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Which Ethereum “rival” rose more than 50% in less than a month and what is the reason?

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Cryptocurrencies glimpsed a recovery in July, after several months of steady and steep declines in the market.

As a consequence, many altcoins emerged in this period, understood as newer alternative cryptocurrencies, less well known and generally with lower value and market capitalization than the main ones: Bitcoin (BTC) or Ethereum (ETH).

And one altcoin in particular showed superlative growth in the last 30 days, thanks to the reliability that its project transmits to more than one investor.

Cryptocurrencies: which grew more than 50% in the last month?

Damián Di Pace, economist and director of the consulting firm Focus Market, reveals that Polygon (MATIC) is the cryptocurrency that showed one of the strongest recoveries in the last month with growth of more than 50% in this period, according to CoinMarketCap.

“Polygon’s Ethereum Virtual Machine-compatible Proof-of-Stake (PoS) blockchain hosts DApps (decentralized applications) with a long list of projects in this crypto space,” the economist explains.

Among these projects are:

  • The non-fungible token (NFT) market Opensea
  • The Descentraland and The Sandbox metaverse platforms
  • Decentralized finance (DeFi) lending platform Aave
  • Hedge fund and gaming firm NFT Animoca Brands
  • Flickplay, a Web3 social app for discovering NFTs tied to real-world locations
  • Inworld, platform that allows users to create characters powered by artificial intelligence

The value of Polygon (MATIC) grew by 50% in the last month

Polygon: why crypto is rising in the market

According to Di Pace, the number of decentralized applications (DApps) on Ethereum’s scaling service Polygon has exceeded 37,000, which translates to a 400% increase since the beginning of 2022.

The use of these DApps in Polygon amounts to 142 million unique user addresses.

Among other numbers, the platform also has a total of $5 billion in insured assets.

Why did Disney set their sights on Polygon?

In any case, one of the main reasons for the meteoric rise of Polygon (MATIC) in the market is that it was selected by the entertainment giant Disney for its accelerator program on July 14.

Immediately, the value of the token shot up almost 20% in less than 24 hours, and more than 25% in the following 7 days.

The Disney Accelerator is a “business development program designed to accelerate the growth of innovative companies around the world,” detailed The Walt Disney Company, the American multinational media and entertainment conglomerate in charge of the project.

Disney
Disney

Disney Chosen Polygon for Its Next Innovative Business Accelerator Program

According to the official announcement, the Disney Accelerator 2022 program will be based on “building the future of immersive experiences and specializes in technologies such as augmented reality, non-fungible tokens (NFTs), and artificial intelligence (AI) characters.” .

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