• Polygon [MATIC] had an impressive TVL of close to $1 billion.
• Despite the potential of its collaborations with well-known companies, its native token MATIC did not benefit.
• MATIC had increased by 3% in the past 48 hours, but had lost over 70% of its worth since the beginning of 2022.
Polygon has been making waves in the DeFi space in recent months, with its Total Value Locked (TVL) standing close to $1 billion. This is a remarkable feat for a relatively new platform, and puts it ahead of its closest rivals, Avalanche [AVAX] and Solana [SOL]. Although the TVL has been on a downward trend in recent months, it is still higher than that of its rivals.
In addition to its impressive TVL, Polygon has also been collaborating with several well-known companies, such as Meta, Reddit, and Starbucks. This is a significant development, as it shows that Polygon is being taken seriously by the broader industry. However, despite this, its native token, MATIC, has not enjoyed the same level of success.
At the time of writing, MATIC had increased by about 3% over the previous 48 hours. However, this is a small gain when compared to the losses it has incurred since the beginning of the year. According to the price range tool, over 70% of MATIC’s worth has been lost since January.
Despite the lack of success for MATIC, Polygon is still well-positioned for the future. It has a strong TVL and the potential of further collaboration with other well-known companies. It also has a vibrant community, with the MATIC token being one of the most popular in the DeFi space. For these reasons, Polygon is expected to have an intriguing 2022, with potential for further growth and development.