Polygon (CCC:MATIC-USD) is among the few cryptocurrencies that have performed relatively well during the recent crypto slump.
Previously known as the MATIC Network, Polygon has exhibited real-world utility for its users with promising features down the road.
It has the potential to stand out amid an ocean of underwhelming altcoins.
The Indian-based crypto was founded back in 2017 with a core mission of solving critical scalability issues with the Ethereum (CCC:ETH-USD) network. It is the second-largest crypto ever and serves multiple platforms, including decentralized applications and other currencies.
Unfortunately, the platform is highly congested, which is why users have faced high transaction costs.
This is where Polygon provides a platform facilitating more robust, quicker, and cheaper transactions. Moreover, its status as a Layer-2 network increases the interoperability between various blockchains.
It looks as if Polygon has an impressive growth runway ahead which makes it one of the most exciting altcoins in the market.
Polygon Has Mark Cuban’s Approval
Mark Cuban is one of the wealthiest individuals on the planet and one of the most prolific investors in modern history. He is also a big crypto fan and has several noteworthy investments in various cryptocurrencies.
Truth be told, he wasn’t a big fan of the asset class in the past but pivoted in the last year or so.
When Tesla (NASDAQ:TSLA) CEO Elon Musk shocked the crypto world by rejecting Bitcoin (CCC:BTC-USD) payments, Cuban continued accepting Bitcoin payments for his Dallas Mavericks NBA franchise.
Apart from the big names in the crypto industry, he is bullish on the potential of Polygon.
Cuban’s website lists Polygon as a highly structured and an “easy-to-use platform for Ethereum scaling and infrastructure development.”
Polygon’s COO, Sandeep Nailwal, described his meeting with Cuban as “truly mind-blowing.” Moreover, Cuban plans to integrate the altcoin into his non-fungible token (NFT) gallery, Lazy.com.
He feels Polygon stands out in its ability to process transactions at a fraction of the cost of Ethereum. Additionally, it uses an added layer that deems a sidechain and works parallel to the existing blockchain technology.
One of the interesting elements that Cuban talked about recently was his approach to valuing a blockchain or DeFi project.
For him, it’s the revenues, similar to valuing a software business. He looks for growth rates, current revenues, and the strength of its community. In this regard, he feels that MATIC has the edge over its competition.
Price Performance
MATIC has shed more than 27% of its value in the recent crypto sell-off. While it has been resilient in comparison with many of its peers, the altcoin also has been one of the best performing cryptos growing by over 5,500% on a year-over-year basis.
It touched highs of $2.62 back in May this year. As Bitcoin tanked, the industry followed and lost a fair bit of its values. MAtIC dropped at least 50% of its value during the period.
It appears as if investors have witnessed the worst of the corrections already. In fact, it wouldn’t be surprising Polygon is back trading at all-time highs in the next few months.
Price predictions are largely bullish on its potential to break out and regain its lost ground by the conclusion of this year.
Moreover, with multiple new updates and unique features to its platform, the altcoin presents itself as relatively stable as its core business progresses.
Bottom Line on MATIC
MATIC has been one of the more resilient altcoins in the past few years, and analysts are bullish on its long-term potential going ahead. It has several promising features, and upcoming updates put it in pole position to reach all-time highs.
Mark Cuban’s insights hold a lot of weight and further boost the confidence of future investors in crypto. Hence, MATIC is a crypto that should be part of your altcoin portfolio.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
