Polygon gains 40% on news of Mark Cuban backing

  • Ethereum Layer 2 scaling solution Polygon has surged over 40 percent over the past 24 hours.
  • According to its own numbers, it has been used to develop more than 250 Dapps since inception, in addition to over 76 million transactions and 790,000+ unique users.

Ethereum Layer 2 scaling solution Polygon has surged over 40 percent over the past 24 hours following news of billionaire investor Mark Cuban’s investment in the project.

In an announcement made on May 26, the company, formerly known as MATIC revealed that it is now listed as part of Mark Cuban’s investment portfolio. Subsequently, the market responded positively as the move is expected to boost Polygon’s capacity to deliver on its promise to ease Ethereum’s scalability problem.

Polygon’s growth story continues

Amidst the DeFi boom which has boosted Ethereum significantly over the past quarter, a major concern continues to be the sheer cost of using the Ethereum blockchain. Ethereum’s – sometimes scarcely believable – gas prices are widely recognized as an impediment to proper scalability. Several Layer 2 solutions have taken up the challenge to make Ethereum adoption easier and cheaper, which is where Polygon comes in.

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Founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun in 2017, Polygon bills itself as an easy-to-use solution to ease Ethereum infrastructure development and scaling. Its description on Mark Cuban’s company website reads:

Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence.

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Speaking to The Economic Times of India following the announcement, co-founder Sandeep Nailwal said

The best thing to hear was Mark Cuban himself uses applications on Polygon,” Sandeep Nailwal, co-founder of Polygon, told ET over WhatsApp. “Getting investment from Mark Cuban is a big stepping stone for Polygon as it will attract more Tier I investors in the US towards Polygon ecosystem.

Polygon targeting all-time high

According to its own numbers, the crypto project has been used to develop more than 250 Dapps since inception, in addition to over 76 million transactions and 790,000+ unique users. It will be recalled that on April 21, DeFi protocol mStable announced that it had gone live on Polygon. The following month,  a 1inch, a DEX aggregator also announced a similar move, further expanding its use cases and growing importance in the DeFi space.

Following the latest announcement, Polygon surged sharply, gaining over 40 percent inside 24 hours as investors rushed to grab a piece of one of DeFi’s hottest properties right now. From just under $1.60 – a 38 percent discount from its May 18 all-time high of $2.62 – Polygon moved up to $2.30 at press time.

It continues to gain as it currently trades just $0.32 short of its all-time high. It also currently sits at number 12 on the overall crypto market cap rankings at $14,368,166. This is almost $2 million ahead of Bitcoin Cash (BCH) which sits in 13th place with $14,366,074.

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David is a writer, investigative journalist and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). In February 2021, he won the People Journalism Prize for Africa 2020. He tweets at @DavidHundeyin

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