Billionaire Mark Cuban shows solid support for Polygon

Ethereum-based scaling solution Polygon found a heavyweight supporter in billionaire investor Mark Cuban, as evidenced by its appearance on one of the latter’s website, further affirming the notion that wealthy investors are diving into the digital asset market despite last week’s collapse.

The recent addition of Polygon to the Mark Cuban Companies website confirms the NBA Dallas Mavericks team owner is backing the scaling network.

Over the past year, Cuban became a very vocal supporter of cryptocurrencies, and just recently, despite fellow billionaire Elon Musk deciding to stop Tesla’s acceptance of bitcoin as payment, he said his NBA team will be doing the opposite and continue accepting the digital currency as a form of payment.

Cuban is optimistic

In the midst of an attempt by most digital assets to trim last week’s losses and eventually return to a bullish run, Cuban recognized that cryptocurrencies are starting to reflect real demand for their utility, optimistically saying the future for the industry remains bright.

Sharing his thoughts about what could be done to improve crypto marketing and utilization, Cuban said having more TPS and lower gas fees is not enough. He also said, “There must be current network effect and significant user growth.”

The billionaire added this remains a challenge for most L1s and L2s because “with few exceptions, marketing in the crypto universe is beyond awful.”

Polygon’s rise to significance

Known before as Matic, Polygon serves as a multi-chain scaling solution designed to make ethereum-based transactions more efficient.

The network saw a rapid rise this year, highlighted by its user base growing by 75,000 in just one week, suggesting increased demand for layer-2 solutions. This growth generated nearly $1 billion in volumes.

Based on CoinGecko’s monitoring, at press time, Polygon network’s native token, MATIC is changing hands at $2.31, comfortably sitting at a 24-hour growth of 38.6%.

 

Image courtesy of Cointelegraph News/YouTube

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