- Cryptocurrency analyst Lark Davis believes a $ 10 price for Polygon (MATIC) is inevitable later this year (2022).
- It highlights the various developments, partnerships and milestones achieved by the network as a reason for this.
Even greater losses have been seen in the cryptocurrency market in general over the past week, and Polygon (MATIC), Ethereum’s tier two solution, was no exception. MATIC has cut 17.3 percent of its value in one week, to trade now at around $ 2.11. However, cryptocurrency analyst Lark Davis forecasts a $ 10 price for the coin by the end of the year. Here’s why:
Last year, Polygon acquired two major scaling solutions from zk-rollup, namely the Hermez network in August and Mir blockchain in December. These increased the convenience for their cross-chain users, as well as providing more solutions than those hosted on Ethereum. In total, 6 solutions were launched by the network during 2021, including Nightfall, built in partnership with global accounting firm EY.
These technological developments have, among other things, brought in $ 500 million in tickets for Polygon in the last week alone. The network has also crossed all blockchain bridges with a global entry of $ 28 billion, according to Spencer Noon’s tweet thread.
Davis points to the growth in the value of MATIC over the past year, saying the same could be demonstrated this year, given the aggression of the network. In January 2021, MATIC was valued at just about $ 0.02. By the end of that year, its price had risen to just over $ 2, or increased by more than 9,000 percent. Polygon, also marked some other significant milestones, as the co – founder highlighted Mihailo Bjelic:
-100M + wallet
-3k + applications
-1B + txs
-6 new solutions (SDK, Avail, Hermes, Nightfall, Miden, Zero)
-The best masters of Web3 (Uniswap, Aave, OpenSea …)
– Grandes marcas (D&G, NFL, Macy’s…)
Polygon (MATIC) ones for $ 10
In addition, Polygon has a much better reception than Ethereum, based on new user statistics:
Of the 129M accounts used by Polygon in the past 8 months, only 15 percent have addresses on Ethereum. $ MATTH, on the other hand, accounts for only 0.85 percent of $ ETH addresses – proof that you are adding new net users to Web 3.
In December 2021 alone, Polygon was proud to have welcomed 7,200 new developers to its ecosystem. And in the last week of that month, network developers deployed 1.8 million smart contracts, compared to 105,000 for Ethereum.
In addition, Polygon is strongly represented in the world of NFT and DeFi. In December 2021 alone, the network sold 1.99 million NFT, up from just 50,000 in July, according to data from Dune Analytics. As the year 2021 drew to a close, Polygon gave its ha:
-More than 10,000 new NFT collections
-15 billion total assets hit
-More than 80 active games
-And $ 2.5 billion in NFT trade volumes.
The world’s largest decentralized exchange, Uniswap, went live on Polygon in December. Polygon’s Quickswap has also shown widespread use, with 226K users in December alone.
All of these developments are the promised reason for launching high – profile projects at Polygon. These include the DeFi Aave protocol, the world’s largest NFT marketplace, OpenSea, and the Sandbox metaversa platform. Finally, Davis discussed the EIP-1559 update coming to Polygon via the Mumbai test network. The update will bring all the benefits that Ethereum has brought, including tokens.