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Polygon’s rapid rise continues with excellent month of May

Photo of: Joseph Stone
by Joseph Stone

Polygon’s (MATIC) price recovered very quickly from the crypto asset crash, ending May very strongly at $1.88.

Not all altcoins show comparable trends in times of crisis. This is the case of Polygon, ex-project Matic. Certainly, like Bitcoin and Ether, its value was falling at first.

However, the price of the token quickly returned to growth, almost back to its pre-crash level. On May 18, before the crypto-asset crash, Polygon was trading at $2.45. On March 23, it was capping at $1.08.

However, the token is regaining ground. The crypto’s value was back above $2 on May 26. Its trading price is now close to $1.62. Polygon’s May performance earned it several weeks in our weekly ranking of cryptocurrencies to select in a portfolio.

For example, Polygon ended May on a price increase of nearly 130%, climbing from $0.82 to $1.88 on May 31. Since then, the token has been in slight decline, like the rest of the cryptocurrency market.

It’s holding up well, however, despite a drop of about 13% in June in an overall bear market. But Polygon has assets that go beyond just its native token price. And it is first of all the performance of Polygon’s technology that justifies its interest.

The editor offers a Layer-2 solution for Ethereum. It brings better performance to decentralized applications of the blockchain, known for its saturation. Aave, a reference in DeFi, thus exploits Polygon.

The American subsidiary of the Okcoin exchange also integrates this technology. Polygon allows its users to directly access the decentralized finance ecosystem (DeFi) without using an Ethereum wallet. The key is lower fees.

“Polygon has gained considerable initial traction as a scaling solution and has taken the lead in scaling on Ethereum,” notes Okcoin COO Jason Lau. The technology would now be a competitive advantage.

“Projects and users have flocked to take advantage of the benefits it offers through much faster and cheaper ERC transactions. Assets and transactions have increased dramatically since the beginning of the year,” the executive says.

In addition to Okcoin and Aave, Polygon has also won over other giants in the Ethereum DeFi ecosystem, including Sushiswap, Balancer and 1inch projects. And the steady growth of activity on Ethereum is encouraging other protocols to adopt Layer-2. So Polygon’s share price clearly has a bright future ahead of it.