Bloomberg Strategist labelled Polygon “a successful Ethereum Layer-2 scaling network”
Bloomberg Intelligence research noted that Ethereum Layer-2 scaling networks helped the Ethereum network to sustain the user base in the Ethereum ecosystem as a best supporter.
Ethereum is a second-ranked Crypto asset in the Crypto market. Initially Ethereum was launched on the Proof-of-work (PoW) consensus but in 2022 Ethereum devs shifted the Ethereum network to the Proof-of-stake (PoS), to introduce efficiency in the Ethereum network so that the Ethereum ecosystem users can transfer crypto assets at a very low cost. To this date, Ethereum is running on PoS consensus but still, it is an inefficient network for crypto transactions and this is a big road bump in the path of Ethereum network adoption.
In the last couple of years, many crypto projects emerged as Ethereum layer-2 scaling solution providers as a sidechain on the Ethereum network, so that people can easily transfer Ethereum tokens via the use of third-party but trusted blockchain networks. Popular Ethereum layer-2 scaling networks are Polygon, Loopering, Arbitrum, Optimism, etc.
Recently Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his research on the role of Ethereum layer-2 scaling networks and confirmed that all such projects helped the Ethereum blockchain to sustain the users in its ecosystem.
The research noted that Crypto 2022 was a defining year for Ethereum but base network activity in the Ethereum blockchain plunged by 33% in 2022 but at the same time active address activity among its layer-2 scaling networks surged by approximately 86%.
According to McGlone, the Polygon network succeeds as the best & impactful layer-2 scaling network. He noted that Polygon majorly shifted its focus on the zk proofs as a “blockchain game-changer” that improves privacy and speeds up transactions.
Matic price
Matic is a native coin on the Polygon network and the current trade price of Matic coin is $1.22 & this price is 52.57% high over the last 30% days of trade price.
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