This week, AltCoinTrader-listed MATIC has been the best-performing cryptocurrency amongst the top 20 coins by market cap. The positive performance is due to Polygon announcing the launch of a new testnet and achieving its new milestone.
What is Polygon?
Polygon (MATIC) is a layer-2 solution built specifically for Ethereum. Previously known as the Matic Network, Polygon network is a framework for building interconnected blockchain networks. It uses Plasma technology to process transactions off-chain before finalizing the transactions on the Ethereum network. Think of Polygon sidechains as bypasses to toll gates like Ethereum. They provide faster and cheaper routes for transactions.
The Polygon network consists of four layers namely the Ethereum-, security-, Polygon network- and execution layer. These layers allow Polygon chains to communicate with each other and with Ethereum. Therefore, dapps and DEXs can run faster and more cost-effectively than on any other network.
One of the key features of Polygon is its capacity to perform up to 65 000 transactions per second on a single chain.
Polkadot announces new 2kEVM testnet
On 10 October 2022, Polygon announced the launch of its public testnet called zkEVM (zero-knowledge Ethereum Virtual Machine). zkEVM is similar to Ethereum’s Virtual Machine except that it uses ZK proofs. The goal of the testnet is to achieve a smooth scaling solution plus additional security benefits without the need to learn a new coding language. This makes Polygon the first zkEVM to reach a public testnet using an open-source ZK proving system.
Polygon already has some top EVM-based DeFi platforms that are ready to be deployed on the zkEVM. This includes Lens, Aave, Uniswap and Midnight Society to name a few.
In other news, the Polygon team announced this week that the network has more than 53 000 dApps on the platform. This signals an 800% increase since the start of 2022 and a 60% increase since June this year.
Where to buy MATIC now
What makes MATIC a must-have crypto for any AltCoinTrader is that it features several use cases and real-life applications that makes it a valuable asset within the industry. It is a very promising token!
This was confirmed when Grayscale’s large-cap crypto fund added MATIC early in October. The addition forms part of the asset manager’s quarterly rebalancing and is aimed at increasing investors’ exposure to cryptocurrencies. In return, this boosts the liquidity of the token.
One might wonder if the project will be relevant following the Ethereum Merge? Very much so. The Ethereum Merge set out to improve speed and overall efficiency of the network but scaling solutions such as the Polygon network, will continue to be relevant for a long time to come.
Head on over to South Africa’s favourite cryptocurrency exchange, AltCoinTrader and start filling your bags with MATIC, one of the most promising coins for the next bullrun.