Polygon, also known as MATIC, is a layer-2 scaling solution for Ethereum (ETH) that has proven to be a resilient player in the cryptocurrency market. Despite the market downturn in 2022, Polygon found its bottom in June and by November, when Bitcoin (BTC) hit its lowest point, MATIC was trading at 137% higher than its June low.
In the first half of 2022, MATIC had a strong start, rising by 45%. As of the time of writing, the price is $1.09 and it has seen a recent increase of almost 10%, making it the second-biggest gainer according to CoinMarketCap.
In terms of daily active users, Polygon has climbed to the second spot behind Binance Coin (BNB), according to data from TokenTerminal. With 349,200 daily active users, it surpasses Ethereum’s 340,969.
Recently, Polygon has made several notable developments. In the first week of the new year, Polygon announced a partnership with payment giant Mastercard to launch a web3 “music accelerator program” to help musicians understand how to use blockchain technology and decentralized finance (DeFi). Additionally, Polygon is currently testing the promising “zero-knowledge rollup” technology, which has the potential to scale transactions significantly. Transactions are bundled and validated using zero-knowledge proofs, without making the contents of the transaction public. Lastly, Polygon recently underwent a hard fork to become faster and cheaper. The vote for this proposal was only open to the top 100 validators, and only 15 people voted, with 13 in favor.
Overall, Polygon (MATIC) has shown great resilience during the recent market downturn and has a lot of potential for growth with its recent developments and partnerships. It is definitely worth keeping an eye on as a promising investment opportunity in the cryptocurrency market