Undeniably, Polygon is on the way to becoming one of the top projects soon. As today is ranking number 9 in CoinMaketCap, but let me tell you 3 reasons why I think Polygon is one of the best Blockchain Projects to follow closely.
#1 Cutting Edge Technology Polygon, in terms of technology, I think is one of the most accomplished networks out there. Polygon has got great cutting-edge solutions that will position the blockchain at the top of blockchains.
- Polygon has a layer 2 scaling solution called ZK EVM Roll-Up. This solution is 100x faster and has 90% cheaper gas fees than Ethereum, and provides more security and efficiency than other roll-ups (like Optimism or Arbitrum).
- Polygon is EVM Compatible: developers can bring over their dApps without having to rewrite any code. That gives Polygon and huge competitive advantage. -Polygon has developed one of the most needed solutions in the Crypto space "Polygon ID solution". This solution helps to bring decentralized identity into their dApps. And you wonder what it means, right? It means that we will have an on-chain reputation or the ability to enforce one person one vote; very much need it in the crypto space now.
I think it is important to note that Ethereum developers have chosen ZK roll-ups as the final form of scaling solution for Ethereum. But, ZK roll-ups have a complex architecture that does not support EVM right away, that's why compatibility is one of the greatest advantages, as it saves very hard work for developers.
#2 Stunishing World-Class partnerships
Partnerships (e.g) with NIKE (NFT platform SWOOSH), Hamilton Lane (tokenizing part of their funds, Square Enix (interactive web3 gaming experiences), Starbuks (Launch NFT rewards Program Odyssey), Magic Eden (NFT Marketplace) or Lens Protocol (launching on Polygon), and many others. The level of partnerships that Polygon holds goes beyond stellar. Many of these partnerships will come to life this year, so we might see an increase in DAU (Daily Active Users).
#3 Booming Ecosystem Polygon is one of the few blockchains that seamlessly bridge the worlds of web2 and web3 making the transition from one to another naturally and smoothly. That's important for mass adoption and will allow Polygon to grow faster.
Therefore, if events such as ZkEVM Roll-up mainnet, NFT projects like Starbucks Rewards Program, Lens Protocol, etc... all these projects come to fruition soon, then the valuation of the Polygon network will skyrocket.
Of course, we have to mention also the possible CONS of the project. Not from the tech perspective, but more from the business perspective. If we look at the charts when it comes to NFT activity in terms of sales and volume, we can see that Polygon is still lagging behind Ethereum and Solana. However, if the coming projects mentioned earlier launch, this will boost the network activity to new highs.
We also need to take note of news and rumors that might affect the current value of the project. For example, on the past February 2023, there was a layoff - mostly marketing and operations- and there is a rumor that another layoff is coming. The rumor says that Polygon needs cash flow so that is selling MATIC at discounted prices to private investors. All this hearsay puts pressure on Polygon's progress, so we need to wait, see and reevaluate again.
Overall, Polygon is a great project with lots of room for growth and with very strong fundamentals and we should keep an eye on it. Show Less