The broader cryptocurrency market has recovered from the weekend carnage prolonged by way of Monday. Nevertheless, one cryptocurrency which reveals that quickest and most promising restoration is Polygon’s MATIC.
The MATIC cryptocurrency has gained greater than 20% and is at present buying and selling at a value of $2.31 with a market cap of $16.2 billion. Together with Terra’s LUNA, Polygon’s MATIC has been one of many prime performers even through the latest market rout.
At present, the MATIC value is fairly near its all-time excessive of $2.45 and we will probably see it coming anytime quickly. The latest rally within the MATIC value comes on the backdrop of some optimistic developments happening on the Ethereum Layer 2 protocol.
Polygon Prone to Increase $150 from VCs
As per the most recent report from Tech Crunch, a gaggle of enterprise capital buyers is trying to again Polygon with funding wherever between $50-$150 million. A number of the largest names within the area like Sequoia Capital India and Steadview Capital need to make investments in Polygon by way of its MATIC tokens.
Polygon, the Layer-2 Ethereum scaling answer, has gained main traction amid the exploding Defi exercise on the Ethereum blockchain and the rising fuel price. Polygon helps to deal with a lot of the scalability points confronted by Ethereum by charging very low transaction charges.
On account of its latest efficiency, main funds and VC teams have proven curiosity in investing in Polygon lately.
Polygon Specializing in ZK Cryptography
Though Polygon has gained a lot of the market traction, it’s pushing additional the boundaries of scalability on the Ethereum blockchain. At present, Polygon is focusing majorly upon ZK cryptography as probably the most promising answer to scale on the Ethereum blockchain.
The group is conducting the “Polygon zk day” forward this week on December 9. A number of the well-liked personalities like Ethereum’s Vitalik Buterin shall be becoming a member of to debate the present state and way forward for zk-STARKs and functions of Zero-Data proofs. This could possibly be one more reason fueling the value of MATIC in latest occasions.