Cryptocurrency trader Lark Davis is expecting more massive gains from a layer-2 Ethereum (ETH) solution that’s coming off a breakout year.
Davis tells his 479,000 YouTube subscribers that multi-chain scaling solution Polygon (MATIC) has a lot going for it as “the premier side-chain for Ethereum.”
The trader is especially impressed with Polygon’s recent growth.
“Of the129 million accounts that have used Polygon over the last eight months, only 15% have addresses on Ethereum.
That means 85% of the new Polygon users are Polygon natives.”
Davis also says that Polygon’s low fee structure is taking market share away from Ethereum in the non-fungible token (NFT) arena.
“If you’ve ever tried to buy an NFT on Ethereum you know it can be a painful process. If you’ve ever tried to claim an NFT drop on Ethereum you know it’s a very expensive process.
We’ve seen Polygon really picking up in the number of NFTs sold. We can see from July, when we had 50,000 Polygon-based NFTs sold, to now where we have… 1.99 million NFTs sold in the month of December on Polygon on OpenSea.
That’s absolutely massive, massive growth for the Polygon ecosystem.”
The trader also notes that other blockchain-based projects are moving over to the Polygon network.
“In the last year, we’ve seen: Aave, which is one of the biggest DeFi [decentralized finance] protocols, OpeaSea, the biggest NFT marketplace, [and] The Sandbox, which is one of the biggest metaverses.
All this stuff coming over to Polygon because it’s a great user experience.”
The crypto host wraps up his MATIC analysis with a bold price prediction.
“I believe that a $10 MATIC is inevitable. I think it’s going to come. I think it’s going to happen. It’ll be glorious…
Looking at the network statistics, I’m seeing a network that’s taking off in a serious way. Users are piling in. Money’s piling in. Developers are piling in. Tokens are going to be burned.
$10 is coming. MATIC will be a top-10 coin by the end of the year is my prediction.”
The 14th-largest digital asset by market cap went on an epic run in 2021, rising from $0.03 to an all-time high of $2.92 on December 26th and finishing the year above $2.50.
Polygon is up 1.02% on the day, currently trading for $2.13.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Untitled Title/Voar CC
