Polygon (CCC:MATIC-USD) is among the many few cryptocurrencies which have carried out comparatively properly through the latest crypto stoop.
Beforehand often called the MATIC Community, Polygon has exhibited real-world utility for its customers with promising options down the highway.
It has the potential to face out amid an ocean of underwhelming altcoins.
The Indian-based crypto was founded back in 2017 with a core mission of fixing vital scalability points with the Ethereum (CCC:ETH-USD) community. It’s the second-largest crypto ever and serves a number of platforms, together with decentralized functions and different currencies.
Sadly, the platform is extremely congested, which is why customers have confronted excessive transaction prices.
That is the place Polygon offers a platform facilitating extra sturdy, faster, and cheaper transactions. Furthermore, its standing as a Layer-2 community will increase the interoperability between varied blockchains.
It seems as if Polygon has a formidable progress runway forward which makes it some of the thrilling altcoins out there.
Polygon Has Mark Cuban’s Approval
Mark Cuban is likely one of the wealthiest people on the planet and some of the prolific traders in trendy historical past. He’s additionally a giant crypto fan and has a number of noteworthy investments in varied cryptocurrencies.
Fact be informed, he wasn’t a giant fan of the asset class up to now however pivoted within the final 12 months or so.
Other than the massive names within the crypto trade, he’s bullish on the potential of Polygon.
Cuban’s web site lists Polygon as a extremely structured and an “easy-to-use platform for Ethereum scaling and infrastructure development.”
Polygon’s COO, Sandeep Nailwal, described his assembly with Cuban as “truly mind-blowing.” Furthermore, Cuban plans to combine the altcoin into his non-fungible token (NFT) gallery, Lazy.com.
He feels Polygon stands out in its capacity to course of transactions at a fraction of the price of Ethereum. Moreover, it makes use of an added layer that deems a sidechain and works parallel to the prevailing blockchain expertise.
One of many attention-grabbing parts that Cuban talked about lately was his strategy to valuing a blockchain or DeFi undertaking.
For him, it’s the revenues, just like valuing a software program enterprise. He seems for progress charges, present revenues, and the power of its group. On this regard, he feels that MATIC has the sting over its competitors.
MATIC has shed greater than 27% of its worth within the latest crypto sell-off. Whereas it has been resilient as compared with a lot of its friends, the altcoin additionally has been among the best performing cryptos rising by over 5,500% on a year-over-year foundation.
It touched highs of $2.62 again in Might this 12 months. As Bitcoin tanked, the trade adopted and misplaced a good bit of its values. MAtIC dropped at the least 50% of its worth through the interval.
It seems as if traders have witnessed the worst of the corrections already. In actual fact, it wouldn’t be stunning Polygon is again buying and selling at all-time highs within the subsequent few months.
Value predictions are largely bullish on its potential to interrupt out and regain its misplaced floor by the conclusion of this 12 months.
Furthermore, with a number of new updates and distinctive options to its platform, the altcoin presents itself as comparatively steady as its core enterprise progresses.
Backside Line on MATIC
MATIC has been one of many extra resilient altcoins up to now few years, and analysts are bullish on its long-term potential going forward. It has a number of promising options, and upcoming updates put it in pole place to achieve all-time highs.
Mark Cuban’s insights maintain a whole lot of weight and additional increase the arrogance of future traders in crypto. Therefore, MATIC is a crypto that must be a part of your altcoin portfolio.
On the date of publication, Muslim Farooque didn’t have (both immediately or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.