Polygon raised $450 million in a funding round led by Sequoia Capital India, with contributions from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and notable investors such as Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank).
Polygon plays a vital role in the Ethereum and Web3.0 ecosystems. While Ethereum is the most popular blockchain network globally, the number of transactions and associated fees have increased dramatically over time. Users can do these transactions on Ethereum, massively scaled, and at a considerably reduced cost using Polygon.
With this fund, the core team can maintain Polygon’s lead in paving the road for widespread adoption of Web3 apps, a race we believe Ethereum will win over other blockchains. Polygon will also be able to keep investing in cutting-edge zero-knowledge (ZK) technology, which will be critical in onboarding the following billion users to Web3.
Polygon leading Web3
Polygon has also established itself as a go-to place for teams wishing to create the next generation of Web3 games. Polygon Studios, a blockchain gaming and NFT arm of Animoca Brands were founded in July 2020 to help with that mission.
Polygon PoS use has exploded, with a billion transactions recorded last year. The network has more than 130 million unique addresses and 2.67 million monthly active users. They combine to generate 3 million transactions per day, more than double Ethereum’s volume. The native MATIC token of Polygon has a market valuation of more than $14 billion.
Polygon is investing heavily in ZK cryptography, which is widely regarded as the end goal for blockchain scalability, in order to keep the growth flywheel spinning.
Polygon to skyrocket in 2022
Analysts are optimistic about the price of Polygon (Matic) in 2022. In 2022, the average price forecast is $2.53. As of now, MATIC is trading at $1.98 with a 24-hour trading volume of $2,490,854,921. As per the reports by CoinMarketCap, MATIC has been up 9.30% in the last 24 hours. It touched an all-time high of $2.93 on Dec 27, 2021, before plummeting 33% to its current trading price. It currently ranks at 15 in terms of market valuation.