Should you buy the Polygon Token?

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Coinmonks

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If we look at Matic/Polygon’s chart, we can easily see that prior to the larger cryptocurrency crash, the token was on quite the upward swing, hitting an all-time high of 2.45.

Credit — CoinMarketCap

If we look towards the Bitcoin Dominance chart, we can see that a flood of capital went back into Bitcoin as the greater cryptocurrency market crashed as a “safe haven” for funds. Things are slowly returning to a bull’s posture, steadily seeing dollars flowing out of Bitcoin into alt-coins as individuals and entities look for the next 10x or 100x opportunity. And with Polygon’s price gains the last few days, it’s a prime opportunity for those investors.

Credit — TradingView

Luckily, the hype around Polygon isn’t solely in the charts. Polygon has a solid Leadership and Development team, which dates back to 2017 when they were working on “plasma” solutions for Ethereum. And they have battle-tested knowledge, in their realization that supporting developers in a custom one-off build each time wasn’t sustainable or scalable. Hence their approach with Polygon provides developers with a suite of scalability solutions that they could choose what they really wanted and develop.

This approach has been very successful. With the growing demand behind Defi (Decentralized Finance), developers have been flocking to Polygon to access their technology and quickly launch their products/services. In fact, in a month Polygon gained over 30 new Dapp (Decentralized Apps) using their technology, including over 75,000 new active user wallets in that same time frame.

Certainly, we’re all aware at this point of the ridiculous gas fees associated with transactions on the Ethereum network. And the need for scalability will likely only increase once Ethereum 2.0 launches as the demand on the network will be even greater. Although there are competitors in this space, namely Optimism — the last we heard of it in March, its launch was delayed to a tentative date in July.

Credit — Pexels

Layer in the fact that the staking rewards for Polygon are quite lucrative themselves, including Celsius who pays a 13.99% on Polygon tokens (as of this writing), and it creates quite an enticing offer to buy and hold the token.

Of course, this is not financial advice and who’s to say what the future holds. But, in my personal opinion Polygon has a very bright future and it’s a key part of my investment portfolio.

If you’ve enjoyed this content, be sure to check out my Youtube channel where we cover the topics of emerging Cryptocurrency trends and personal finance.

Peace

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NoAutopilot
Coinmonks

Crypto news and insights without the lies, pump, and sleaziness.