Bloomberg macro strategist Mike McGlone shared his new insights on the crypto market and its latest trends. Regarding Layer 2 solutions for Ethereum, McGlone argued that no protocol can compare to the kind of network efficiency Polygon (MATIC) brings to the table.
McGlone noted that Polygon has become a beacon for blockchain developers, using the latest zero-knowledge technology to ensure privacy and transaction speed. The analyst notes that Ethereum’s largest DeFi platforms such as Aave and Uniswap have switched to Polygon, with the total number of decentralized applications more than three times that of its nearest L2 competitor and almost half that of Ethereum.
McGlone states that Polygon has also managed to become a kind of brand for NFT and Web3 with its development appeal. More and more companies from the outside world are looking to enter the new digital economy, and if they do, Polygon may be the ideal network for them to provide the springboard for doing so.
According to previous research, Coca-Cola, Reddit, Starbucks, Meta, and others debuted on Web3 via Polygon last year. Polygon (MATIC) price action The price action of Polygon’s native token MATIC to some extent confirms and reflects these arguments. Its price has risen more than 50% since the beginning of the year, and a fifth of that, about 12%, was in February. Meanwhile, against Ethereum, MATIC has grown by almost 15% since the beginning of 2023.