Polygon’s expanding ecosystem backs MATIC’s rise toward a new all-time high

Polygon’s expanding ecosystem backs MATIC’s rise toward a new all-time high

Layer-two (L2) solutions for the Ethereum network have become a popular topic of discussion and speculation on their associated tokens backed the massive rally seen in many of the protocols this year. The parabolic growth of the decentralized finance (DeFi) and nonfungible token (NFT) sectors also led to a surge in the cost of carrying out simple transfers and this prompted developers and investors to migrate to L2-supportive platforms.

One L2 solution that saw its token price rise to new highs earlier in the year and now looks poised to make another breakout higher is Polygon (MATIC), a proof-of-stake blockchain protocol that aggregates scalable solutions on Ethereum to support a multi-chain ecosystem.

MATIC/USDT 1-day chart. Source: TradingView
Polygon addresses with a balance vs. MATIC price. Source: Intotheblock
Polygon price vs. total revenue. Source: Token Terminal
VORTECS™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

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