The Polygon network is a layer 2 solution on Ethereum that is used for generating interconnected blockchain bridges across the ecosystem. The native token of Polygon, MATIC, has managed to register an ATH at $2.0 and is likely to adhere to a bullish development. Due to the increase of popularity of the NFT and the DeFi protocols, increasing transaction fees has prompted developers to move to the Layer 2 solution.
Since the beginning of the ongoing year, MATIC has seen a surge in price due to the added interest among the traders. Analytics shared by TradingView show that during September, Polygon’s MATIC token went into a correction at $1.01. However, in the last two months, the proof-of-stake network coin has shifted lanes and moved into the bullish alley.
The Polygon network has proved its scalability by accommodating a plethora of new projects throughout the year. There have been a significant number of cross-chain migrations, protocol launches, and many ETFs that are tied to the Polygon network this year. A decentralized exchange called IDEX has announced recently that the 3rd version of DEX is going to go live on Polygon this week.
The new DEX will become the first-ever hybrid liquidity exchange operating on the Polygon Network. On the other hand, popular NFT markets like OpenBiSea have also chosen Polygon for its launching pad. Accommodating the increasing VR gaming market, Polygon network also hosts projects from developers like RainMaker Games, Jarvis Network, and Harvest Finance. Popular DEX Uniswap is also conducting a poll to determine Uniswap v3 on the L2 solution.
Institutional interest for the Polygon network is increasing with Grayscale considering the MATIC token for establishing a new crypto trust. Meanwhile, several ETPs like 21Shares Polygon and Osprey Polygon Trust went life consequently in the last two months. Digital asset marketplace Wintermute has collected a $20 million fund to invest in a bootstrap DEX development on the layer 2 Ethereum network.
The Polygon network is also organizing a summit to discuss the zero-knowledge proofs and zk-STARKs. Data from IntoTheBlock indicates that the number of digital wallet addresses on the Polygon network has exceeded 282K. Token Terminal shares a report that shows that the revenues from transaction fees on the Polygon network have consistently risen since the start of the current year.
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