Investing.com – In their 2023 crypto outlook, analysts at Bernstein discussed several major themes for digital assets this year, and discussed in detail the case for several cryptocurrencies, the most important of which are the and the.
But several “altcoins” have also caught the attention of analysts. This is particularly the case with , the crypto of a “layer two” or “sidechain” scaling solution that works alongside the Ethereum blockchain.
With a market capitalization of $7 billion, Polygon (MATIC) is currently the 10th largest cryptocurrency on the market.
Bernstein therefore noted that “Polygon has outdone itself in terms of consumer adoption, although its current technical solution is not optimal”, noting that it “is the most successful in terms of consumer adoption – both by users (over 200 Mn of wallets created, exhibit 9) and by Web2 partners such as Meta/Instagram, Reddit, RobinHood, Starbucks (NASDAQ:), DraftKings and many others”.
Separately, analysts expect “Polygon to finally launch its Layer 2 platform (Zero Knowledge Ethereum compatible rollups) in Q1 2023,” which they say will make it “long-term competitive against other Layer -2” while helping “to compete in the long term with faster monolithic blockchains such as , thanks to its ability to improve continuous scaling”.
Thus, Bernstein predicts that “Polygon will continue to attract DeFi, NFT and gaming projects into its ecosystem”, which “will remain the most accessible and friendliest application ecosystem for retailers and will likely be the partner of choice for major consumer brands and other technology players.