polygon (CCC:MATIC-USDThe blockchain recently hit a high of about $ 2.90 per MATIC crypto token on December 16th. However, as of December 28th, the price has dropped significantly from that price to $ 2.55 per token. However, this is temporary and I think cryptocurrencies will continue to perform well next year.
After all, 2021 has been pretty good so far. Since the price of about 1.781 cents was displayed on December 31, 2020, MATIC cryptography has risen 142 times to $ 2.55 on December 28. This will be one of the best performances. The 2021 code.
In addition, MATIC cryptography has increased by 101% as of December 28, since it reached $ 1.266 on September 30 in the last three months alone. In other words, it has doubled in the last three months. That’s a great return. Investors shouldn’t be surprised that crypto has retreated a bit from last week’s peak price.
By the way, this is higher than all year round. This includes the May peak price of $ 2.45, when other cryptos peaked. Then, by July 19, Polygon had dropped dramatically to 69 cents. It then rebounded to its peak on December 16th at $ 2.92.
Currently, the Polygon blockchain has a market capitalization of $ 18 billion. Coinmarketcap.com.. According to Coinmarketcap, it is ranked as the 14th largest cryptocurrency in the world.
Where things stand with polygons
Recently, an article was posted on Polygon’s official blog site explaining that developers are using Polygon for “Web3” more than any other blockchain. Web3 refers to a new version of the Internet, a distributed version. It does not rely on a huge server farm to hold all the records.
Web3 refers to various blockchain platforms like Polygon, where many different nodes house the next version of the Internet.This is the server alphabet (NASDAQ:GOOG, NASDAQ:Google), Amazon (NASDAQ:AMZN), also Microsoft (NASDAQ:MSFTThe server farm controls much of the Internet traffic.
According to a blog post, how many Web3 teams are using Polygon? Ethereum (CCC:ETH-USDThe blockchain of the migration project jumped 100 times last year.
One of the attractions of Polygon for developers is that the cost of transactions is far from the cost of Ethereum. For example, September fees have risen to $ 200 per transaction. According to a blog post, high prices continued even after the London hard fork and blockchain upgrades.
In contrast, Polygon’s pricing is much lower, resulting in attracting some of the largest Decentralized Finance apps. Examples cited in the blog post are (1) the rental platform Aave, (2) the luxury goods company Dolce and Gabbana, and (3) the NFT (non-fungible token) marketplace Opensea.
Popular among investors
Another reason for MATIC crypto gain is that Polygon is generally popular. According to DefiLlama.com, Polygon’s total value is locked at $ 5.5 billion (TVL). This is the sum of MATIC ciphers locked in various apps, such as deposits in digital wallets, deposits in various Defi staking sites, and so on.
Staking acts like a certificate of deposit (CD) to a bank and is subject to various interest rates and conditions. (DeFi apps usually don’t want to pay “interest” or act as a bank.)
In conclusion, this $ 5.5 billion accounts for the majority of the market capitalization of $ 18 billion, or about 30% of its total value. This is a very good measure of how much people trust and like polygons.
This is where investors are left in the MATIC cipher
Polygon’s popularity among developers, Defi sites, and crypto investors will make MATIC crypto even stronger in 2022.
It is currently as high as it was in 2021 and may not rise as fast. But you can get clues from the third quarter performance of MATIC cryptography. MATIC ciphers continue to rise as more and more Defi apps use Polygon to avoid Ethereum’s immense costs and its slow transaction times.
At the date of publication, Mark R. Hake did not hold any position (directly or indirectly) in the securities described in this article. The opinions expressed in this article are those of the authors covered by the InvestorPlace.com Publishing Guidelines.
Mark Hake writes about personal finance: mrhake.medium.com When Newsbreak.com To run Total Yield Guide Can be reviewed here..