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A Closer Look At Polygon (Matic) Ecosystem

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In the world of blockchain and cryptocurrencies, the term “Polygon” has been popping up regularly in recent conversations. As the crypto winter continues to ravage the markets, Polygon (Matic) has carved a path for itself as a leader in scaling public blockchain solutions. Many industry giants have also taken a notice of Polygon’s (Matic) capability and today, the company boasts a rich portfolio of partnerships, including Starbucks, Meta Platforms, Stripe, Reuters, and Disney.

To explain how Polygon has been able to gain adulation from so many top players, it’s necessary to take a closer look at the world of blockchain and the opportunities that have opened up its use cases. Polygon, formerly known as Matic, is a Layer 2 scalability platform that is built on top of the Ethereum blockchain. It enables developers to build, deploy, and scale dApps with low fees and fast transaction speed.

The company works on the principle of layer 2 scaling which enables developers to create applications on a development environment that is similar to Ethereum, but is based on a dedicated sidechain. This not only helps reduce costs and enhance scalability of dApps, but also opens up the potential of developing unique types of applications that could be limited by Ethereum’s network issues. From a technology perspective, the underlying protocol follows a well-known model – distributed plasma and rollup. These models are based on Ethereum’s plasma and the rollup concept for scalability and security. It is easy to see why companies such as Starbucks, Meta Platforms and others have already partnered with Polygon.

With the help of its technology, Starbucks is able to launch a new rewards platform known as Starbucks Odyssey. The platform is still currently under beta tests and thus far, the demand for the product has been ‘unprecedented.’ The project will work in much the same way as other reward programs. A consumer engaging the Starbucks service will generate rewards which can be redeemed for additional perks or benefits as a Starbucks customer. Not only that, Polygon could be the gatekeeper to crypto native users to the crypto ecosystem. Besides Starbucks Odyssey, one of the most successful Polygon projects is the Reddit Avatar Collectibles.

The project churned out over 5 million collectible avatars, with 3.9 million of them coming from unique holders. At the same time, only 6.8% of the avatar holders actually have more than one avatar. This is a telling sign that the community has taken the avatars to heart – a healthy sign when it comes to the acceptance of NFTs. It is perhaps in response to such great success that companies like Ubisoft and Discord initially plan, but dialed back their plans to launch projects involving NFTs owing to the pushback from certain communities.

However, Reddit smartly named their NFTs as “Digital Collectibles” instead of NFTs which helped them get past the current stigma associated with them. Moreover, Polygon has experienced a steady number of its daily active users, often surpassing Ethereum’s DAU in a few weeks time. This is mainly due to the fact that people are indirectly buying MATIC without realizing it. In the current crypto climate, networks have experienced severe drops in DAUs since the Terra collapse in May and June, but Polygon has managed to keep the engagementlevels stable, often churning out between 2 and 3 million transactions daily. Going forward, Polygon will be an integral component in the world of NFTs. Digital assets such as usernames, websites domains, and content can all theoretically live on large public blockchains such as Polygon (Matic).

This will not only allow developers to have more flexibility in terms of creating new apps, but also get past some of the issues faced by Ethereum such as scalability and transaction speed. In conclusion, Polygon has been the standout prodigy in the world of blockchain and cryptocurrencies in the current year. With its promise for scalability, fast transaction speed and low fees, the company has already bagged partnerships with some leading industry players and is expected to widen its presence further as the days progress. It may well be the answer to many of the mainstream adoption hurdles in the future.

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Matic

WILL MATIC REACH 1$ BEFORE 2023?

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With rapid adoption and ongoing partnerships, investors have started asking if MATIC will reach $1. There is no straightforward answer to this question, as the price of MATIC is all dependent on the demand, supply and overarching market sentiment.

MATIC has demonstrated signs of strength and is up 60.98 percent since the quarter began. Despite this, the asset could still be some distance away from $1, as the further price action will depend on demand from the usage of Polygon as well as the underlying NFT market and market sentiment.

Polygon has seen a massive uprise in both users per week and transactions per week. Users per week have risen significantly in the past six to eight months, and transactions per week are about 3x higher than any other week in 2022. This would suggest that the Polygon network is being adopted by a wide array of individuals and businesses, pointing to the large potential of the project and its native token.

