Polygon working with projects on Terra: how will this shape MATIC?

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polygon symbol on a black background

Polygon MATIC/USD is a Layer-2 scaling solution, also known as a sidechain, that was specifically developed to provide faster transactions with lower costs for its users.

Polygon also has its own native cryptocurrency token known as MATIC, which is used as a means for the payment of fees on top of the network, for taking, as well as for governance.

While the network launched in 2017 as the “Matic Network,” it rebranded as Polygon in 2021.

Terra projects migration as a catalyst for growth

The CEO of Polygon Studios, Ryan Wyatt, posted a tweet on May 15, 2022, where he said that “We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon”. 

Additionally, the Polygon co-founder, Sandeep Nainwal, also explained what could be the right choices for Terra projects.

He also said that the Terra community projects, which have a requirement for a shared chain, can choose Polygon’s Proof-of-Stake (PoS) chain, which will be introducing ZK Rollups in the near future.

However, it is also important to note that Sandeep also advised those who are looking for an app-specific chain to choose SUPERNET due to the no weird transactions on validators or bridges and the future possibility of making the chain a rollup.

If projects do indeed choose to migrate to Polygon, this will lead to an increased ecosystem and utility for the MATIC token, which will lead to its growth in value.

A glimpse into the future in terms of the growth of the ecosystem can be seen with the Polygon-based Elite Token, which launched a blockchain telco with Elimobile.

Should you buy Polygon (MATIC)?

On May 16, 2022, Polygon (MATIC) had a value of $0.6808.

matic usd 2

To see what kind of value point this is for the MATIC cryptocurrency, we will be going over its all-time high point of value, alongside its performance throughout the previous month.

The all-time high of Polygon (MATIC) was on December 27, 2021, when the token reached a value of $2.92. Here we can see that, at its ATH, the token was $2.2392 higher in value or by 329%.

When we go over the performance of the token throughout the previous month, Polygon (MATIC) had its highest point of value on April 2 at $1.72. Its lowest point was on April 30 at $1.08.

Here we can see that the token decreased in value by $0.64 or by 37%.

With all of this in mind, after the integration of Terra projects on Polygon, we can see the MATIC token increase in value to $1 by the end of May 2022, making it a solid token to buy.

The post Polygon working with projects on Terra: how will this shape MATIC? appeared first on Invezz.

from Market Analysis – Invezz

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