Polygon is a decentralized Ethereum-based platform and currency that lets developers create easily scalable dApps with fast processing speeds and low transaction fees.
Formerly known as Matic network, the project’s slogan is “Bringing the world to Ethereum.” The platform is key in the development of Web3 infrastructure that aims to allow more decentralized applications, payments and so on. Read on to find out if you should invest in Polygon today.
Polygon (MATIC) is an ERC-20 Ethereum token that makes up the Polygon Network — a protocol for connecting blockchain networks that are compatible with Ethereum. As a Layer 2 solution, it is not designed to be an independent solution but rather to improve the functionality of its host network Ethereum.
It makes transactions faster and cheaper by using sidechains, i.e. blockchains that operate alongside the main Ethereum network.
The people who had the sixth sense to invest in MATIC at the beginning of 2021 won big unless they sold too soon. MATIC was one of the biggest-growing cryptos last year. Its price was at a mere $0.019 in January. It reached a price of $0.10 on February 10, within a couple of months it was already at $0.50 and $1 on May 12, eventually reaching a price of $2.92 on December 26.
So a Polygon investment at the beginning of 2021 would have brought you over 15,000% — $15k from $100. This is entering SHIB territory in terms of risk/reward. Of course, just like with Shiba, the success wasn’t to last and Polygon is over 80% down from that level.
Depending on your investment goals, that’s exactly why it might be a good idea to invest in Polygon now if you’re into more risky investments or if you just use a small amount you’re not afraid to lose.
It’s important to understand when investing in Polygon and similar tokens, that no matter the functionality that a cryptocurrency offers, what defines the markets more is hype. Look at another big gainer in 2021 — Shiba Inu. A token with absolutely no utility, has a larger market cap and trading volume than Polygon.
One of the best ways to invest in Polygon is to provide liquidity on DeFi pools, such as Uniswap and PancakeSwap.
If you’re asking, “where can I invest in Polygon?” it’s available on major exchanges like Coinbase and Kraken.
Check back to this page to check the MATIC price now or current prices on the biggest cryptocurrencies and stocks. Check out our stock hub to get good investment ideas with stock prices.
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