Rising by over 35% for the past week, MATIC, the native cryptocurrency of Polygon, outperformed bitcoin and other major altcoins.
Saving the crypto from experiencing the same slump that has plagued other digital currencies for days now, contributing to its uptrend, are three main reasons: growing hype around Polygon, Google BigQuery announcement, and Mark Cuban’s investment and support.
Plans to rebrand Polygon were first announced on February 9, the same time when promising metaverse projects were brought in to integrate with MATIC Plasma Chain. By implementing this, Polygon was able to establish a layer one blockchain network with built-in scaling solutions for projects.
The Google BigQuery disclosure
In addition to several milestones achieved in its development, Polygon, on May 29, announced it has completed the integration of its assets into Google Cloud’s BigQuery.
Such accomplishment was important as it improves the accessibility and positioning of Polygon, allowing users of BigQuery to easily tap into the project.
On its 1TB offering, BigQuery included Polygon which meant most users will be able to run queries on the Polygon blockchain network to access different blockchain-related data sets.
Cuban shows love for Polygon
Billionaire investor and NBA Dallas Mavericks team owner Mark Cuban also recently revealed investing in Polygon.
In explaining his decision to support the project, Cuban said having high transactions per second (TPS) output is significant in lowering the costs for users – something he believes could be made possible by Polygon given the ample help it needs.
Furthermore, Cuban also recognized that many projects are already leveraging the blockchain network and that is a very crucial aspect.
Polygon’s cryptocurrency, MATIC, seems to be benefiting from all of these. At press time, it is trading at $1.69 and although it has been down by almost 7% for the past day, it is still sitting at an impressive 40% gain for the past seven days.
Image courtesy of Cointelegraph News/YouTube
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Source: https://bitcoinerx.com/blockchain/polygons-matic-outperforms-bitcoin-and-other-major-altcoins/
