Polygon (MATIC) price has hit a new all-time high of over $ 1.5 after the Ethereum scaling solution integrated numerous popular decentralized finance (DeFi) projects and skyrocketed the number of transactions processed per day.
According to a MATIC network explorerPolygon has now processed over 62.4 million transactions and has nearly 700,000 wallet addresses. 3.3 million transactions are processed per day, each costing less than a cent and paying in the cryptocurrency.
In contrast, the cost of transactions on the Ethereum blockchain hit a new all-time high Week over $ 64 on averagebefore falling to $ 31.75 at press time. The cryptocurrency network has been congested in recent months as the demand for decentralized finance and meme coins increased.
Polygon aims to provide faster and cheaper transactions on Ethereum using Layer Two sidechains – blockchains that run along the main ETH blockchain. Users can deposit the ETH with a Polygon Bridge Smart Contract and interact with them within the Polygon chain in order to later pull them back into the main Ethereum network.
The demand for the Layer Two scaling solution has increased so much that MATIC has increased by over 270% in the last 30 days and by over 7,000% in the last 12 months. It is currently trading near its new all-time high of $ 1.51.
In the past few weeks, the Polygon Network has integrated several large DeFi platforms, including Aave, Curve, SushiSwap, 1 Inch, and others. Through these integrations, transactions have exploded on his network as the Ethereum-based DeFi platform becomes cheaper to use.
Polygon has its own proof-of-stake consensus algorithm, and MATIC owners can use their money to get rewards. The network also aims at sustainability in the non-fungible token (
NFT) storage space by working with Cent, a platform that tokenizes tweets.
SushiSwap has already exceeded a total of $ 500 million on the Polygon network, according to a recent tweet.
– Sushi Chef (@SushiSwap) May 14, 2021
MATIC’s price continued to rise despite the broader cryptocurrency market seeing a sharp correction this week after Tesla CEO Elon Musk released an announcement that the electric car maker would no longer accept bitcoin payments due to environmental concerns.