I have been hearing a ton about Polygon on Twitter the last few days, but really didn't know anything other than that it was supposed to help Ethereum scale somehow.
As a result, I thought a dive into the token was in order and I will now share my findings!
What Is Polygon?
Polygon is an Ethereum side-chain that is seeking to drastically reduce proof-of-stake consensus fees and promote scalability for the network. According to their team website, the goal of the protocol is to enable a multi-chain ecosystem all built upon the Ethereum network. They compare themselves to Polkadot, but with the caveat that their protocol also gains all of the benefits of the Ethereum network; an existing network with millions of users daily.
Here is their feature list from their site:
Polygon is what was formerly known to us as MATIC, and though that token is still being used for governance and fees, the Polygon token is the new guy on the block. Similar to projects such as Cosmos, the Polygon team is seeking to make access to DeFi easier, faster and cheaper by using a scalable second layer. They are seeking to become an internet for blockchains built on the Ethereum network while offering a cleaner and more user-friendly product than Ethereum alone.
There honestly isn't much to be found on their site regarding a road map or future plans, but this seems to be the case with all the players in this field. However, as Cub Finance is showing us, a brilliant roadmap with clear and tangible goals means entirely too little to the average investor right now; don't let that stop you from taking a look at the possible utility here for Polygon.
Token Price
I am most certainly not a financial advisor, but $1.29 for a token that has the possibility of being the governance token for an entire internet of blockchains seems like a solid buy-level to me. I really don't know how to set price predictions or run technical analysis for tokens, but IMO this is another situation where price is not necessarily reflecting utility and promise. Do your own research, but this seems like something we should collectively keep an eye on as more announcements come out from the Polygon team regarding future plans.
Conclusions
While it is my personal opinion that the Binance Smart Chain network has a more promising future in DeFi, it is hard to discount the sheer volume that the Ethereum network takes on every day. Polygon is seeking to make Ethereum better and more affordable for DeFi usage, and if they are successful in doing so there really is no ceiling for the value of Ethereum. I am not really sure what the value of Polygon or Matic will be as a result of this project, but they are attempting to clear aside some major obstacles for the success of Ethereum; best keep an eye on the success-level of this project and check the action on Ethereum accordingly. (NFA)
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