Bloomberg senior macro strategist Mike McGlone has shared with the public a fresh outlook on the crypto market and its latest trends. In the report, McGlone argued, on the topic of Layer 2 solutions for Ethereum, that no protocol compares to the kind of network efficiency Polygon (MATIC) has brought to the table.
The economist cites the fact that Polygon has become something of a beacon for blockchain developers, using cutting-edge zero-knowledge technology to ensure privacy and speed of transaction processing.
Ethereum’s largest DeFi platforms such as Aave and Uniswap are migrating to Polygon, and the total number of decentralized applications is more than three times that of its nearest L2 competitor and is almost half that of Ethereum itself, McGlone notes.
With its development appeal, Polygon has also managed to become a brand of sorts for NFT and Web3, the economist goes on to say. More and more corporations from the outside world are willing to dive into the new digital economy, and if they do, it is more often Polygon that provides the springboard for them to do so. As was reported by U.Today, Coca-Cola, Reddit, Starbucks, Meta, among others, have onboarded on Web3 via Polygon over the past year.
Polygon (MATIC) price action
The price action of Polygon’s native token, MATIC, confirms and reflects these arguments to some extent. Since the start of the year, its price has risen by more than 50%, a fifth of which, about 12%, occurred in February. Meanwhile, against Ethereum, MATIC has shown growth of almost 15% since the beginning of 2023.