Polygon (MATIC) Jumped 32%, Price Might Be Undervalued amid Its Increasing Adoption by Leading DeFi Projects
Apr 26 2021 · 14:45 UTC | Updated
3 hours ago
Photo: Unsplash
Polygon could help the Ethereum blockchain to achieve up to 65,535 transactions per block.
Polygon (MATIC) price jumped over 32% today and was trading at around $0.4927 at the time of reporting according to metrics provided by CoinGecko. The sudden spike in MATIC in the past few months has been attributed to a high rate in its blockchain adoption by major decentralized financial platforms including SushiSwap, Aave, Curve Finance, and Open Sea.
Polygon Network, previously known as the Matic Network, aims to revolutionize the Ethereum ecosystem by introducing low transaction fees and higher throughput. More and more decentralized applications are joining the polygon network to tap on the fast-growing Defi market. Moreover, the implementation of Ethereum 2.0 and also layer 2 scaling solutions has been delayed amid increased Eth transaction fees.