Polygon’s (MATIC) ZK tech, developer count, cited by analyst as evidence for growth
Messari analyst Tom Dunleavy has shared a number of attributes that position Polygon (MATIC) as the favorite Layer-2 protocol for mid-to-long-term success. According to Dunleavy, Polygon has very positive and robust fundamentals, as evidenced by active addresses, which are up by approximately 90% year-on-year (YoY).
Besides this, Dunleavy highlighted the uniform distribution of the MATIC token with approximately 90% or more of the digital currency unlocked or distributed. As a Layer-2 protocol on Ethereum, Polygon is advancing the reach of zk-Rollups technology with the launch of its zkEVM in testnet.
I think @0xPolygon has legit every narrative atm
-Fundamentals? Active addresses up ~90% QoQ
-Token dist? ~90%+ unlocked/distributed
-ZK? zkEVM on testnet
-DeSo? @LensProtocol there
-Institutions are coming? Starbucks/insta NFTS. Hamilton Lane tokenized fund.
— Tom Dunleavy (@dunleavy89) February 13, 2023
In Dunleavy’s analysis of the protocol, the presence of a Decentralized Social (DeSo) was also pointed out. DeSo on Polygon is showcased through the Lens Protocol, and it marks diversity in the L2 network’s ecosystem.
With the massive embrace of institutions, including Starbucks and Instagram non-fungible tokens (NFTs), Polygon is best tagged as one of the most attractive protocols around today. The fact that it is highly energy efficient is also an added advantage that has drawn further adoption from such tokenized funds as Hamilton Lane.
One other major advantage Dunleavy noted was the growing and robust developer count on Polygon. He mentioned that active monthly developers are now over 500, with a full-time developer count of 150.
Implications for price
As far as any blockchain protocol is concerned, the ability to introduce and sustain activities to power growth remains a tough task, and Polygon seems to have it somewhat easy. With more applications like the Lens Protocol and adoption from institutional investors, positive sentiment and buying pressure are billed to be attached to the MATIC tokens in the long term.
Polygon (MATIC) is changing hands at $1.18, down 2.78% at the time of writing, according to data from CoinMarketCap. In all, this price is billed to experience a unique turnaround as whale interest in the coin is mounting by the day.
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