According to a post by whale watching platform WhaleStats, Polygon (MATIC) has toppled Chainlink (LINK) in the ranking of the most traded altcoin project by the top 1,000 Ethereum (ETH) whales. For details cryptocoin.com keep reading.
Ethereum whales store MATIC
WhaleStats, in a post on his Twitter account to his followers, reported a change in the top 1,000 Ethereum wallets. Polygon, one of the Ethereum competitors, has outstripped Chainlink in the preference of whales. The top 1,000 Ethereum wallets hold a total of 122,265,817 MATIC (approximately $209,208,195), according to the platform’s statement.
According to CoinMarketCap, at the time of writing, MATIC was trading at $1.74, down 5.61% in the last 24 hours, while LINK was changing hands at $16.32, down 6.43%. MATIC, which is in the 15th place in the cryptocurrency league, is 40% below the all-time high (ATH) of $ 2.92, which it saw about 2 months ago, while LINK, which is in the 22nd place, has a rate of 52.88% from the ATH of $ 52.88 it saw 9 months ago. 69 are traded at a discount.
What are Polygon and Chainlink?
Polygon (MATIC) is a secondary scaling solution for the Ethereum Blockchain. Such solutions run on top of an existing Blockchain network rather than using their own. As Polygon becomes more and more popular, it is preferred over Ethereum, which has become slow and expensive to use. As of December 2021, the Ethereum Blockchain could process around 14 transactions per second, with each transaction costing an average of $25. However, these fees can skyrocket in times of high network congestion, making life difficult and unpredictable for all but the wealthiest users.
Chainlink (LINK) is both a cryptocurrency and technology platform that enables non-Blockchain businesses to securely connect with Blockchain platforms. Chainlink is middleware that combines blockchain-based smart contracts with external data such as baseball scores or stock prices. Chainlink’s native token, LINK, is used to pay Chainlink network operators and secure the network’s smart contracts. Chainlink Blockchain resides on the Ethereum platform using the Proof-of-Work (PoW) operating protocol and is an open-source Blockchain project meaning anyone can view and contribute the project code.
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