Polygon (MATIC): The Top Blockchain for Moving into Web3?

Paigambar Mohan Raj
Source: NewsBTC

Polygon (MATIC) was the top crypto performer in the previous week. Many developments helped push the token to the top of the charts, rallying by 30% in two days. Social media giant, Meta, announced its NFT (non-fungible token) plans to take place on the MATIC network. Furthermore, JP Morgan completed its first-ever DeFi (Decentralized Finance) trade over the same network. Both parties are among the biggest in their respective industries.

The Ethereum scaling solution has made serious headway in the web3 space. Their platform is one of the most used for web3 development.

What makes Polygon (MATIC) the top blockchain for web3?

According to a recent study by Bernstein, Polygon (MATIC) is the top blockchain for bridging web2 users into web3. The report highlighted two steps that the company has taken in the right direction. Firstly, the company has hired experts from major international tech firms including Amazon (AMZN), YouTube, and Airbnb (ABNB). Secondly, it has done extensive work to reach out to brands with a lot of consumers.

According to analysts Gautam Chhugani and Manas Agrawal,

“This has put Polygon in the unique position to be the Web3 on-ramp for millions of users […] the market has started rewarding it for building through the bear market.” 

During the current bear market, Polygon has managed to create a working live solution for zk-rollups and is getting ready to release the same. It recruited many teams for producing zero-knowledge layer 2 scaling products (zk-rollups) on Ethereum.

Also, crypto security-focused firm, CertiK has rated MATIC as the most secure blockchain project.

However, the Bernstein report also noted two criticisms of MATIC. The first downside is that its current proof-of-stake (PoS) chain is not a long-term solution. This, according to the report, is because it is a sidechain. The second criticism of MATIC is that the project is a parasite on Ethereum.

At press time, Polygon (MATIC) was trading at $1.20, up by 4.2% in the last 24 hours. Also, the token is up by 32.1% over the last seven days. Nonetheless, MATIC is still down by 58.9% from its all-time high of $2.92, achieved on May 10th, 2019.