The trend on Polygon is again replicated by the NFT space. Meta and DraftKings was some of the major players in the space, who integrated Polygon into their platofrms. This helped to further raise the attention of the NFT space, as well as the technology behind it. This could point to further adoption of NFTs, and thus a potential upsurge in their trading volume.

The price of MATIC has risen by 14.8 percent since the start of Q3 of 2022. Despite this, the price still has some way to get to the $1 mark. The impressive rise in users and transactions per week suggest strong potential of Polygon, however the price of MATIC is still dependent on its adoption by more businesses, alongside the performance of the underlying NFT market. All these factors will determine just how long it will take MATIC to reach $1. The incredible trend in users and transactions per week suggest that the Polygon Network is appealing to a wide range of individuals and businesses, which could fuel future demand and increased usage. With an array of corporate partnerships and global brands, such as Adidas and Starbucks integrating Polygon, there is the potential for the price to reach $1 in the future.

However, predicting the price of cryptocurrencies is always a tricky matter, as there is never any guarantee that the asset will reach its target price. MATIC is no different, however the strong partnerships and healthy metrics suggest that we could be on the cusp of further price growth, which could potentially bring the price up to the coveted $1 mark. For now, investors and traders must continue to evaluate the dynamics of the Polygon Network, alongside the underlying NFT market and the performance of MATIC, to determine the future price of the asset. Until then, the potential Maturity of MATIC reaching $1 is still up in the air.

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Matic Network Sets the Stage for Mass Adoption: A Look at Its Future

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The trend of cryptocurrencies heading into the mainstream is pushing Polygon, now known as Matic Network, higher and higher in the crypto world. The “layer two” scaling solution that runs alongside the Ethereum blockchain has drawn the attention of major players in the game such as Aave, Curve, Draft Kings, Stripe, Reddit, The Walt Disney Company, Adidas, Starbucks, and Meta. The surge in these development deals and integration highlights the growing belief that projects such as these should be part of the ecosystem.

The news of the Starbucks rewards program launch has further catapulted Polygon into the global consciousness, opening opportunities that Ethereum just has failed to provide. The promise of faster transactions and low fees has attracted a wide variety of business-oriented players. The overall effect of the deals has been clearly noted in the data available. Users per week have risen significantly in the past six to eight months, while transactions per week are about 3x higher this week than any other week in 2022, hitting approximately 7.5 million. This means that the promising events of Polygon and its potential for mass adoption has been realized.

Transactions on the network are increasing sharply, and a variety of well-known companies are turning to Polygon to build their products on. Polygon’s native cryptocurrency, known as MATIC, is trading at $0.89, up 0.75 percent in the last 24 hours at the time of writing. The trend of rise in MATIC is consistent with the upward trend apparent in the past three months and quarters. The rise in MATIC also speaks to possible future predictions.

The partnership between Polygon and Starbucks highlights the growing potential for mainstream cryptocurrency adoption by consumer-oriented companies. This means that the possibility of seeing more major corporations using blockchain based solutions and exploring cryptocurrency as an investment option is much higher. The ability for companies to move beyond traditional banking models and leverage the technology’s potential to increase efficiency and productivity is likely to open the doors to global commercial adoption.

In addition to the partnerships and integrations, the general future outlook of Polygon’s growth appears bullish. The rise of NFT activity, while not showing in a commensurate increase in NFT trading volume on Polyton, suggests that more users are seeing the value of the technology and are utilizing it as an asset that can be owned. The integration of the blockchain into everyday life is a watershed moment. Many people are curious and watching to see the way in which blockchain technology develops and how the industry grows. With the current partnerships and integrations in place and the development of a Polygon based Starbucks rewards program, the indications are that the future of mainstream cryptocurrency adoption is heading in the right direction.

The potential for further growth of MATIC is never ending and will continue to expand as more companies realize the many benefits of Polygon’s “layer two” scaling solution that runs alongside the Ethereum blockchain. From faster transactions to low fees, the possibilities with Polygon and its native currency MATIC seem to be limitless. With its bullish future firmly in place, Matic Network is likely to set the stage for mass adoption in the near future.

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