Polygon has been an amazing project that I am lucky enough to get exposure to in early 2021. Also thanks to Celsius Network for getting me to know about the project as it is listed as one of the top-earning assets in the app (17% APY when I found out about the token). Once I started investing in the asset, it performs better which I DCA in even more. This led me to have a good bag of $matic when the time it hits ATH at around $2.7 USD. I do regret that I did not take profit at that point but learned my lesson in a hard way that I need to have healthy portfolio management to always be able to react to the market fluctuation.
Thus, when the market is going down. I started to venture into Polygon Network and started to learn about the ins and outs of the network facilities. Then, I became kinda of stuck to the networks with their unique features that I am listing down below.
Why I Am On Polygon?
- Cheap gas fee - on average I just need to spend around 2-5 Gwei to get things done super fast (like within 5-10 seconds). This only cost me around 0.006 to 0.008 $matic which is super dirt cheap! That is a sub-cent cost for me to do a transaction while on ETH I need to spend like $20-$80 USD of $ETH just to get a single transaction done.
- Competitive DEFI farming scheme - on Polygon, there are many farming/staking/vault options for us to earn. With the cheap gas fee, I am able to do arbitraging or even scalping through these protocols (without feeling pain). Imagine 1 $matic can last me for a month's time worth of transactions which is insane and unimaginable on Ethereum L1 network.
- Continuous development by the team - this is one of the reasons that I am bullish and confident about the project. The traction, the community and the competency of the project is there to be seen and I am one of the beneficiaries of the project itself. Therefore, there is no way I am not an advocator for Polygon. Here we see they are moving from a centralized Multisig system to a future, decentralized DAO system which is a sign of the progress made and ready to scale beyond the current state.
For these 3 reasons, I will always allocate a great portion of my portfolio to have Polygon as one of the growth-type assets which may have another exponential growth in the near future. With more and more exciting protocols/dapps on board to L2, it will stick to the users (like me) where we may never want to go back to L1 due to the insane fee even with London Hardfork.
Here are some charts that also showed how bullish you can be for Polygon:
Even though Polygon Market Cap goes against Polygon Metcalfes Value which in another word, more people onboard to the network but the market cap has not caught up with the strong uptrend of the "people" factor. This is one bullish sign that it is a time for us to accumulate more $matic while we are able to before it hits a point of exponential growth where the price will rise to match the Metcalfes Value growth.
Needless to say, more active addresses mean more usage happened on the network. I love the chart which is hyperbolic and I have no reason to not believe that the project will fail in anytime soon.
Even though the daily transaction decrease from the peak during June when the market started to dump, we see the activities are way higher before May when all crypto price hits ATH. This sets a new benchmark for Polygon Network to continue its growth and I look forward to see how the charts will look like at the end of 2021.
Well, anyone here who is also a fan and MATIC enthusiast? Let's connect and chat about different ways to earn and utilize the network!
Check out Polygon's on chain data here: https://polygonscan.com/charts
Polygon DAO announcement: https://blog.polygon.technology/polygon-ecosystem-dao-415df593c9b8