Polygon’s native token MATIC has posted massive gains in the past 24 hours. The token moved from $1.30 to $1.46, representing an increase of about 12%. Its trading volume and market capitalization also surged by 18.1% and 11.2%, respectively. The MATIC’s recent upward movement is fueled by increased activity on the Polygon chain.
According to a senior research analyst at Messari, Tom Dunleavy, the gains were expected considering how the Polygon leadership is focused on growing the blockchain’s ecosystem. Dunleavy believes that the Ethereum sidechain is on its way to success. He went on to highlight some of the Polygon’s achievements.
Polygon Tests Its Most-Anticipated Update ZkEVM
Dunleavy reports that Polygon is already testing its zero-knowledge Ethereum Virtual Machine (zkEVM). The main purpose of zkEVM is to help the blockchain achieve decentralization, scalability, and security. If it’s successful, then Polygon will completely solve its blockchain trilemma.
But what’s a blockchain trilemma? In simpler terms, it represents the level of difficulty in attaining decentralization, scalability, and security in a blockchain. There is an argument that developers have to forgo one of the three elements in order to deliver the other two; however, Polygon seeks to achieve all of them with zkEVM.
Also read:Polygon’s co-founder Mihailo Bjelic says the deployment of zkEVM will promote the development of more Web3 projects on the blockchain. In addition, Bjelic believes if scalability and security are achieved, he expects massive adoption of the Polygon network and its native token.
Other Polygon’s Achievements
Dunleavy also notes that Polygon has seen an increase in the number of addresses in recent weeks. Further, he reports that developers on the blockchain have increased from 190 in 2018 to nearly 1,100 this year. With developers opting for Polygon, it’s a good sign that the chain is evolving in a positive way.
Polygon has grabbed the attention of popular brands like Starbucks, which launched an NFT reward program dubbed Starbucks Odyssey on the chain. Other companies launching projects on Polygon include the media outlet National Geographic which released its NFT collection last month, while Shemaroo launched Bollywood NFTs a week ago.
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