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Polygon Items Original All-Time High Amid Market Recovery

Polygon Items Original All-Time High Amid Market Recovery

The Ethereum scaling resolution topped out at $2.66 earlier on the present time.

Key Takeaways

  • Polygon’s MATIC token hit a brand of $2.66 for the first time on the present time.
  • While Polygon started as a low cost formulation to receive admission to DeFi, it has since pivoted to fully different makes utilize of similar to blockchain gaming.
  • Polygon’s acquisition and pattern of ZK-Rollup scaling choices has made it an exact change for those seeking to make investments within the technology.

Polygon has broken previous its previous all-time high of $2.62 following a 64% rally over the last month. 

Polygon Makes Original Highs

Polygon is closing out 2021 in bullish form.

The Ethereum scaling resolution’s MATIC token has moved increased on the present time, gaining 14.4% to be triumphant in a unusual all-time high of $2.66. It’s since cooled off, currently trading at $2.61.

MATIC/USD chart. Offer: CoinGecko

MATIC’s previous all-time high of $2.62 became performed seven months within the past in Would possibly doubtless well doubtless, factual days earlier than the cryptocurrency market experienced its most brutal sell-off of the year. Since then, the token went into a lengthy accumulation portion bringing it down to lows of $0.69 in July. 

Nevertheless, as the wider market recovered in August, Polygon all over again confirmed power and has progressively climbed abet to its pre-fracture brand levels over the second half of of the year. 

While Polygon’s spring rally became mainly fueled by Ethereum DeFi initiatives launching on the chain, it has since expanded to fully different utilize cases. Blockchain gaming has exploded on Polygon, with over 70% of outlandish active wallets on the network having fun with blockchain video games as of Nov. 5. 

Moreover, Polygon has pivoted in the direction of unusual and improved scaling choices the utilize of Zero-Data Rollups. As smartly as to its luxuriate in ZK-rollup, Miden, Polygon has obtained two more scaling choices, Hermez and Mir, the utilize of its $1 billion treasury fund dedicated to acquiring ZK-based initiatives.

One more pattern that components into Polygon’s adoption is its interoperability with utterly different chains. Precise by the last few months, so a lot of unusual bridges had been launched, allowing customers to quickly send funds from Ethereum Layer 2 choices and dedicated Layer 1 chains to and from Polygon at low cost. 

Extra neutral no longer too lengthy within the past, Uniswap, Ethereum’s largest decentralized exchange by volume, authorized a governance proposal to support the Polygon blockchain. When Uniswap launches on Polygon, it’ll doubtless spur a DeFi renaissance and lift more liquidity to the network. 

Whether or no longer the MATIC token will proceed its unusual rally stays to be considered, though the broader crypto market has been showing signs of restoration over the last phrase few days following a shaky few weeks. Nevertheless, as the pleasure surrounding ZK-Rollup-based Ethereum scaling will increase, Polygon looks poised to earnings from the tell of the emerging technology. 

Disclosure: At the time of writing this selection, the author owned ETH and so a lot of alternative utterly different cryptocurrencies. 

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