Post Chair Powell’s address and the interest rate announcement by the Federal Reserve, the crypto market slightly went off-track. On the daily, top tokens like Bitcoin and Ethereum hadn’t completely recovered and had losses extending up to 1%. The tale was, however, completely different for Polygon’s native token MATIC.
The #11th ranked crypto asset was trading at the brink of $1 [$0.967, to be precise] on Thursday, after noting a 13.65% rise on the daily. As a result, it was part of the top gainers’ list at press time.
Evidently, the token managed to garner the interest of whales. WhaleStats brought to light that MATIC was the most traded token among the 100 biggest Ethereum whales. It attained the said feat by displacing MATH.
Polygon’s fundamental progress
Polygon has been treading on a fundamentally strong path. Consequentially, top companies across different sectors have been choosing its platform over others. A day back, for instance, JPMorgan executed the first live DeFi trade on Polygon as part of the Monetary Authority of Singapore’s Project Guardian.
Furthermore, Meta picked the said blockchain for minting digital collectibles. Per the official blog post,
“Instagram users will soon be able to use the site to mint, showcase, and sell digital collections powered by non-fungible token (NFTs) on Polygon, giving creators a new way to engage with and monetize their fan communities.“
Alongside, Polygon’s development activity has also been going on at a swift pace. Last month, the platform released its zkEVM Public Testnet, and the same “was a major step towards the seamless scaling solution that the community had long been hoping for.”
zkEVEM, as such, stands for zero-knowledge Ethereum Virtual Machine (EVM). Simply put, Polygon leverages the power of zero-knowledge (ZK) proofs to reduce transaction costs and increase throughput. It does so by inheriting the security of Ethereum.
The ZK-proof technology is poised to significantly lower fees because it batches transactions into groups that are then relayed to the Ethereum Network as a single, bulk transaction. The gas fee for this single transaction is then split among all participants, eventually reducing the cost.
The fully built zkEVM mainnet is “almost here” now. Commenting on the same, Polygon founder Sandeep Nailwal said in a recent tweet,
“[The] World’s first “FULLY BUILT zkEVM” mainnet is almost here, its not a promise of a future zkEVM, its not fake zkEVM mainnets to lure in new investors, but actually FULLY BUILT, source code available, verifiable proofs, fully functional and decently efficient production grade mainnet. See you soon on #zkEVM.”
Ultimately, the founder also sees Polygon standing beside Bitcoin and Ethereum in the future. He added that he will “not rest” until it gets its well-deserved “Top 3” spot.