- Billionaire entrepreneur Mark Cuban has invested in Polygon, a layer 2 Ethereum scaling solution with vast potential.
- Cuban has invested in over 10 blockchain startups.
- Cuban also plans to integrate Polygon into his NFT marketplace, Lazy.com.
Mark Cuban, the American billionaire entrepreneur and co-host on the television series Shark Tank, has invested in the layer 2 Ethereum scaling solution Polygon (Matic).
Polygon, previously called Matic, is a Layer 2 scaling solution that uses sidechains for off-chain computation and increases transaction speeds and scaling without sacrificing network security. The solution has attracted hordes of projects and continues to do so.
Cuban, who is among the more respected public personas worldwide, has established an appreciated characteristic both through his accurate investing model and judging other people’s businesses in the popular Shark Tank TV show. He has invested in over 10 blockchain startups with the latest one being Polygon.
🙌🏻 We're proud to share that @0xPolygon is now part of the Mark Cuban company portfolio!
🌐 Visit: https://t.co/RZg0oIomFS
— Polygon (previously Matic) (@0xPolygon) May 25, 2021
Recently, Cuban added Polygon on his website as one of his holdings. “I was a Polygon user and find myself using it more and more,” Cuban said in an email to Coindesk.
According to Coindesk, Cuban also plans to integrate Polygon into his NFT marketplace, Lazy.com, which was launched earlier this year. This move comes as no surprise since large NFT marketplaces including OpenSea, Decentraland (MANA), and Aavegotchi (GHST) have already integrated with this protocol to eliminate gas fees and make transactions instant.
Polygon is On-Fire
Polygon is literally on fire. The price of MATIC, the native token of Polygon, is up by around 10,000% year to date, crossing a market cap of over $10 Billion and standing among the top 20 crypto coins globally, according to data by Messari.
Polygon has undergone an explosive adoption. The project currently hosts over 250 decentralized applications some of the more popular integrations include the automated exchange Curve Finance (CRV), the popular DeFi lending platform AAVE, and the decentralized exchange SushiSwap (SUSHI)
About a month ago, we signaled that Polygon’s price is undervalued considering its broad usage and unlimited potential. At that time, Polygon was trading at $0.51. However, currently, it is trading at $2.24 with a 32% increase over the past 24 hours according to data by Coinmarketcap.
Despite the current brutal bear market that wiped off more than 50% gains of almost all altcoins, Polygon has managed to minimize its total loss to around 15%. This shows that the project still has space for more growth and may not have reached its real value.