Consulting giant The Motley Fool is making important evaluations for an altcoin today. According to the company, altcoin Polygon has started its journey to the top. Let’s look at the details.
A tough year for Altcoin Polygon
Despite having a tough year, altcoin Polygon (MATIC) is showing signs of a potential resurgence. It has decreased by over 25% during the year. However, recent developments suggest that Polygon may be on the road to recovery. It dropped nearly 67% from February to September. Subsequently, altcoin MATIC rose 12% since September 28.
However, altcoin Polygon still has a way to go before reaching the $1 mark. On the other hand, it is currently trading at around $0.56. The good news is that two key catalysts will take Polygon to new heights.
ecosystem growth
Altcoin Polygon attracts users, developers and partners. Thus, it is actively expanding its ecosystem. Notably, Google Cloud, a unit of Alphabet, recently joined the Polygon proof-of-stake network as a validator. This move demonstrates Google Cloud’s endorsement of Polygon by strengthening the security and overall management of the network.
Polygon also has an important position in the non-fungible token (NFT) field. It also consistently ranks among the top five blockchains in terms of NFT sales volume. Recent additions to the Polygon blockchain, such as Lufthansa and Casio, highlight its growing appeal for big brands. Additionally, in terms of total value locked (TVL), Polygon ranks as the fifth blockchain globally with a TVL of approximately $800 million. This metric reflects trust in blockchain. On the other hand, it shows that the altcoin Polygon remains resilient despite recent price fluctuations.
Switching to Polygon 2.0
Altcoin Polygon’s strategy change, known as Polygon 2.0, attracts attention. It also has the potential to unlock significant value. This transition involves a comprehensive restructuring of Polygon’s blockchain architecture. It also offers several important improvements.
First, Polygon aims to evolve from serving primarily as a Layer-2 scaling solution for the altcoin Ethereum to expanding its services to other blockchains. Second, the project provides a new “staking layer.” It also plans to address potential regulatory concerns regarding crypto staking. Finally, Polygon will intensify its focus on proprietary technology, including “zero knowledge” (ZK) technology, to improve blockchain transaction verification. These changes position altcoin Polygon for significant growth, particularly by capitalizing on opportunities beyond Ethereum’s crowded Layer-2 space.
Is altcoin Polygon undervalued?
The official announcement of Polygon 2.0 in mid-September did not lead to a significant price increase. However, recent positive movements are encouraging. At $0.56, altcoin Polygon remains more than 80% below its all-time high of $2.92.
Investors should focus on the upcoming changes of altcoin Polygon. One should follow the reflection of this on the price. If Polygon 2.0 is ready to bring significant change, it will potentially offer a bargain in the current price range. As Kriptokoin.com, it will be an appropriate moment to consider investing in this low-value cryptocurrency.
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