The Ethereum foundation layer, which Polygon employs, has been chastised for its excessive transaction fees. With the support of layer 2 scaling projects like Polygon, which can expand the platform's user base, decentralised finance (DeFi) protocols can overcome Ethereum's high transaction costs.

Polygon seeks to address issues with blockchains such as high gas costs and poor performance while maintaining security. The demand for layer 2 scaling solutions is drawing capital inflows, which has fueled the token's golden run. Matic tokens are used to help drive network development and can be staked and used to pay transaction fees. Users can donate their computing resources and services to the Polygon network to earn the tokens.

Polygon's eponymous protocol is used by developers to make Ethereum transactions cheaper and faster. There are about 7,000 decentralised applications, or Dapps, on the platform. It is the world's largest platform, with over 130 million unique users and over 3 million daily transactions. Polygon earned $450 million in February from Sequoia Capital India and other investors by selling its Matic coin.

Polygon has announced that it has joined Mark Cuban's portfolio of companies. Mark Cuban, a billionaire investor located in the United States, has invested in Polygon. According to Forbes, Cuban has a net worth of $4.4 billion, including assets in over 100 firms. He is well-known for being a strong proponent of cryptocurrencies. Cuban is particularly fond of ether and dogecoin and has always backed them.

Sandeep Nailwal, the co-founder of Polygon, a layer 2 Ethereum scaling solution based in India, has announced that Mark Cuban has invested in the company.

"We've talked to a lot of investors, but the conversation with Mark Cuban was genuinely incredible. It was incredible to know that he was already thinking about and asking those questions about the complexities of the industry, the technology, and adoption that we had figured out after months of hard work," Nailwal added, without disclosing the details of the sale.

Meanwhile, Polygon is anticipated to benefit from Cuban's assistance. According to reports, the owner of the National Basketball Association's (NBA) Dallas Mavericks is integrating Polygon with Lazy.com, which allows people to easily display non-fungible tokens (NFTs).

Experts are optimistic about the token in 2022 and beyond. They see a very bright future for the token with ongoing developments happening within the Matic ecosystem. Crypto market analysts are hopeful that in the overall scenario, Matic could scale new heights.