Polygon Recap 2022: Best cryptocurrency of the year

The year 2022 has been disastrous for the global  cryptocurrency industry, yet despite prices constantly falling, Polygon was still able to record astounding data and advances. 

The layer-2 scaling solution Polygon (MATIC) seeks to give Ethereum users the best of both worlds—high throughput and inexpensive transactions. The MATIC native token, which powers Polygon Network and is used to execute smart contracts on its blockchain, enables transactions.

The Polygon (MATIC) multi-chain system has its own set of decentralised infrastructure and applications. This makes it possible for developers to create projects on Polygon Network and facilitates user interaction with such apps.

Reddit, among others, uses Polygon (MATIC) to power its non-fungible token (NFT) marketplace as it swiftly gains popularity. It's understandable why Polygon (MATIC) has a market valuation of over $8 billion and a share price of $0.93 right now; the company will undoubtedly be one to watch in 2023.

Speaking of Polygon's many activities, the group has pledged $1 million to Gitcoin to support public goods. The Polygon Fellowship Class of 2022 has already been released, and there are only 50 slots available despite 10,000 applicants.

In keeping with its commitment to addressing the environment catastrophe, Polygon also discussed becoming green. It has paid $400,000 on premium carbon credits as part of this in order to emit its CO2 emissions.

Also read: Polygon (Matic) Consolidating Slowly Amid Binance FUD

Polygon Growth in Various Sections

Let's review the Polygon Network's developments in the numerous, significant crypto sectors.

NFT industry:

1. NFTs were hit even harder than DeFi was, but Polygon saw growth in its NFT market versus 2021, a bullish year.
2. In comparison to 2021, NFT traffic on OpenSea on Polygon increased in 2022.
3. More than 5 million NFTs have already been produced on Reddit, and many more are produced every day.
4. There have been 60,000 NFT purchasers who have returned.

DeFi:

1. DeFi suffered a significant setback in 2022, but Polygon's DeFi ecosystem continued to expand in terms of size, diversity, and user base.
2. Polygon has the fourth-highest TVL on the market after reaching $1 billion in DeFi TVL.
3. The number of dApps on Polygon has topped 53,000 and is continuing to rise.

Major metrics for DeFi and derivatives apps and protocols include:

• Uniswap on Polygon achieved an annual TVL of $100 million and monthly volumes of $4.25 billion.
• Gains Network on Polygon saw an average daily trading volume of $80 million and a total trading volume of $21 billion.
• Monthly trading volume for SynthFutures on Polygon reach.

Technological advancement:

1. Polygon created more scaling frameworks and solutions in a year (Polygon zkEVM, Polygon Hermez, Polygon Miden, Polygon Zero, Polygon Avail, Polygon ID, Polygon Edge, Polygon Supernets)
2. The first open-source zkEVM was created by Polygon, which will help the Ethereum ecosystem.

Bizdev:

1. With significant alliances with organisations in a variety of industries, including tech (Meta, Nothing Phone, HTC), social media (Facebook, Instagram, Twitter), payment services (Stripe, PayPal), fashion (Adidas, Prada, D&G), finance (JP Morgan, Ernst & Young), entertainment (Disney, NFL), and more, Polygon dominated the market.
2. Many of these collaborations saw applications like the payment services provided by Stripe and Travala and the OS integration between Nothing Phone and HTC.

General Web3 development:

1. The number of active development teams on Polygon has increased by 335% year to date.
2. 804% more active development teams year over year
3. Annually, API usage has increased by 153%.

Polygon FAQs

Is polygon a good cryptocurrency?

For a number of reasons, cryptocurrency aficionados think Polygon is an excellent investment. The project could take over as Ethereum's preferred layer-2 solution.

Does Polygon crypto have a future?

According to expert predictions, it may trade for up to $3 per coin in 2024. We believe that both the short and long terms may be favourable for holding this coin. Numerous services are provided by Polygon, including the ability for individuals and companies to create unique blockchains and dApps.

Is Polygon better than Ethereum?

Polygon focuses more on low prices, quick speeds, and scalability while the Ethereum platform is more on features and security.

Is Solana faster than Polygon?

Compared to Ethereum and Polygon, Solana provides speedier transactions at a reduced price. However, Polygon offers quicker transaction times. But the finest decentralised application platform is still Ethereum.

Is Polygon a good long-term?

A number of analysts and professionals have concluded that Polygon is probably a strong investment based on fundamental and technical research, and investing in Polygon (MATIC) as one of the finest high-yield assets is one of the best choices you could possibly make.

Will Polygon burn coins?

According to the Polygon team, 0.27% of MATIC tokens will be burnt yearly. Although this is a small amount, it makes Polygon deflationary over time, setting it apart from cryptocurrencies like Dogecoin (DOGE -1.90%), which have a limitless supply.