Polygon had a breakthrough year in 2021, as the network’s native token, MATIC, soared to new heights after two years of little growth, with the price remaining under $0.02.
MATIC reached new highs today around $2.923 after address activity continued to reflect increased engagement and interest surrounding the Polygon Network
One of the major factors for the increased activity on the network is the integration of Uniswap’s v3 on the MATIC blockchain, which has generated a bullish narrative for the altcoin.
Uniswap is the world’s most popular decentralized exchange and a vital component of Defi’s expanding ecosystem, and its inclusion on the Polygon network signals an intensifying increase in MATIC’s utility.
Uniswap community members who participated in the governance process voted 99.3 percent in support of a proposal to incorporate Polygon blockchain layer-2 solutions on Uniswap, demonstrating users’ desperate desire to address unsustainable scalability challenges.
Polygon CEO Bjelic pointed out that other important Ethereum protocols have chosen Polygon as their preferred scaling mechanism. The co-founder listed Aave, Curve, SushiSwap, Balancer, and others, as well as the following Polygon and ecosystem benefits.
The Ethereum blockchain faces a number of issues, one of which is scalability. The gas fees rise exponentially as the network is used by more and more decentralized apps and services, and transactions expand rapidly.
Polygon is a Layer-2 blockchain protocol that incorporates scaling solutions to help the Ethereum blockchain gain widespread acceptance by making transactions cheaper, faster, and more secure.
Polygon is currently worth $2.77 per coin and has a market capitalization of $19.9 billion, making it the 14th most valuable cryptocurrency.