Should you invest in Polygon after its integration of the Mina Protocol?
- Polygon has announced its integration of the Mina Protocol.
- This is a move that bridges privacy to the Ethereum Scaling Solution.
- It was chosen due to its easy synching and low hardware demands.
Polygon MATIC/USD is a Layer-2 scaling solution built for Ethereum, which aims to improve the speed while reducing the cost of transactions within the network.
This is achieved through the usage of side chains that work with off-chain computation and remain secure through Proof-of-Stake (PoS) validators.
The Mina Protocol integration as a catalyst for growth
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On September 9, Mina Protocol announced that they are working with Polygon to implement support for the protocol on Polygon PoS.
This bridge is intended to enable developers that are building decentralized applications (dApps) on Polygon to take advantage of privacy and verifiability through Mina’s zs-SNARK-based protocol.
The Mina Protocol was pitched as the world’s smallest blockchain because it is only a few kilobytes compared to Ethereum’s 300-gigabyte blockchain.
This means that syncing the Mina network is easier for the average user and requires minimal hardware demands as a result.
This allows any user to run a full Mina node right from their smartphone.
That being said, this is made possible through the usage of zero-knowledge proofs, which is a privacy-centric type of cryptography.
Due to the fact that developers can now build applications on Polygon through the usage of Mina’s recursive zk-SNARK enabled applications or Snapps, we can expect a heightened usage and, as such, a higher demand for the MATIC token.
This demand could push the value of the token much higher, so let’s see if it is a worthwhile investment.
Additionally, last month, Polygon also announced its plans to build a decentralized autonomous organization (DAO), which also increased attention around the MATIC token.
Should you invest in Polygon (MATIC)?
On September 10, Polygon (MATIC) had a value of $1.364.
If we want to make a solid analysis of the token, we will need to compare it to it’s all-time high value as well as its performance in August.
When we look at the all-time high value of MATIC, it occurred on May 18 and was at $2.62. It’s all-time high value is 92% higher or $1.256 higher when compared to its September 10 value.
The lowest point MATIC saw was on August 4, where it fell to a value of $1.012.
By comparison, its highest point was on August 21, where it had a value of $1.694.
Here, we can see an increase in value of 67% or $0.682.
According to data from IntoTheBlock, we can see that MATIC saw $1.14 billion in transactions greater than $100,000 within the last seven days.
Additionally, in the last seven days, MATIC saw $240.31 million in total exchange inflows as well as $200,48 million in total exchange outflows.
With all of this in mind, and through the Mina Protocol integration, we can expect the MATIC token’s value to increase to $1.677 by the end of September, making it a worthwhile investment.
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