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Polygon, which is structured on the second layer of Ethereum’s internet of blockchain, has been creating a buzz in the crypto landscape along with WazirX, one of the leading crypto exchanges in the Asia Pacific region.
Formerly known as MATIC, Polygon saw its token record a gain of 10,606 per cent year-to-date (YTD).
WazirX’s crypto coin WRX soared by 1817 per cent since its listing.
Let us look at these emerging crypto tokens’ performances in details.
Polygon (MATIC)
Polygon’s success came after the May 2020 launch of Ethereum’s second layer, which enabled faster transactions and 270 times less gas fees than its first layer.
Polygon is expected to continue to bolster Ethereum’s platform after the launch of its new version, and is even likely to one of the key components of Ethereum 2.0.
Polygon’s crypto token has swelled 125 per cent in the last one month, following billionaire entrepreneur Mark Cuban’s investment.
The token is currently trading at US$ 1.9 per unit, down 29 per cent from its all-time high of US$ 2.68 (May 19, 2021).
Polygon, with a market cap of US$ 11.84 billion, ranks 15th among its peers, according to the data available on CoinMarketCap.
The Sustainability of Polygon
With Decentralized Apps (DApps) being planned in huge numbers, current blockchain platforms are reportedly not well-equipped to accommodate the rising demand.
Polygon, in this scenario, is said to have the capacity to meet such demands. The India-based blockchain technology company claims to have been improving the consumer experience of DApps. Hence, this token could likely be more sustainable than its peers.
Copyright ©Kalkine Media 2021
WazirX (WRX)
In November 2020, cryptocurrency exchange Binance acquired WazirX to create a multiple fiat currencies-to-crypto exchange platform.
Like Bitcoin and Ether, WazirX in February 2021 developed WRX as its crypto coin, with a maximum supply limit of one billion tokens.
The crypto token surged by 67 per cent in the last 24 hours after the Indian central bank issued customers’ due diligence directives to banks.
The Reserve Bank of India (RBI) has taken a liberal stance on cryptocurrency transactions and asked banks to allow their account holders to invest in the crypto market.
Despite the latest surge, WRX token is down 62 per cent from its record high of 5.94 apiece (April 2021), primarily due to the recent crypto market crash.
However, its one-day trading volume has climbed 1438 per cent to US$ 628 million against its market cap of US$ 629 million.
This indicates that the token has recorded a traction that could help make it to the top tier-2 crypto coins, such as Polygon, UniSwap, and Polkadot.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
