MATIC[1] has been growing just as quickly, as its blockchain Polygon[2]. Since the beginning of this year, the altcoin[3] has risen by 376.61% and continues to do so.
However, the doubt of “should you invest” will always linger. While for most parts the proposition sounds promising, there are some factors that an investor should consider before deciding.
Does MATIC look promising?
Polygon announced[4] yesterday, the upcoming listing of MATIC on Bitfinex. Being the 10th biggest Centralized exchange (CEX) and handling daily volumes of almost $600 million, it will be a great opportunity for MATIC’s user base expansion.
Polygon has also been banking on the NFT hype by offering[5] gas-free minting of NFTs. On top of that its EVM compatibility allows for those NFTs to be transferred to Ethereum easily. This saves the investor from high minting costs. Such a strategy will definitely attract more participants to the network.
Plus the announcement of the listing came at a great time since Polygon’s participation has been making huge strides. It’s already been higher than ever before with over 176k daily active users registering on the network in a week.
MATIC’s daily active users | Source: Polygon[6]
On top of that transactions on the chain have been averaging at 6.08 million per day. And the best part of this is that the cost of these transactions has been only $0.0045.
MATIC’s daily transactions | Source: Polygon[7]
The biggest contributor to these figures is the growth in Polygon’s NFT performance, as users have increased by 8.45x in 1 month. This has led to the network value[8] touching a 20-day high at the time of this report.
