Polygon (MATIC) was the top gainer among the list of cryptocurrencies arranged by market capitalization by CoinMarketCap in a 24-hour period leading up to press time.
What Happened: MATIC traded 34.49% higher at $0.756 at press time and has risen 120.04% on a seven-day trailing basis.
Since the beginning of the year, MATIC has skyrocketed 4,188.14% beating the 259.7% and 90.27% year-to-date returns of
Ethereum (ETH).
BTC traded 1.95% at $54,861.99 at press time, while ETH traded 4.80% higher at $2,637.28.
Polygon was previously called the Matic Network and is a platform for Ethereum scaling and infrastructure development. It describes itself as a Layer 2 scaling solution and is focused on reducing the complexity involved in scaling blockchains.
Popular projects migrate to Polygon
Following the early February announcement that the Matic Network would be rebrand to Polygon as part of its effort to become the go-to L2 aggregator for the Ethereum network, the protocol has seen a significant increase in user and project adoption.
Polygon, the top #ethereum layer 2 is going nuts!
Integrations with Aave, Pooltogether, Sushiswap, Open Sea, Curve Finance, Decentraland, and loads of other big #defi applications.
TVL on Aave on Polygon nearing 1 billion. $matic undervalued Lark Davis (@TheCryptoLark) April 25, 2021
Since the rebrand, multiple decentralized finance (DeFi) and nonfungible token-related projects have made the decision to integrate with Polygon to take advantage of its fast, low fee environment.