Polygon Adoption and Interest Pushes MATIC to Top of 2023 Rally

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Poly­gon (MATIC) has been on a tear late­ly, grow­ing 57% since the start of 2023, out­per­form­ing both Bit­coin and Ethereum. This surge is due to sev­er­al fac­tors, includ­ing increased insti­tu­tion­al inter­est, new part­ner­ships, and over­all bull­ish sen­ti­ment in the cryp­to market.

Poly­gon is a Lay­er 2 scal­ing solu­tion for Ethereum that allows devel­op­ers to build and deploy decen­tral­ized appli­ca­tions quick­ly and eas­i­ly. It uses a net­work of side chains con­nect­ed to the main Ethereum blockchain. This allows trans­ac­tions to be processed much faster than on the main chain. 

This makes it ide­al for high-vol­ume appli­ca­tions such as DeFi pro­to­cols or gam­ing plat­forms. The net­work also sup­ports mul­ti­ple pro­gram­ming lan­guages, mak­ing it eas­i­er for devel­op­ers to cre­ate their own projects on the platform.

Sev­er­al fac­tors have led to the recent surge in Polygon’s price. 

  • Insti­tu­tion­al investors have been increas­ing­ly inter­est­ed in Poly­gon due to its scal­a­bil­i­ty solu­tions and low trans­ac­tion fees. 
  • Poly­gon recent­ly announced part­ner­ships with major com­pa­nies such as Chain­link and Coin­base Cus­tody which have fur­ther boost­ed investor con­fi­dence in the project. 
  • Final­ly, the over­all bull­ish sen­ti­ment return­ing to the cryp­to mar­ket has con­tributed to MATIC’s impres­sive per­for­mance over the past month.
Polygon MATIC Price Chart by BeInCrypto
Poly­gon MATIC Price Chart by BeIn­Cryp­to

Decentralization and Scalability

Poly­gon uses a proof of stake (PoS) con­sen­sus mech­a­nism and sup­ports Ethereum Vir­tu­al Machine (EVM) com­pat­i­ble smart con­tracts. This enables devel­op­ers to build and deploy their dApps on Poly­gon with ease. Poly­gon sup­ports the same pro­gram­ming lan­guages and tools as Ethereum.

One of the major advan­tages of Poly­gon is its scal­a­bil­i­ty. The Ethereum net­work has faced scal­a­bil­i­ty issues (even after the Merge), lead­ing to slow and expen­sive transactions. 

Poly­gon solves this issue by pro­vid­ing a scal­able and low-cost net­work for dApp devel­op­ers. They can now enjoy fast and cheap trans­ac­tions on the Poly­gon net­work. This has led to an influx of dApp devel­op­ers and users who are now build­ing and using dApps on the network.

Increasing Polygon Adoption

The increas­ing adop­tion of Poly­gon has been a major fac­tor behind its recent price pump. More dApps are mov­ing to the net­work, lead­ing to a rise in demand for MATIC tokens. Addi­tion­al­ly, Poly­gon has attract­ed sev­er­al major play­ers, includ­ing some of the largest DeFi (decen­tral­ized finance) projects. This has fur­ther increased its popularity.

Anoth­er rea­son for the grow­ing adop­tion is its inter­op­er­abil­i­ty with Ethereum. This allows for a seam­less trans­fer of assets and data between the two net­works, mak­ing it eas­i­er for dApp devel­op­ers to move their projects to the net­work. Polygon’s inter­op­er­abil­i­ty allows users to access a vast range of dApps and ser­vices on Ethereum. It also pro­vides fast and cheap trans­ac­tions as a benefit.

The NFT Effect

Insta­gram recent­ly announced that it would soon launch its own NFT trad­ing plat­form. This allows users to cre­ate, buy, and sell non-fun­gi­ble tokens direct­ly on the plat­form. This has been a major fac­tor behind MATIC’s price hike. 

It will fur­ther increase the util­i­ty of the alt­coin and extend its usage to the wider NFT com­mu­ni­ty. Sandeep Nail­wa, the founder of Poly­gon, has stat­ed his goal to make it one of the top three cryp­tocur­ren­cies in the mar­ket. He aims for the net­work to stand along­side Bit­coin (BTC) and Ethereum (ETH).

The new NFT trad­ing plat­form is pow­ered by MATIC and inte­grat­ed with OpenSea, Solana, and Phan­tom Wal­let. This is an excit­ing devel­op­ment for Insta­gram users inter­est­ed in explor­ing the world of dig­i­tal art and collectibles. 

It could open up a new avenue for artists to show­case their work and mon­e­tize their cre­ations. With this move, Insta­gram is tak­ing a big step towards becom­ing a major play­er in the NFT space.

MATIC Investment Interest

The rapid price appre­ci­a­tion of Poly­gon has caught the atten­tion of investors. Many are now look­ing to invest in the token. The platform’s pop­u­lar­i­ty is grow­ing, mak­ing it a high­ly attrac­tive invest­ment oppor­tu­ni­ty. The increas­ing num­ber of dApps being built on the net­work also adds to its appeal.

More­over, the net­work has recent­ly launched sev­er­al new fea­tures and part­ner­ships, fur­ther increas­ing invest­ment interest. 

Launch­ing a new token stan­dard, Poly­gon-ERC20 has made it eas­i­er for investors to pur­chase and trade native tokens. Traders can now eas­i­ly trade the asset on cen­tral­ized and decen­tral­ized exchanges.


The net­work has formed sev­er­al part­ner­ships with lead­ing com­pa­nies to dri­ve the adop­tion of its blockchain tech­nol­o­gy. Some of the key part­ner­ships include:

  • Star­bucks: Poly­gon has part­nered with Star­bucks to explore blockchain tech­nol­o­gy for track­ing the cof­fee sup­ply chain. The part­ner­ship aims to increase trans­paren­cy and effi­cien­cy in the cof­fee sup­ply chain and to improve the trace­abil­i­ty of cof­fee beans from farm­ers to customers.
  • Quic­kN­ode: Poly­gon has part­nered with Quic­kN­ode, a lead­ing infra­struc­ture provider, to offer fast and secure access to the Poly­gon net­work. The part­ner­ship aims to make it eas­i­er for devel­op­ers to build and deploy dApps on the Poly­gon network.
  • Aave: Poly­gon has part­nered with Aave, a decen­tral­ized lend­ing plat­form, to bring DeFi to the Poly­gon net­work. The part­ner­ship aims to bring the ben­e­fits of DeFi to a larg­er user base by pro­vid­ing access to low-cost and secure finan­cial ser­vices on the Poly­gon network.

These part­ner­ships are help­ing to build a strong ecosys­tem of devel­op­ers, users, and part­ners. This should dri­ve the adop­tion of its blockchain tech­nol­o­gy and con­tribute to the growth of its ecosystem.

Adop­tion has increased, caus­ing demand for MATIC tokens to rise. DeFi projects and major play­ers have been attracted.

The announce­ment of an NFT trad­ing plat­form pow­ered by Poly­gon on Insta­gram has also boost­ed the price. Investors are tak­ing notice of the rapid price appre­ci­a­tion. They see it as an invest­ment oppor­tu­ni­ty in the decen­tral­ized ecosystem. 


All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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