A favored crypto analyst is issuing a warning regarding the Ethereum (ETH) layer-2 scaling solution Polygon (MATIC).
The nameless host of InvestAnswers tells his 441,000 YouTube subscribers that Polygon faces a “assassin’s row” of layer-2 competition, particularly citing Arbitrum as a “main competitor.”
He furthermore says he’s fervent that Polygon can pay for non-fungible token (NFT) projects to exercise its solution. Moreover, the host mentions that he thinks Polygon’s budge, inflation and “heavy” whale concentration are all furthermore crimson flags.
“Certain, [Polygon] did invent thoroughly in the undergo market, however things that typically invent properly in the undergo market don’t invent properly in the bull market, and that furthermore is suitable from history. Cling a look at Chainlink in 2018, see at it in 2022. It’s a in reality staunch analog.”
The analyst notes that he swapped 65% of his MATIC for Ethereum competitor Solana (SOL).
MATIC is shopping and selling at $1.22 at time of writing. The Tenth-ranked crypto asset by market cap is down extra than 4% previously 24 hours however up nearly 8% previously month. It remains extra than 58% down from its all-time excessive of $2.92, which it hit in December 2021.
Remaining week, Polygon Labs announced it turned into shedding roughly 100 of its workers, 20% of the project’s workforce.
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