Should you invest in Polygon now that the Mina Protocol has been integrated?
- Polygon has announced that it has integrated the Mina Protocol.
- This is a step toward connecting privacy to the Ethereum Scaling Solution.
- It was chosen because of its ease of synching and low hardware requirements.
According to invezz.com, Polygon MATIC/USD is a Layer-2 scaling solution for Ethereum that aims to increase network speed while decreasing transaction costs.
This is accomplished by utilizing side chains that work with off-chain computation while remaining secure via Proof-of-Stake (PoS) validators.
Integration of the Mina Protocol as a Growth Accelerator
On September 9, Mina Protocol announced that they are collaborating with Polygon to add protocol support to Polygon PoS.
This bridge is designed to allow developers building decentralized applications (dApps) on Polygon to benefit from privacy and verifiability via Mina’s zs-SNARK-based protocol.
Because it is only a few kilobytes in size compared to Ethereum’s 300-gigabyte blockchain, the Mina Protocol was billed as the world’s smallest blockchain.
As a result, syncing the Mina network is simpler for the average user and necessitates fewer hardware requirements.
This enables any user to run a complete Mina node directly from their smartphone.
That being said, this is made possible by the use of zero-knowledge proofs, which are a type of privacy-centric cryptography.
Because developers can now build applications on Polygon using Mina’s recursive zk-SNARK enabled applications or Snapps, we can expect increased usage and, as a result, higher demand for the MATIC token.
This demand may cause the token’s value to skyrocket, so let’s see if it’s a worthwhile investment.
Furthermore, Polygon announced last month its plans to build a decentralized autonomous organization (DAO), which heightened interest in the project.
Should you buy Polygon (MATIC)?
Polygon (MATIC) was worth $1.364 on September 10.
To conduct a thorough analysis of the token, we must compare it to its all-time high value as well as its performance in August.
When we look at MATIC’s all-time high, it was on May 18, and it was $2.62. When compared to its September 10 value, its all-time high is 92 percent higher, or $1.256 higher.
MATIC reached its lowest point on August 4, when it was worth $1.012.
In comparison, its peak was on August 21, when it was worth $1.694.
Here, we can see a 67 percent increase in value, or $0.682.
According to IntoTheBlock data, MATIC saw $1.14 billion in transactions worth more than $100,000 in the last seven days.