- The Polygon ecosystem is expanding at a fast pace.
- On Thursday, Telefonica agreed to use its platform for web 3.0 deployment.
The Polygon price has held steady better than most of its peers in the past few months. MATIC, its native token, is trading at $1.55, where it has been in the past few days. The coin is about 46% below its all-time high, bringing its total market cap to about $10.5 billion. It is the 17th biggest cryptocurrency in the world.
Ecosystem growth continues
Polygon is a leading blockchain platform that helps developers to optimize their Ethereum applications. The network hopes to solve a key challenge that affects Ethereum’s network. While its platform is powerful, it is a bit slow and transaction costs are significantly higher.
Polygon has been in a strong growth path in the past few months. Just recently, the developers raised over $450 million from a group of investors. That was one of the biggest capital raise in the blockchain industry.
At the same time, more developers have been embracing the network. The most recent blue-chip company to embrace Polygon is Telefonica, the biggest communication company in Spain. The company will use Polygon’s technology as it seeks to build its web 3.0 features. Its immediate usage will be to add capabilities in the company’s TrustOS platform. In a statement, the company’s head of blockchain said:
“The inclusion of the new module in TrustOS will allow us to satisfy the need for organizations to issue NFTs without having to understand the complexity of this technology using one of the most promising and growing public blockchain networks, such as Polygon.”
Other companies and developers have also embraced Polygon’s platform. In a statement in January, Polygon said that the number of builders in its ecosystem had risen to over 7,000. While most of these are smaller developers, some big ones have already moved to the network.
They include well-known companies like Aave, Curve Finance, SushiSwap, and Balancer among others. In total, Polygon’s DeFi total value locked has retreated to about $3 billion.
Polygon price prediction
The daily chart shows that the MATIC price jumped to an all-time high of $2.98 in December last year. Since then, it has dropped by about 48%, which is a better performance than other coins. It is oscillating at the 25-day and 50-day moving averages while the Average True Range (ATR) has dropped to the lowest level since October last year.
Therefore, there is a likelihood that the coin will keep falling as bears target the next key support at $1.2. However, in the long-term, there is a possibility that it will rise and retest its all-time high.
