On May 25, the Polygon platform, previously known as Red Matic or Matic Network, announced on its Twitter that it had become part of the company portfolio of the billionaire American businessman and investor Mark Cuban.
Following the announcement, Matic, Polygon’s top cryptocurrency increased its value up to 40%. Today, its growth has stabilized at 30% weekly growth, and it is trading $1.92. MATIC is the token number 14 with more market capitalization.
There are currently almost 5 billion Matic tokens in circulation, having a maximum supply of 10 billion cryptocurrencies. In early 2021 it was ranked 113th with a price of $ 0.019 and a market value of $ 96.12 million. Since then it has reached a value of up to $ 2.62 per unit!
Why Polygon MATIC?
Mark Cuban, the avid investor, and owner of the Dallas Mavericks, announced his latest investment. He stated that he has long been a Polygon supporter and found himself using the platform more and more.
This makes sense since the network has been gaining more users every day. It is at its best, it is one of the favorites in the market. It is also one of the most benefited from the rebound of the crypto crash in mid-May.
There are up to 65,000 transactions per second, along with a block confirmation time of fewer than two seconds. One of the favorites scaling solutions for the Ethereum network.
While decentralized applications do not stop developing, the blockchain system is not evolving at the same speed. The current structure is not prepared for the growth of demand. Currently, there are problems of slowness, in addition to problems with high rates that appear due to high energy consumption.
This is why Layer 2 scaling projects, such as Polygon, gain popularity. They help decentralized finance (DeFi) protocols avoid Ethereum’s high transaction costs. Polygon aims to solve the pain points associated with blockchains, such as high gas rates and slow speeds, without sacrificing security
The confirmation of the investment in the Polygon platform was received by CoinDesk via email, but Cuban did not say the size or composition of that investment.
He further said that he is integrating it into Lazy.com. It is an entrepreneur’s portfolio company that allows people to easily display non-fungible tokens (NFTs).
As of Tuesday of last week, Polygon became part of Cuban’s website as one of his properties.
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