Polygon Surges Ahead: Can MATIC Outpace Ethereum?

Published by

Sohrab Khawas

February 25, 2023

Polygon (MATIC) has become one of the most talked-about projects in the cryptocurrency world due to its explosive growth and numerous high-profile partnerships. The project has gained traction and made significant progress in the scaling and adoption of blockchain technology in recent years. Its success has led many to wonder if MATIC can outpace Ether as the go-to blockchain for corporations and the mainstream audience.

Bitboy Crypto, the popular YouTube channel run by Ben Armstrong, recently highlighted Polygon’s massive momentum and wind underneath its wings, leading to speculation that it could outpace Ethereum in the near future.

Explosive Growth on the Horizon

According to a recent announcement, Polygon has settled on March 27 as the launch date for its much-anticipated ZK EVM mainnet beta network. ZK EVM is a groundbreaking technology that aims to increase the speed of blockchain transactions and reduce their cost.

It generates cryptographic proofs to process transactions faster before those transactions are sent back to layer 1 networks, in this case, Ethereum. This technology is similar to that used by Polygon’s rivals, Solana and XRP, which have faster transaction speeds and unparalleled centralization. The adoption of ZK EVM by Polygon could help it to overtake Ethereum in the near future.

Partnerships Galore

Polygon has already signed partnerships with Dolce and Gabbana, Disney, and Stripe, among other major corporations. Instagram’s recent announcement that it would be using Polygon for its upcoming in-app NFT minting feature is another major endorsement.

Instagram has over two billion monthly users, which means lots of potential traffic for the Polygon network. Nike has also joined the bandwagon, with its Web3 Studio kicking off with Polygon NFTs. DraftKings and the PGA Tour have also jumped on the Polygon train, with their NFT player cards being built on the platform.

Polygon’s Stellar Performance

Polygon has been performing exceptionally well, with its daily active addresses recently surpassing those of Ethereum. Daily active users on Polygon have surpassed those on Ethereum, with the blockchain coming in second behind BNB Chain, which is known for being set up for a bunch of rug pulls. Polygon’s NFT sales on Open Sea have also beaten Ethereum for the second straight month. These low-cost assets are popular with investors and traders alike.

MATIC Price

The price of MATIC has risen dramatically over the previous two days, reaching the $1.25 threshold. Speed was gained, and MATIC is now clearly above the $1.30 resistance area. The price surged beyond the $1.50 barrier, an increase of roughly 25%.

A peak was set close to $1.568, and a subsequent downward correction has begun, mirroring that of Bitcoin and Ethereum. There was a break from the $1.40 and $1.42 support levels, indicating more weakness in the market.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.