Polygon (MATIC) surges as professional investors eye investments
Polygon, the Layer 2 solution on Ethereum that is fast emerging as an alternative to the network that it sits on, has seen its value surge over the last few days on the back of several new projects being launched and upgrades to the network.
One of the major news to come out of the Polygon network is the announcement that Polygon has tied up with Wanchain to improve the adoption of Layer 2 cross-chain bridges.
Cross-Chain is the Talking Point
Cross-chain is one of the major talking points in the industry right now as it has been seeing a proliferation of many blockchain networks over the last couple of years and all these networks have been isolated from each other so far which means that the users, the applications and the developers are basically stuck in each of these chains with no way to talk to other applications or networks or transfer assets across chains. It is only in recent times that many development teams have started to look into this problem seriously and Wanchain is one such solution.
Li Ni, Wanchain VP of Business Development and Operations, stated: “We recognised that needing to pass through Ethereum when moving from one Layer 2 to another is self-defeating and completely undermines the improved scalability promised by Polygon. Wanchain’s new Layer 2 bridges preserve the high transaction throughput and low costs of Polygon while remaining efficient, versatile and decentralised.”
Wanchain Partnership with Polygon
Wanchain already supports several networks and tokens including Bitcoin, Ethereum, BSC, Litecoin, Avalanche and others and the integration of Polygon into this network of chains would enable cross-chain transactions even further and Polygon is likely to benefit a lot from this due to the stability, reliability, low-cost and the speed that it offers for transactions.
Due to all these developments on the Polygon network over the last year or so, we are getting reports that many of the professional investment entities like Steadview Capital and Sequoia Capital India are looking to invest into the company by the purchase of its native MATIC tokens. This has led to a sharp rise in the price of the tokens which has seen it clear $2 pretty easily and it is expected that as long as the overall crypto market remains bullish, the MATIC token is likely to be the best performing of the lot in the short term.