Polygon predictions and everything else about MATIC
Have you been looking for Polygon predictions and other things about MATIC? More altcoins have been reaching their all-time highs recently. Specifically, Polygon (MATIC) came out of nowhere and is now nearing the top 10 crypto list.
Let’s start by talking about the old MATIC and why it turned into Polygon. Then, we’ll compare it with similar cryptos so you can see how it fares. More importantly, we’ll explain why you might want Polygon (MATIC) as part of your portfolio.
Cryptocurrency has gone a long way from Bitcoin’s launch in 2009. For example, Ethereum wants to apply crypto in several fields. However, the MATIC crypto network wants to make ETH more useful and more accessible to the public.
What is MATIC?
1/9 Beloved @0xPolygon & Ethereum family and dear crypto community,
Today, we are proud and excited to announce Polygon SDK! 🔥🎉
Polygon SDK is an important milestone for Polygon and a major step towards Multi-chain Ethereum! 🦄💫
Keep reading to learn more… pic.twitter.com/lGHLoPpPbU
— Polygon (previously Matic) (@0xPolygon) May 26, 2021
Believe it or not, we need to discuss Ethereum before the Polygon predictions. That’s because Polygon (MATIC) is closely tied to Ethereum’s features.
Three people made MATIC: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. They wanted the MATIC crypto network to help Ethereum become larger and faster.
Ethereum’s already showing the other side of cryptos. It’s not just “magic internet money” that some folks won’t stop talking about. It helps in various fields outside finance.
For example, it lets people make NFTs. Artists see them as a new way to earn from their masterpieces. Mike Winkelmann sold his NFT art for $69.4 million!
Lots of issues prevent more people from using Ethereum, though. The transaction speeds can be slower than a lot of the other coins. Each one has high gas fees too.
The MATIC network wants to handle the transactions outside Ethereum. Then, it would return them to the ETH chain. This can make Ethereum cheaper and faster!
How did the old MATIC work?
🔥 @Okcoin has integrated Polygon PoS mainnet for withdrawals to reduce gas fees for users!
🪙 Users can withdraw 11 assets including $ETH $USDT $USDC $DAI, directly to Polygon to take part in the vibrant DeFi ecosystem.https://t.co/G8TDkVj9Cz pic.twitter.com/kcoR4vQqXC
— Polygon (previously Matic) (@0xPolygon) June 8, 2021
MATIC puts sidechains for Ethereum. These are networks that link to a bigger one called the main chain. Here’s the gist of how the “MATIC happens” (pun intended):
- Users put crypto assets using a MATIC contract on the main chain.
- Those get a confirmation in the main chain.
- Then they become ERC-20 tokens on the MATIC chain.
- Those users can transfer tokens to anyone for very low fees. The MATIC chain helps the transfers happen almost in an instant.
- If they have other tokens in the main chain, they could transfer them too. They just need to get proof for them on the Root contract.
Meanwhile, people use MATIC tokens in two ways. First, they can pay transaction fees using MATIC tokens. Second, this makes the gas fees for Ethereum cheaper than before.
Also, people could stake their tokens to become checkpoint nodes. They check the data coming from the sidechains. If they’re good, the data goes to the main chain.
Staking lets them earn money too. The rewards make sure that stakeholders behave well. Also, it could encourage more people to stake their MATIC coins.
Why did it turn into Polygon?
There’s a reason why we’re discussing Polygon price predictions, not MATIC. Its founders will turn it into Polygon soon. So why would they change its features?
A crypto market is a place where people make cryptocurrency better. In the same way, the founders learned new things. These made them realize that MATIC needed changes.
That’s why they made Polygon. It provides two types of solutions: secured chains and stand-alone chains. Here’s what they do and who may benefit from each:
- Secured chains – Also known as Layer 2 chains, they rely on Ethereum for security. These are great for uses that need the utmost protection. On the flip side, it’s good for startups that can’t get enough validators.
- Stand-alone chains – Otherwise known as sidechains, they rely on themselves for protection. These are good for big businesses or strong groups that have good validator pools. Also, these fit projects that don’t need much security.
Polygon uses these to turn Ethereum into a multi-chain system. In other words, it helps ETH apply to several fields online.
Polygon vs. similar cryptos
Other coins work like MATIC. Therefore, they could affect the Polygon price predictions. If other coins could do the same thing, what makes the Polygon market any better?
That’s why we’ll go through some of the cryptos that are similar to Polygon. Specifically, we’ll compare it to Polkadot (DOT) and NEO. Here’s how MATIC does:
- It’s more open than NEO – NEO’s seen as China’s Ethereum. It could be faster and easier to adopt, but its features rely too much on a central authority. Meanwhile, Polygon is still decentralized.
- MATIC could benefit more from ETH than Polkadot – Ethereum is also getting major upgrades. As it does, Polygon could become better too. On the other hand, Polkadot’s only has a few smaller networks. This could stop it from growing further.
- It’s more secure than Polkadot – Polygon uses Ethereum, the most protected and tested crypto network ever. Meanwhile, Polkadot has been hacked twice.
Should I invest?
According to recent MATIC price predictions, Polygon is a good investment. Some say it could hit $5 by the end of 2021. What’s more, it has bullish price action despite the crypto dip!
At the time of writing, the price of Polygon was around $1.71. Prices for bitcoin and the other cryptos were dropping, but not MATIC! It’s still going strong as the others lag.
Why are Polygon price predictions good despite the crypto market dips? It’s hard to point to just one reason. Several factors affect the market. Yet, people check for certain indicators.
The experts perform technical analysis (TA) to read the short-term price movements. Specifically, they look at support and resistance levels. If the price falls below support, some expect a dip.
If the price goes beyond the resistance level, the price could spike upward. We just explained it in very simple terms, though. Of course, experts check other factors too.
Traders use TA more often than long-term investors. So it’s best to understand a little bit even if you don’t want to day trade. That way, you’ll understand the Polygon predictions better!
Remember that Polygon predictions are meant for information purposes. If you want to invest, learn more by yourself. Never put money in something you don’t understand!
Also, keep yourself up-to-date with the latest MATIC updates. Find out how the MATIC/USD prices are moving. This will help you get a sense of crypto price movements.
For most cryptos, HODLing is the best long-term strategy. This is because the short-term price drops usually come and go. Yet, the price continues to rise in the long term.
Again, no investment strategy is foolproof. Understand when to change your approach. This will depend on your goals and other factors. You’ll only know when to adapt by learning.
Learn more about Polygon (MATIC)
Can Matic reach 100 dollars?
Some price forecasts see it reaching that amount. However, several factors could affect the price of Polygon and other cryptos. This could change a lot in the long run.
What is the future of polygon Matic?
It has a good chance of being used more widely around the world. Ethereum’s getting more users lately, so Polygon will likely benefit from this too.
What’s the best crypto to buy?
The best cryptos are the cheap ones that have promising uses. For example, the Polygon (MATIC) price is low at around $1.71. It also helps Ethereum grow faster and larger.
Disclaimer: This article is the author’s personal opinion, which may differ from the “official” statements or facts. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by Inquirer.net constitutes an investment recommendation, nor should any data or content published by Inquirer.net be relied upon for any investment activities.
Usa.inquirer.net strongly recommends that you perform your own independent research and/or speak
with a qualified investment professional before making any financial decisions.