08 Feb 2022 · 3 min read

JP Morgan’s Ethereum (ETH) Warning Could Have Huge Benefits for Polygon (MATIC) and Seesaw Protocol (SSW)

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Ethereum (ETH) is the second biggest cryptocurrency in the world by market cap, behind the behemoth that is Bitcoin (BTC). In 2021 ETH increased by over 500%, from USD 737 to USD 4891.7. This peak was achieved in November of 2021 and remains its all-time high. For a period of time, ETH enjoyed near-total dominance of the DeFi (Decentralised Finance) market. With the emergence of competitors like Solana (SOL), Polygon (MATIC), and Fantom (FTM), this dominance has slid from 98% to around 80%. 

Ethereum has endured a less than ideal start to 2022 and has dipped by more than 40% since its peak. To add insult to injury, JP Morgan have issued a warning to Ethereum. It could be a warning to heed, given the prominence of JP Morgan in the world of investment and finance. To ETH’s competitors, it could spell the start of a more even market share. Seesaw Protocol (SSW), a DeFi project has just launched last week.

JPMorgan and Ethereum (ETH)

JP Morgan is a world-renowned leader in financial services, and their warning to Ethereum has already made global headlines. Managing Director of JP Morgan, Nikolaos Panigirtzoglou, stated: “it looks like, similar to DeFi [Decentralised Finance] apps, congestion and high gas fees has been inducing NFT applications to use other blockchains…If the loss of its [Ethereum's] NFT share starts looking more sustained in 2022, that would become a bigger problem for Ethereum's valuation.” 

ETH’s major issue is the high gas fees that often plague its users, and creator Vitalik Buterin is looking for solutions. The long-awaited release of ETH 2.0 should solve many of the scalability issues, as well as prove to be more sustainable. Ethereum’s alternatives, primarily Solana and Polygon, already have this advantage. 

Polygon (MATIC) 

Polygon is a scaling solution on the Ethereum network but is much more than that. Its developers have labelled it an “internet of blockchains.” In many ways, Polygon offers many of the solutions that will be available with the release of Ethereum 2.0. Polygon, and the token used on its networks MATIC, outdo other DeFi competitors like Polkadot (DOT) and Avalanche (AVAX) as it offers the security and popularity of the Ethereum Network, with more transaction speed as well as a fraction of the gas fees. 

Seesaw Protocol (SSW) and The Rise of NFTs

The NFT market has exploded over the last year to a value of around USD 41 billion. The most expensive NFT went for a staggering USD 91 million. The new year is almost certainly going to see more records broken. Within a month of 2022, OpenSea, the most popular NFT platform, has already generated more than USD 2.7 billion in volume. 

This huge increase in popularity has been both a blessing and a curse for Ethereum. Its network has been overwhelmed at times, causing the speeds to slow down and the gas fees to increase. Such a big increase in the NFT market in terms of available NFTs and amount of potential owners has exposed the weaknesses of the Ethereum Network and driven people away from ETH and to Polygon and Solana. 

The recent launch of Seesaw Protocol could have an effect on this. SSW will allow its users to carry out cross-chain swaps between networks, beginning on Binance Smart Chain, and expanding to both the Polygon and Ethereum Networks. This will enable SSW holders to seek the lowest fees and the fastest speeds to carry out their NFT transactions. Seesaw Protocol has begun its presale, which will last for 8 weeks in order to give the largest amount of people the chance to buy into an extremely promising venture at the earliest possible opportunity. As has been well-established in the world of crypto, investing early can yield massive dividends. 

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