Forget Bitcoin or Ethereum, Polygon (MATIC) is the new star of July’s crypto market. From scaling developments and partnerships to community updates, Polygon’s MATIC is rapidly emerging as a dominating cryptocurrency in the world with the highest trading volume in the past 30 days. Surely, investing in MATIC might be the best choice for future gains as well.
The crypto bear market pummeled down leading cryptocurrencies but it also gave room for Polygon (MATIC) to outshine every digital currency in July.
Just when people had given up the hope of seeing bullish patterns in the 7th month of 2022, Polygon emerged as a leading light that would profit them.
Polygon was founded in 2017 by Sandeep Nailwal, Mihailo Bjelic, Jaynti Kanani, and Anurag Arjun. It was later registered in IEO Binance in 2018, and the mainnet finally got launched in June 2020. Since then, Polygon has been gradually rising to become an authentic platform around the world.
Polygon is mainly a scaling platform for blockchain networks. The platform operates on the Ethereum blockchain and connects Ethereum-based projects providing scalability, flexibility, and interoperability. It is an ERC-20 token, which means it is compatible with digital currencies as well.
Why is Polygon rising so high?
Polygon (MATIC) has become the biggest gainer of 2022 and of July in the past 30 days. Although it did suffer from the harsh crypto winter but compared to other cryptocurrencies, MATIC managed to stay strong and show improvements day by day.
Polygon to launch zkEVM scaling solution
Polygon’s rising popularity comes from a series of announcements and updates made by the team, including Polygon’s biggest reveal of 2022: Polygon zkEVM, the first EVM-equivalent of Layer 2 ZK L2.
This update would enhance the security and scalability of Ethereum blockchain, making it safer for projects to operate on the platform.
The EMV-equivalent means any tool used on Ethereum will be used on zkEVM but with the scaling power of ZK tech. “The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single ZK validity proof,” said the team.
Polygon became the first-ever scaling platform on the Web3 world to provide scalable solutions using the ZK tech and EVM-equivalence.
“Working together, we’ve significantly improved proof-generation times. This makes Polygon zkEVM ready for primetime. Users will see dramatically reduced cost and improved speed,” said the team.
The team calls it the “Holy Grail of blockchain infrastructure” as it revolutionized the way scalable platforms work. Although zkEVM mainnet will be launched in early 203, it pushed MATIC’s prices to the sky on July 20 when the news first broke out.
Polygon partners with Disney
Prior to this, Disney announced a partnership with Polygon (MATIC) for the Disney Accelerator Program 2022, being the only blockchain network to do so. Disney has been hinting at the possible expansion into the metaverse and Polygon might be involved in the whole process.
Disney is already a big name in the Web3 world when it released its own NFT collections. With the Polygon partnership, the entertainment company is gearing up to take Web3 to the next level.
The news pushed Polygon to a 60% increase in prices last week as crypto whales began swimming in. The scaling platform’s crypto token surpassed all the leading cryptocurrencies becoming the biggest gainer of the month of July 2022.
As July folds itself this week, Polygon (MATIC) is currently trending at $0.8327 with a 24-h trading volume increase of 23.26%.
Polygon is the fastest-growing ecosystem that will most likely rival Ethereum and Binance in the coming years through its high-profile scaling solutions. Currently, the platform is in its building phase and has already become the talk of the town among crypto traders.
On July 22, the Polygon team attended the EthCC conference where it announced they are open-sourcing the code for Porygon zkEVM and will launch a public testnet soon in the coming months.
Will Polygon (MATIC) rise to become the top 5 cryptocurrencies in the world? The current progress makes everyone believe it to be true.
For more information on Polygon (MATIC) visit the official website and follow @0xPolygon on Twitter for upcoming updates.