The crypto market entered another slump this week. Bitcoin (BTC), the original cryptocurrency, has dipped below the $20k mark. Ethereum (ETH) has struggled to cross the $1.3k mark and is currently hovering around $1k. However, Polygon (MATIC) seems to be defying the market. At least for now.
Polygon (MATIC) is the only crypto project in the top 20 that is in the greens in the 7-day charts. Bitcoin and Ethereum registered drops of 2.2% and 5.6% in the same time frame.
In recent months, Polygon has proven to be a worthy contender in crypto.
What’s pushing Polygon (MATIC)?
Firstly, Polygon (MATIC) is hosting its Green Blockchain Summit today. The project recently announced that it had achieved net carbon neutrality. This was a significant milestone for the company. The Green Blockchain Summit is aimed at bringing together communities to fight climate change.
The summit will discuss environmental conservation and how blockchain technology can be a tool to assist this movement. Given that the crypto industry has a bad name regarding the environment, Polygon’s efforts are definitely in the right direction.
The summit could be a reason for MATIC’s current rally. Furthermore, Polygon has introduced a new type of staking called “liquidity staking.” This allows investors to stake their crypto but, at the same time, retain the liquidity of the token.
In addition, many projects from the failed Terra (LUNC) platform are migrating to the Polygon network. Ryan Wyatt, CEO of Polygon Studios, recently stated that over 48 projects have begun migrating to the Polygon (MATIC) network. Nonetheless, this move may have boosted social sentiment regarding the network.
Moreover, Polygon is working on zk-rollups or zero-knowledge rollups. This allows faster transaction speeds with lower gas prices. At press time, Polygon (MATIC) was trading at $0.558154, up by 9.2% in the last seven days.