Everything you need know about India-based Polygon( MATIC coin )

Updated- 30/06/2021, 2:29am IST

Polygon (MATIC), earlier known as Matic Network, is an India-based cryptocurrency which rose upto 10x between Mar 2021 and its all-time high in May 2021 before crashing almost 66 percent in the recent crypto crash starting from May 19, 2021.

While cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc., witnessed a slump last week, the value of Polygon(MATIC) rose nearly 35% in the same period. Matic now ranks among the top 15 biggest cryptos globally and has become a massive hit in India.

Polygon (MATIC) is an Ethereum token that is used to power the Polygon Network, an Ethereum multichain scaling solution. Matic Network, now Polygon, the ultimate framework aiming at improving interoperability between the Ethereum blockchain and compatible networks, has recently seen a significant increase in traffic.

Should you invest in Polygon (MATIC) Indian cryptocurrency?

After the crypto-crash happend most of the cryptocurrencies including Bitcoin are still struggling to recover but the strange part is this digital currency (Matic) recovered its losses effectively as compared to other crypto peers. The recovery and the previous stellar returns are enough to divert the attention of crypto enthusiasts to this coin.

Not just that, Polygon at present has the most number of partnerships in the crypto space. It is also working on a wider mission ever since its rebranding.

Before investing it’s important to understand how the value of any cryptocurrency is determined?

The value of any cryptocurrency is derived from two factors

First: The fundamental value that it provides i.e. Matic is a layer 2 scaling solution built on the Ethereum blockchain. It helps speed up transactions made on ethereum based DApps(Decentralized Applications).

Second: the hype (increase in demand due to social media/influencers) which is generally short-term in nature and may result in the fate that Dogecoin saw in the recent crash.Matic in the coming future may be regarded as the main solution to the Ethereum scaling problem and solve the blockchain trilemma.

However, it will be really dubious to count on its stability in longer terms. Warning: One should not invest in cryptos without understanding its fundamentals.

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