Polygon (MATIC) is continuing to increase in value despite the ongoing crypto bear market. The project’s native token MATIC has surpassed Dogecoin (DOGE) in terms of market cap and is now the ninth largest crypto token.
MATIC’s market capitalization is currently $11.52 billion, according to data from CoinGecko. That’s higher than Dogecoin’s (DOGE) $11.33 billion market cap. That’s the highest market capitalization MATIC has seen since March of last year.
Polygon is also not far away from taking over Cardano (ADA), which currently has a $12.72 billion market cap.
MATIC’s all-time high market capitalization is almost $19 billion, which it reached at the height of the last crypto bull market in December of 2021. Despite the harsh crypto winter that saw multiple tokens reach their all-time lows, MATIC is still up over 40,000% from its all-time low of $0.003 and is currently trading at $1.28.
While there are lots of reasons why MATIC has been so successful in holding its value over the past year, the rumors of its zkEVM scaling solution launching soon on Ethereum mainnet have probably contributed to Polygon’s recent success the most.
Polygon has been recently hyping up its zkEVM scaling solution, something that very few teams are currently working on.
That’s because zkEVMs are notoriously hard to develop. A zkEVM stands for zero-knowledge Ethereum Virtual Machine and is considered to be the holy grail of Ethereum scaling. zkEVMs improve throughput and decrease gas prices by computation and storage off-chain and generating zero-knowledge proofs to verify the validity of off-chain transaction batches.
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,”Segoe UI”,Helvetica,Arial,sans-serif}.tweet-container div:first-child{
position:absolute!Important
}.tweet-container div:last-child{
position:relative!Important
}
On top of that, Eduardo Antuña, Polygon zkEVM’s core developer, tweeted on Thursday that Polygon has managed to increase its zkEVM’s proving time and costs.
Polygon is one of the most active teams working to scale Ethereum. The price action of MATIC shows that investors and users believe in Polygon and its ability to ship products that can scale Ethereum to billions of people.
You Might Also Like:
Polygon (MATIC) Sets Date for Highly-Anticipated zkEVM Launch
See original on DailyCoin
Source: Cryptocurrency - investing.com
