The start of a new month has brought renewed fervor from the cryptocurrency market as Bitcoin’s (BTC) price steadily climbed from a low of $43,537 on Feb. 28 to a high of $49,200 during Monday’s early trading hours.
As traders get excited about positive moves in the market and look to reenter positions, the increasing use of decentralized finance (DeFi) continues to drive fees on the Ethereum network higher, shining the spotlight on the top layer-two protocols that offer working solutions.
Three protocols that have emerged as top layer-two contenders with working platforms are Polygon, xDai and Loopring. Each offers its own unique layer-two approaches to helping ease high traffic on the Ethereum network.
Polygon, previously known as Matic, officially launched as a layer-two aggregator for Ethereum on Feb. 9 as a way to offer an interoperability protocol for the network.
Since excitement for the rebrand began, MATIC’s price has increased by 400% from $0.05 to an all-time high of $0.245 on March 1. Growing excitement for the Aavegotchi mainnet launch on March 2 has also brought a boost of attention and trading volume to MATIC.
Aavegotchi was one of the first projects to bridge over to the Polygon network, and it will likely be joined by other projects if its mainnet launch on the network goes smoothly.