Sat. Jul 2nd, 2022

A cryptanalyst and YouTuber, Lark Davis has presented a comprehensive review of Polygon in a new video. According to him, Polygon has three main purposes of use. First of all, your MATIC token was designed to be used as a fee and to ensure that transactions become cheaper.

You need to have a small MATIC token in your wallet to pay the fees, and it’s cheaper as $5 of the token can be used for about 100 transactions.

Furthermore, MATIC was designed for staking. Finally, a burn function was introduced to reduce the supply of tokens over time, which is good for long-term price appreciation. So far 633,000 MATICs have been burned.

MATIC in numbers

According to reports, the daily average number of users of polygonal it was 350,000 last week. Also, its average transaction per day was 3.31 million and it has an average transaction cost of $0.017. Polygon has also had a huge impact on the NFT industry since it integrated with the world’s largest NFT marketplace, OpenSea. Their NFT activity has been very high with a cumulative volume of $938 million. There are 15.2 million NFT owners on the network, 32 million NFTs in total volume, as well as 5 million unique wallets that have exchanged NFTs in March alone.

Lark Davis believes that MATIC is worthwhile, as its adoption rate has been massive. As of now, there are over 10,000 dApps that use Polygon to scale. It is interesting to note that all the most important applications of the ethereum network can be found at Polygon.

MATIC Challenge

Regardless of his impressive statistical figures, the Total Value Locked (TVL) on the network has shrunk dramatically from $10 billion during its peak in June 2021 to $4.4 billion, which is a roughly 50% reduction. Recently, the Polygon network was down for 11 hours. According to Davis, the network is software after all, so it can present challenges.

It can have bugs and dramatic things can continue as it has dozens of apps. It’s normal with these new crypto chains like Polygon.

Future of Polygon

Davis mentioned that Polygon seems very optimistic as it plans to become carbon neutral after submitting its green manifesto. As the technology rolls out with solid numbers, your decision to be carbon neutral will go a long way in attracting a larger audience. Polygon is also focusing on different scaling solutions based on a document that was recently published. It was about a strategic focus on ZK technology as the next big chapter for Polygon. From this, it is clear that Polygon’s unprecedented growth is worth it, according to Davis.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.