Polygon, an Ethereum sidechain, is seeing explosive growth in its native token, MATIC, which is reflecting the overall performance of the cryptocurrency market led by Bitcoin (BTC). As of November 9, based on the daily chart’s candlestick arrangement, MATIC has increased by almost 5% over the previous day and is gradually approaching its highs of July 23.
As a result of increased trading volume and improved mood, the cryptocurrency has increased 64% since its October lows, which is good news for bullish traders.
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The 110,000,000 MATIC Award
Based on the events of the last several trading days, it appears that Polygon Village’s recent statement served as the catalyst for the MATIC surge. The group said that it will provide 110 million MATIC to initiatives that will use the sidechain to implement social media, gaming, and decentralised finance (DeFi) systems.
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Growing Stature Of Polygon: From POL To ZK-EVM
Considering statistics and total value locked (TVL), Polygon has been a well-liked scaling option for Ethereum over time, particularly in DeFi. The Ethereum Virtual Machine is compatible with the platform (EVM). As a result, it maintains security while making it simple for protocols to launch on its rails to connect to the mainnet.
Projects may function in a highly scalable environment with comparatively low costs by integrating with Polygon. This feature makes it possible for heavy dapps to function well, such as social networking sites and decentralised exchanges (DEXes).
Polygon is undergoing a shift as well, and POL will eventually replace MATIC, pending community approval. The supernets and layer-2 networks that relay on Polygon’s infrastructure, as well as the larger ecosystem, will be powered by this coin.
As part of Polygon 2.0, the POL contracts became live on the Ethereum mainnet around the end of October. During this shift, Polygon will include zero-knowledge (ZK) technology into each and every one of its products.
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Mid-October is when Manta Network promised to retool and incorporate Polygon’s Chain Development Kit (CDK). By doing this, the protocol moved from the rollup it was first released on, which was optimistic. Manta incorporates zk Rollup technology with Polygon’s CDK to expedite and secure transaction settlement.
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