Polygon is climbing after announcing it raised $450 million to scale Ethereum, the network it closely complements and competes with. The token broke above $2 and, at the time of writing, has risen by about 12%.
Read on for a concise overview of Polygon, including what it is, why it matters, and where you can buy it.
Best places to buy Polygon right now
What is Polygon?
Polygon is a Layer 2 scaling solution designed to address blockchain scalability issues across multiple networks, helping to accelerate broader adoption of cryptocurrencies and decentralized applications.
Its architecture combines the Plasma framework with a Proof-of-Stake (PoS) security layer. The Plasma framework enables scalable, autonomous smart contracts, while the PoS layer secures the network and supports efficient finality. Polygon continuously develops new features while building on this established technology to meet developers’ needs.
The project focuses on evolving core infrastructure to scale a larger developer ecosystem, a goal it is pursuing further following its recent funding round.
Using Plasma and its sidechain approach, Polygon can host a large number of decentralized applications (dApps) without suffering the performance limitations typically associated with proof-of-work blockchains.
Polygon achieves block confirmation times under two seconds and claims throughput of up to 65,000 transactions per second on a single sidechain. This enables the creation of globally accessible DeFi applications on a unified base infrastructure.
Should you buy Polygon today?
Polygon may present an attractive investment opportunity, but price forecasts are inherently uncertain. Any amount you invest should align with your personal risk tolerance and investment horizon. Consider doing your own research and, if needed, consult a financial advisor before investing.
Polygon price forecast
Some forecasting services predict long-term growth for Polygon. For example, Wallet Investor has projected that 1 MATIC could reach $10.79 by February 2027, which would imply a substantial multi-year return if accurate. Under that forecast, a $100 investment today might hypothetically grow to roughly $548 by 2027. Treat such projections as speculative and not guaranteed.
Polygon in social media
Thank you @0xPolygon $MATIC might explode even more who knows 💰💰#Binance #altcoin #bankersarewankers #crypto #BinanceFutures #Polygon pic.twitter.com/bK2E1gBdaS
— CryptoVin (@cryptovin) February 5, 2022