One of the reasons why we are sceptical about investing in cryptocurrency is the lack of complete knowledge. The value of all cryptocurrencies keeps fluctuating from time to time. Thus, if you choose to enter this market, you need to know everything in and out. This is not limited to knowing which cryptocurrency to invest in but when you should be making this investment too. Yes, timing here is a significant factor.
Polygon coin is one coin with massive potential in 2021. It is currently growing in the market and if you choose to invest here, let’s get to know more details about this cryptocurrency.
What is Polygon (MATIC)?
Polygon, which was earlier known as MATIC, was launched in the year 2017. 3 Indians founded it: Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. Matic aims to solve the blockchain scalability issue, the technology that powers all the cryptocurrencies today. Their main motive was to lower transaction fees and increase transaction speed on the world’s second-biggest cryptocurrency, Ethereum. The main value proposition of MATIC lies in its technical approach. It uses a MoreVP framework and uses Ethereum Virtual Machine (EVM), making it easier for Ethereum developers to scale the apps. Matic side chains can also support DeFi apps that run on Ethereum.
Why Should You Invest in Polygon?
Now you must be wondering why you should invest in this polygon coin? Here are some reasons why you should invest in it:
Scalability is one issue that has been hindering the growth of Ethereum as more and more people get associated with blockchain technology. Polygon tends to solve this issue by lowering transaction fees and also increasing transaction speed.
2. Decentralized Finance, also called DeFi
The future of finance is said to be on the blockchain called decentralised finance. The robust framework of Polygon is attracting a lot of developers. They are choosing Polygon over Ethereum due to its lower fees. AAVE, one of the most significant DeFi projects, has shifted from Ethereum to the Polygon network.
3. Past Performance
When Polygon was launched in 2017 in MATIC, it was priced a few cents. If you convert Matic to INR, it would be around 50 paise. In 2021, Matic crossed the $2, Rs 150 and came close to the $3 mark, which is around Rs220. This results in an ROI of more than 300 times.
4. Limited Supply of Coins
Like all other cryptocurrencies, the supply of Matic is limited. There will only be a fixed number of Matic available for the people. Currently, the circulating supply of Matic is close to 6.6 billion coins, with a total supply of 10 billion coins. As more and more people get to know about it, the demand will increase while the supply is going to be constant, which could push the price higher.
5. Market Cap
Matic has a market cap of almost 10 billion dollars now. This makes it into the top 20 cryptocurrencies in the world today in terms of Market cap. This means it is a blue-chip coin with lower risks as compared to other low-capped currencies.
Where To Buy Polygon?
The polygon is one of the major coins in the world today. So, it is available on all the best cryptocurrency exchanges in the world. If you are in India, you can buy Polygon from India through the cryptocurrency exchange Zebpay. Zebpay is one of India’s oldest and most trusted cryptocurrency exchanges.
To Sum it Up
Cryptocurrency is still in the adoption phase of new technology. The future seems to be very promising. However, you should be very conservative in investing in this space. Only put in money that you are willing to lose. It comes with a lot of volatility and has a longer horizon for investment, and if things pan out, you could set to have an early retirement.
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