2021 is turning out to be an increasingly detrimental year for the world of cryptocurrency. Quarters 1 & 2 were characterized by an extraordinary surge in blockchain investments. Approximately $20 billion was pumped into blockchain startups in January and February alone. The BSC exchange in particular, was a significant addition to the crypto network, with a transaction volume of $34 billion in April. This prosperous period was followed by a heavy fall in the valuation of the crypto market over April and May. The advent of the bear run was triggered by regulatory constraints and legal controversies in key markets like China and the United Kingdom. Over $400 billion was wiped from the crypto market between May and July, as mainstream coins like ETH and BTC plummeted to almost half their ATH values. Despite the aforementioned adversities, the bear market also presented investors and developers with an opportunity to rethink and perhaps, reshape the long-term future of cryptocurrency. A development in this topsy-turvy period that has enraptured market actors is the rise of the Polygon (MATIC) network.
What is Polygon and why is MATIC the future of cryptocurrency?
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It aggregates scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Unsurprisingly, MATIC was able to withstand the worst effects of the aforementioned downdraft thanks to Polygon’s soaring usage and constant growth in the congestion and high costs that plague the DeFi-dominating Ethereum blockchain. Throughout 2021, Ethereum fees skyrocketed up to 845% compared to the year before; currently, a transaction on the network costs around $4.819,” IntoTheBlock said. On the other hand, transacting on the Polygon network only costs around $0.001 to transfer $200. As such, several DeFi protocols flocked to Polygon – a sidechain running tangent to Ethereum’s blockchain, offering high transaction output and relatively low costs without compromising security. Scaling refers to increasing the throughpaut of the system, as measured by transactions per second. MATIC’s impressive performance proves a cryptocurrency backed by strong fundamentals can largely hold its own against a price slide in bitcoin. As such, the token could continue to appreciate in the coming months unless Ethereum sees a sustained drop in transaction costs or usage. To take advantage of this breakthrough, several projects are springing up around the MATIC network. One such project is DripXChange, a community-driven token previously offered on the BSC network.
What is DripXChange and why is it a good investment?
A revolutionary token focused on connecting modern street-wear and sneaker enthusiasts to the crypto world, DripXChange is building a large international community to support the street fashion world. This unique amalgamation offers its users the chance to disruptively bridge the two worlds. Originally launched on the BSC network to an overwhelming response (over $7 million market cap in less than 1 week), DripX was also a victim of the unfortunate downturn that killed a large proportion of the altcoin market. However, a clear use case, determined developers, and the existence of a large, global community triggered the resurgence of this futuristic token.
The rebranded “DripXChange” offers its holders (and the general public!) a unique assortment of benefits. DripXChange is built around a modern web-shop which offers a wide range of products (from hypebeast hoodies to casual sneakers). Most importantly, the webshop facilitates the process of exchanging products for cryptocurrency. In addition to giving customers the option of making payments in conventional coins (BTC, ETH, BNB), the platform also makes use of the DripXChange token, giving users rewards, cashbacks, and airdrops for using the token. The brand caters to an ever-growing generation of fashion enthusiasts all over the world and is backed by their support and undying interest. It is among the few brands in the crypto-world that is backed by an entrepreneurial venture.