MATIC Surges 40% as Mark Cuban Invests in Polygon

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In Brief
  • Mark Cuban has added MATIC to his portfolio.

  • The Layer 2 scaling aggregator has seen huge growth this year.

  • MATIC prices surge 40% on the news.

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Layer 2 scaling aggregator Polygon has just got another big investor in the form of Mark Cuban, which has sent its native token prices skyrocketing.

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In a May 26 announcement, Polygon (formerly known as Matic) stated that it had become a part of the Mark Cuban company portfolio.

The website of the billionaire investor has indeed been updated with a brief description of the platform and some stats:

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“Polygon’s scaling solutions have seen widespread adoption with 250+ Dapps, ~76M txns and ~790K unique users.”

In an email, Cuban admitted to using the platform himself, “I was a Polygon user and find myself using it more and more.”

Polygon milestones

The Ethereum scaling aggregator has attracted a growing number of decentralized finance (DeFi) protocols in recent months as the network fees on Ethereum have surged to unsustainable levels.

Several high-profile DeFi platforms, such as Curve Finance, Aave, and mStable, have launched on the network to offer faster and cheaper DeFi. At the time of press, gas prices had retreated, but an average token swap on Uniswap would still cost around $20 according to Etherscan.

The network’s core component is Polygon SDK, which provides a modular and flexible framework that supports building and connecting scaling solutions such as Plasma, Optimistic Rollups, and zkRollups.

Speaking about the Cuban investment, Polygon COO Sandeep Nailwal described it as “mind blowing,” adding:

“It was so spectacular to know that the nuances of the industry, the tech and adoption we had figured out after months of grind, he was already thinking about those and had those questions in mind.”

The Dallas Mavericks owner also stated that he would be integrating it into Lazy.com, a Cuban portfolio company that allows people to easily display non-fungible tokens (NFTs) and personal galleries.

In late April, Polygon announced a new $150 million DeFi fund with the aim of bringing the fledgling financial sector to a wider user base.

MATIC prices pump 40%

The news has sent the protocol’s native token skyrocketing today as MATIC pumped 40% from an intraday low of just below $1.60 to top out at $2.30 during the morning’s Asian trading session.

It has erased all losses in the big market slump and is approaching its May 18 all-time high of $2.62.

MATIC is now ranked eleventh in terms of market cap which is currently $14.5 billion, above that of Bitcoin Cash, Litecoin, and Chainlink.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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