The broader cryptocurrency market has recovered from the weekend carnage extended through Monday. However, one cryptocurrency which shows that fastest and most promising recovery is Polygon’s MATIC.
The MATIC cryptocurrency has gained more than 20% and is currently trading at a price of $2.31 with a market cap of $16.2 billion. Along with Terra’s LUNA, Polygon’s MATIC has been one of the top performers even during the recent market rout.
Currently, the MATIC price is pretty close to its all-time high of $2.45 and we can possibly see it coming anytime soon. The recent rally in the MATIC price comes on the backdrop of some positive developments taking place on the Ethereum Layer 2 protocol.
Polygon Likely to Raise $150 from VCs
As per the latest report from Tech Crunch, a group of venture capital investors is looking to back Polygon with funding anywhere between $50-$150 million. Some of the biggest names in the space like Sequoia Capital India and Steadview Capital are looking to make investments in Polygon through its MATIC tokens.
Polygon, the Layer-2 Ethereum scaling solution, has gained major traction amid the exploding Defi activity on the Ethereum blockchain and the rising gas fee. Polygon helps to address most of the scalability issues faced by Ethereum by charging very low transaction fees.
Due to its recent performance, major funds and VC groups have shown interest in investing in Polygon recently.
Polygon Focusing on ZK Cryptography
Although Polygon has gained much of the market traction, it is pushing further the boundaries of scalability on the Ethereum blockchain. Currently, Polygon is focusing majorly upon ZK cryptography as the most promising solution to scale on the Ethereum blockchain.
The team is conducting the “Polygon zk day” ahead this week on December 9. Some of the popular personalities like Ethereum’s Vitalik Buterin shall be joining to discuss the current state and future of zk-STARKs and applications of Zero-Knowledge proofs. This could be another reason fueling the price of MATIC in recent times.
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