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Polygon (MATIC) Records 22% Weekly Gains Despite Crypto Winter – Here’s Why

As the merciless crypto storm slowly begins to fade, most of the top 100 cryptocurrencies have been left licking their wounds, while only a select few have managed to record profits in the double digits, paving the way for a crypto renaissance. Polygon (MATIC) is one of them.

Polygon (MATIC) is a Layer-2 solution compatible with the Ethereum (ETH) blockchain. The company made a historic breakthrough yesterday, when Disney announced that it had picked Polygon (MATIC) for its ‘Accelerator Program’.

The company has plans to be among the leaders in Web 3.0, so building on the top smart contract platform is a top priority, especially with ETH 2.0 just around the corner. Polygon (MATIC) experienced its all time low at  $0.31 on June 18th, but has since rocketed upward to its prive of $0.69 at the time of writing, according to CoinGecko.

Polygon (MATIC) Going to Disneyland

The Disney Accelerator Program is focused on Web 3.0 technologies, including Artificial Intelligence, Augmented Reality and, of course, NFTs (non-fungible tokens). Polygon (MATIC) is the only blockchain company to have been selected for this year’s Accelerator class, at which participants will contribute to “connecting the 2022 class with the creativity, imagination, and expertise of Disney”.

Rapid mainstream adoption, and the array of large projects moving to the Polygon network, have been key to the network’s long-term success. As a result of these factors, the Polygon network now hosts the brand new Reddit NFT marketplace, and managed to score a deal to help Coca-Cola celebrate “Pride Month” with an exclusive NFT collection.

Polygon (MATIC) is perhaps the blockchain to have gained the most from Do Kwon’s troubles and the demise of Terra (LUNA), as now many of the Terra network;s top projects have elected to migrate onto Polygon. Finally, many of the top crypto platforms now offer liquid staking for MATIC, meaning holders can earn rewards up to 13% APY.

On the Flipside

  • Shiba Inu (SHIB) briefyl overtook Polygon (MATIC) in the crypto race, claiming #13th position by total market cap on CoinGecko.

Why You Should Care

In times of extreme crypto market conditions, it is important to understand the reasons behind the success of the few crypto companies that have still managed to record sustainable profits.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.