Polygon Is the New Web3 King, Wall Street Research Firm Says

  • A leading Wall Street research firm says that Polygon is the new Web3 king.
  • Polygon has been implementing successful strategies including partnering with leading Web2 firms with billions of users.
  • Interestingly, Polygon’s success will also benefit Ethereum.

Sanford Bernstein Research, a leading Wall Street research firm, published a report saying that Polygon is the new Web3 king. The report, which was supposedly for the eyes of the research firm’s clients only, is seen in the tweet by Polygon Co-Founder Sandeep Nailwal below.

According to the report, there are a couple of reasons for the research firm to claim Polygon will lead Web3. Some of these are partnerships with leading industry players like Starbucks, Reddit, Meta, and more.

On top of these, the research firm gave even more credit to the brains behind Polygon. Firstly, the team implemented a strategy poised at attracting a large volume of customers to its network by partnering with Web2 companies that have billions of users. 

Secondly, Polygon’s active promotion of non-fungible token (NFT) use cases is beneficial for creators and micro-communities. Finally, digital banks and fintech platforms are expected to offer crypto trading via decentralized finance (DeFi), which is, again, another area that Polygon is focusing on.

Interestingly, Polygon’s success will benefit Ethereum, since the former will drive value to the latter as well.

“Polygon goes from potential cannibalization of Ethereum to becoming a complimentary scaling platform,” the report says, “that brings value back to the Ethereum ecosystem.”

At the time of writing, MATIC, Polygon’s native token, is changing hands at $1.17 per piece, according to CoinMarketCap. This translates to a 7-day gain of 28.72%, the highest among the top 20 cryptocurrencies by market capitalization. 

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.