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polygonLayer 2 scaling solution on top Ethereum [ETH] The network showed an unprecedented rise. And this move was certainly enough to create headlines for the entire crypto community. So what exactly happened with the Layer 2 scaling solution?
Decoding the mystery
Polygon’s native token MATIC gathers all week long, demonstrating strong on-chain fundamentals. Polygons have jumped over 60% in the past week.
One thing to consider was the rise in active addresses compared to the price of the token.
Address activity on the polygon network remained high, causing the rally. This also showed some differences from altcoin pricing behavior. Needless to say, there was a similar opportunity in development activities.
Source: Santiment
Whale activity on the MATIC network has also steadily increased. This is a good sign for Polygon network owners. In fact, the token has come back in Top 10 in terms of trading volume out of a maximum of 100 ETH Whale..
Just in: $ MATIC @ 0xPolygon Back in the top 10 with up to 100 trading volumes #ETH Whales in the last 24 hours
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(And hodl $ NaOH To view the top 5000 data! )#MATIC #whalestats #babywhale #BBW pic.twitter.com/G4LurNOF0r
WhaleStats (free data on crypto whales) (@ WhaleStats) July 21, 2022
thank you
So what led to these bullish developments? Now, ZK’s major announcements..
Polygon has announced a unique Ethereum compatible scaling solution called zkEVM called “The Future of Ethereum Scaling”.
It inherits Ethereum security while improving throughput and significantly reducing charges.
On the other hand, it is also fully compatible with Ethereum virtual machines (EVMs).
We are proud to announce a major leap forward in Ethereum scaling and ZK innovation.
Introduction of polygons #zkEVMZKL2 equivalent to the first EVM.
Today we are just getting started with a fully implemented, fully open source release.
[1/6] pic.twitter.com/P929DRCT1y
Polygon MATIC (@ 0xPolygon) July 20, 2022
“It’s the same as using Ethereum, but with the breakthrough scaling capabilities of ZK technology,” Polygon said. Said Through the announcement. Moreover, it is
You can build with polygon zkEVM just like Ethereum. You can deploy Ethereum smart contracts. All tools that work with Ethereum work with polygon zkEVM.
Do everything you do with Ethereum at low cost and at high speed, and validate it on your Ethereum network via ZK proof of validity. It’s Ethereum, but it has the scalability of ZK. “
Indeed, following this development, major milestones have been unleashed.Don’t forget, the network too Received support From the Walt Disney Company covered in the past.
This may or may not help each token create the highest ever (ATH).
However, the price increase of MATIC is certainly not an easy vehicle. As of this writing, # 13 rank tokens traded at around $ 0.88, resulting in a new 3% setback.
