Polygon cryptocurrency is growing in popularity. Is it a good investment option?

The cryptocurrency bubble recently has been growing big, attracting a lot of investors and next-gen millennials. However, the crypto market has been hit hard due to China's ban on using cryptocurrency. The wave of crypto panic selling has caused a steep decline in the prices of cryptocurrencies like Bitcoin, Ether, etc. But, Polygon cryptocurrency is stealing the limelight as it wasn't much affected by the crypto market's volatility.

What is Polygon?

Initially launched as Matic Network in 2017, crypto Polygon is a platform built on Ethereum blockchain that is meant for developing decentralized apps. It was founded by three Indians – Sandeep Nailwal, Anurag Arjun, and Jayanti Kanani. Unlike Bitcoin and Ethereum, the Matic Polygon coin is not influenced by high transaction fees due to congestion. It is an open-source technology that offers developers the tools to instantly implement a stand-alone network or a secure sidechain, leveraging the security of the Ethereum network through smart contracts.

In simple terms, it solves the scalability issues that usually other cryptocurrencies face built on Ethereum blockchain, keeping the decentralized aspect intact. With this, Polygon is considered a synonym of Decentralized Finance (Defi) transactions. Hence, many Defi platforms have built sidechains on Polygon's network.

Is Polygon a Good Investment?

The recent crypto market crash did affect this magic coin as the Polygon crypto price before the hit was $2.45, which then came down to $1.38. However, now the current price of Polygon is $2.24. Well, because of its advantages over Ethereum, it has been successful in gaining the eyeballs of crypto fans. This is one of the reasons Polygon is growing in popularity.

Though Bitcoin and Ether are ruling the crypto market, many investors are looking forward to new options and investing in other cryptocurrencies that have good potential and significant advantages for long-term purposes. Here, Polygon crypto is winning the game. Especially, after the aftermath of the crypto meltdown and its steady surge in usage, it is an option worth considering.

As per Cointelegraph, on May 17th, Polygon had 75000 new users and is growing steadily. This is a clear sign of its widespread popularity among users, which might be quite fruitful in the long run.

Further, network congestion is quite a disadvantage for layer 1 networks. Since Polygon is a layer 2 network, it demonstrates its advantages in the world of Defi, wherein there is the elimination of paying heavy transaction fees to miners.

That's the benefit of sidechains. Users can avoid the high fees due to the congestion as well as harness the benefits of popular blockchains such as existing code infrastructure, well-founded developer base, etc.

However, don't get fooled by its growing popularity. It is eventually one crypto coin and is part of the highly volatile crypto market. Hence, if you wish to invest in Matic Polygon coin, you need to closely observe the projects that leverage their smart contract capabilities to the Polygon network. Further, analyze the growth with regards to participation.

But to add more fuel to your interest in Polygon, the matic coin price is $2.24, which has gone up by 36.90% in the last 24 hours. With a trading volume of $8,101,680,911 USD, the Polygon coin market cap is $13,987,690,046.