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Market News The Native Crypto MATIC of Polygon Increases by 20% Due to Upcoming Developments and Positive Market Sentiment

The Native Crypto MATIC of Polygon Increases by 20% Due to Upcoming Developments and Positive Market Sentiment

In the past week, the value of Polygon's MATIC token has increased by over 20%, propelled by the optimistic sentiment prevalent in the cryptocurrency market. Furthermore, the groundbreaking advancements of Polygon 2.0 contribute to the token's prospective expansion.

TOP1 Markets Analyst

2023-11-13

12009

The native cryptocurrency of Ethereum scaling network Polygon, MATIC, has witnessed a substantial appreciation in value, approximating a 20% surge, as reported by CryptoPotato in the previous week. The expansion can be ascribed to heightened trading activity and an overall more optimistic outlook in the cryptocurrency market. The forthcoming advancements in Polygon 2.0 have the potential to further energise the rally.

Nansen's most recent quarterly report detailed Polygon's network resilience in the face of increasing demand for layer and cost-effective alternatives, in addition to its developer-friendly ecosystem. Daily petrol fees on the Polygon PoS network exhibited significant volatility in the third quarter of 2023, varying between an estimated $29,000 and $132,000. During the same time period, the daily active address count on Polygon PoS exhibited a steady and consistent fluctuation, between 275,000 and 466,000.

Tether and USDC distinguished themselves in Polygon PoS user engagement with 1,6 million and 1,32 million users, respectively. In the third quarter, Chainlink dominated the transaction volume on Polygon PoS with a remarkable 47.08 million transactions. Polygon Labs increased its focus on ZK research during this quarter, developing a number of scalability frameworks such as Polygon zkEVM and the Polygon Chain Development Kit (CDK). TVL inflows into Polygon zkEVM have been approximately $100 million since its March inception. The August-released CDK is an open-source codebase that utilises Polygon's ZK technology to enable developers to generate layer 2 chains that are customizable. A number of initiatives, such as IDEX, Canto, Astar, and Gnosis, have disclosed intentions to develop ZK layer-2 solutions utilising the novel software framework. Polygon Labs is presently developing Polygon Miden, a ZK-rollup that aims to provide a more secure and expedient network while minimising transaction expenses. The testnet launch is scheduled for the fourth quarter.