Polygon (MATIC) token has risen in price by more than 35% in a week. As such, it has surpassed all major cryptocurrencies except Uniswap. Here are a few reasons why Matic’s price is setting new records. The growing hype around Polygon, the Google BigQuery announcement, and Mark Cuban’s investment.
The hype around Polygon
In February, the developers of the Matic Network announced that they would change the name of the project to Polygon. The rebranding was timed to coincide with a change in strategy towards creating a multi-chain system similar to Polkadot.
The team aims to build a network of secure second-level (L2) solutions and autonomous sidechains on the basis of Ethereum. So, the goal is to increase the scalability of Ethereum and reduce the cost of transactions.
In addition to its own developments, Matic PoS Chain and Matic Plasma Chains. Polygon implement support for Optimistic Rollups, ZK-Rollups and Validium, effectively making it an aggregator of similar L2 solutions. Thus, the approach implemented using a modular set of development tools. It will allow projects to choose the option that best suits their needs.
The developers claim that Polygon is an “internet blockchain” that enhances Ethereum’s capabilities to meet the demands of crypto startups.
Google BigQuery announcement
Polygon has integrated its blockchain datasets into Google BigQuery to provide accurate chain data for this protocol.
This initiative aims to provide developers, data analysts and crypto enthusiasts with a better understanding of the Polygon blockchain.
BigQuery Google ensures that the query and data mining in the Polygon chain done in a simple and organized manner using the Google cloud platform.
The latter is a collection of cloud computing services running on the same infrastructure that Google uses internally for its end-user products such as Gmail, Google Search, etc. Google BigQuery, on the other hand, is a serverless, scalable data store hosted to Google Cloud.
As the Polygon dataset now included in the Google Cloud Marketplace, it opens up new capabilities that include monitoring Polygon gas charges over time, monitoring smart contract calls and actions, multi-chain analysis SDKs such as the Polygon SDK, integration with traditional financial processing systems, determination of the most active tokens, contracts and dapps on Polygon, as well as trailing audit.
Mark Cuban’s investment
It is worth noting that Polygon has joined the list of Mark Cuban Companies supported by the billionaire. This news led to a sharp increase of 30% in 24 hours of the MATIC project token rate. Thus, it took 11th place in the rating by capitalization.
According to the investor, support for this network will be added to its monitoring platform NFT Lazy.com.
“In recent months I have noticed that I am increasingly using the Polygon network. So, I made the decision to invest in the network”, Cuban said.
He didn’t want to disclose the amount of investment.
Crypto analyst Brad Laurie stated that there has indeed been a huge shift in support for Polygon from all sorts of parties, influences, groups and influencers. So, there is no doubt that the ETH-DeFi crowd interested in the upcoming MATIC deals.