Cryptocurrency News

3 reasons why Polygon (MATIC) outperformed Bitcoin and major cryptos this week


Polygon (MATIC) is on a tear. In the last seven days, it has grown by 35% in the last seven days, outperforming every major cryptocurrency. Uniswap. Apart from.

There are several big reasons behind MATIC’s strong uptrend, including increased publicity around Polygon, the Google BigQuery announcement and the investment of Mark Cuban.

MATIC 1-Day Candle Chart (Binance). Source: TradingView.com

Increasing sentiment and publicity around polygons

On 9 February, Matic first announced its plans to rebrand Polygon. At the time, he brought in promising metaverse projects and integrated Matic plasma chains.

By implementing plasma chains, a single layer with built-in scaling solutions for polygon projects was able to provide a blockchain network.

Polygon team said in February:

“We implemented and introduced the Matic Plasma Chain, a production-ready Ethereum Layer 2, predicate-based plasma implementation; we implemented and introduced the Matic POS Chain, an unlicensed, EVM-compatible, POS-protected Ethereum sidechain. Which relies on strong Ethereum security for verifiers. Stacking and checkpoints; 80+ amazing applications including Polymarket, Avegotchi, Neon District, SkyWeaver, Cometh, Easyify are onboarded and added everyday. “

Since then, polygons have become a major layer-a blockchain project, especially for metaverse projects whose numbers Users are skyrocketing.

Polygon ranks in the top ten cryptocurrencies by social volume. Source: Lunar Crush

Increasing fundamentals also seem to be boosting the overall market sentiment for the blockchain project.

Bullish momentum for MATIC was picked up by VORTECS ™ data Coin Telegraph Market Pro, Which began to explore a positive outlook ahead of recent highs earlier this week.

The VORTECS ™ score is an algorithmic comparison of historical and current market conditions, exclusive to Cointegraph, derived from a combination of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

VORTECS™ score (green) vs. CELO value. Source: Coin Telegraph Market Pro

As seen in the chart above, the VORTECS ™ score flipped green on the morning of May 24 and rose until reaching peak at 94 on May 27, as the price reached its recent high above $ 2.30. was.

Google BigQuery Announcement

In addition to several recent development milestones, including a Rain-polygon bridge For seven top crypto assets and SDK for manufacturing Ethereum-compatible chainsPolygon also announced on May 29 that the project has completed the integration of Polygon assets into Google Cloud’s BigQuery.

This integration is important because it improves the reach and position of polygons; This allows users of BigQuery users to easily tap into polygons.

polygon team said:

“We’re extremely thrilled to share that we’ve completed the integration of Polygon datasets into @GoogleCloudTech #BigQuery! That means you can query Polygon’s datasets, run analytics, and Google’s #BigQuery platform Can be used to extract insights. Blockchains are some of the richest sources of verifiable data, and this is a big step towards improving developer access to Polygon’s datasets and helping analysts unlock their huge latent value. “

Polygon is included in the BigQuery 1TB offering, which means that most BigQuery users will be able to run queries on the Polygon blockchain network to access a variety of blockchain-related data sets.

Cuban Back Polygon

Additionally, billionaire investor Mark Cuban Manifested Investment in Polygon on 25 May.

Cuban explained that having high transaction per second (TPS) output is highly important for users to reduce usage costs.

In addition, Cuba also emphasized that the network effect is significant, and Polygon already has several projects using the blockchain. He mentioned:

“Having more TPS and lower gas charges is not enough. There should be a current network impact and significant user growth. This is a challenge for most L1s and L2s because [with] With a few exceptions, marketing in the crypto universe is beyond terrible. It is fast; It works well, and most importantly, their user base is growing rapidly. “

Analysts also say that investors exiting DeFi are generally becoming more optimistic about Polygon and projects on top of the blockchain.

Brad Laurie, a crypto analyst Having said:

“He’s right. There has been a big change in support for all types of parties, influences, groups and powerful players @ 0xPolygon. There is no doubt that the ETH- # DeFi crowd is eager for upcoming deals on $ MATIC. Many ‘They are busy reading the pitch-deck in preparation for the hustle. “