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Polygon’s finest days are but to return.
Amid the bearish crypto winter and all of the doom and gloom about cryptocurrencies and the way forward for NFTs, Polygon Technology had a scorching summer time. Since hitting its low in June, it has rallied over 170% to USD 0.87 (MATIC -0.52%). While now we have seen a substantial uptake, it’s nonetheless early days for the EVM-compatible chain, with its finest days nonetheless forward.
Earlier this yr, Polygon raised USD 450 million in its newest financing spherical, with a market cap of about USD 13 billion, to aggressively increase its portfolio of Ethereum scaling options and work to draw conventional manufacturers and the bigger blockchain developer ecosystem. This financing spherical was led by Sequoia Capital India and included massive names such as SoftBank, Tiger Global and Animoca Brands, amongst 20 others. They have since made good use of their funds.
Polygon, the popular accomplice of Top-Tier manufacturers
In the previous few months, now we have seen family names partnering with Polygon, leveraging their expertise to get their foot into Web3. Top-tier manufacturers such as Coca-Cola (Coca-Cola Co +0.35%), Reddit and Starbucks (SBUX +6.10%) launched their NFTs and, in Starbucks’s case, their NFT-Based Loyalty Program throughout the community.
Polygon, which counts Mark Cuban amongst its backers, has additionally been concentrating on the booming gaming trade, and we see younger and upcoming gaming corporations such as JEDSTAR Gaming not too long ago launch their Dynamic NFTs or, extra precisely, SFTs (Semi-Fungible Token) on the Polygon community, accessible on each their native Marketplace AGORA Marketplace and Opensea.
Entering the bull market
Clearly, we’re nonetheless within the midst of a bear market, and most cryptocurrency initiatives, together with Polygon and JEDSTAR Gaming, are nonetheless down from their all-time highs. But the resilient and constant supply of those initiatives over the previous few months exhibits that the crypto winter could also be thawing.
As a matter of reality, regardless of market situations, issues are wanting fairly optimistic for initiatives like JEDSTAR Gaming, which not too long ago launched its charge-to-earn app for players SILVERVOLT, a local NFT Marketplace, a P2E sport and scheduled to launch its much-anticipated staking platform that rewards JED holders (JED +2.8%) with common passive earnings.
With their efficiency metrics, and rising checklist of outstanding partnerships, Polygon and JEDSTAR Gaming seem like stable bets to return to or surpass their earlier highs as the market rebounds.