With Another 10% surge, Polygon’s MATIC Hits A New All-time High of $2.54

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With Another 10% surge, Polygon’s MATIC Hits A New All-time High of $2.54

Some of the altcoins have performed phenomenally well despite the market correction over the last week. Along with Terra’s LUNA, one such altcoin that’s making news recently is Polygon’s MATIC. The MATIC price has surged to a new all-time high of $2.54 with another 12% gain in the last 24-hours.

MATIC’s resilience to the broader crypto market correction shows that the Ethereum Layer-2 scaling solution is gaining large acceptance recently. In the last seven days, the MATIC price has gained 25% dodging the broader market trend. This recent MATIC performance comes on the backdrop of some of the key developments initiated by Polygon recently.

Key Polygon Developments of December 2021

Earlier this month, Polygon acquired crypto startup Mir in a half-a-billion dollar deal in order to implement zk-Rollups technology at their end. The Mir will be assisting Polygon in implementing its groundbreaking technology and thus help in building Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup. In their blog post, Polygon mentioned:

ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet. The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.

Polygon will solve this through its recursive proof system plonky2 that will be incredibly fast and Ethereum-friendly.

Polygon Partners With Reddit co-founder for Web 3 Initiative

Last week, Polygon joined hands with Reddit co-founder Alexis Ohanian for undertaking a $200-million new Web 3 initiative. Polygon will be working with Alexis Ohanian’s Seven Seven Six venture to work on the intersection of social media and Web 3 to explore better ways for humans to connect online.

Ohanian said that this partnership will help shape “what the new internet looks like”. “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure,” he added.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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