Formerly known as Matic Network polygonis an open source, multi-chain scaling solution for Ethereum. It aims to provide faster and cheaper transactions on Ethereum by using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. The network has managed to become a major player in the cryptocurrency world by solving some of the most pressing problems in the Ethereum network, such as slow block approvals and high gas fees.
Polygon stands out among many cryptocurrency projects due to its innovative solutions to Ethereum’s scalability issues. The multi-chain scaling approach, combined with a highly efficient framework, allows creating an environment where transactions can be processed quickly and inexpensively.
It also uses a new protocol and architecture to create and connect Ethereum compatible blockchain networks. This scalable and interoperable framework opens up opportunities for multi-chain applications, making it attractive to developers and investors alike.
polygon price Starting 2023 with a good performance, it went from $0.80 to $1.5. However, along with the rest of the crypto market, MATIC also took a dip and dropped to $0.67.
Since the decrease in the price has occurred at a significant rate, it should be followed closely. Although the price makes a quick and strong gain in line with the nature of the cryptocurrency market, it also carries the same amount of bearish risk.
Polygon’s potential to reach $1 by the end of 2023 seems to depend on a projected Bitcoin bull run. historically MATICmanaged to benefit from significant rises in such stages and performed well.
Although an increase towards the $ 1 level seems particularly optimistic considering the current situation in the market, sudden and unpredictable actions are also highly likely due to the nature of cryptocurrencies. Therefore, it would be difficult and inaccurate to make a price prediction for a relatively long-term period. However, even the most moderate forecasts suggest that the price may remain at $0.8-0.9.
You can follow the current price action here.