Polygon (MATIC) Soars 70% Amid Announcement of New ETH Scalping Solution
Categories: Crypto News US
Polygon (MATIC) Soars 70% Amid Announcement of New ETH Scalping Solution
Polygon (MATIC) has been one of the rare altcoins to experience exponential growth recently, driven by the announcement of now Ethereum scaling and zero-knowledge (ZK) innovation – Polygon zkEVM, the first Ethereum Virtual Machine (EVM) Zero knowledge layer 2 scaling solution.
To the rescue the team behind Polygon
MATIC says it has made a major breakthrough in zero-knowledge proof technology that is fully compatible with EVMs.In the case of zero-knowledge proof, one party is able to prove the veracity of a piece of information to another party without disclosing the information itself.
According to Polygon, its new zkEVM will enhance the Ethereum experience for users and developers alike while simultaneously leveraging the existing secure and reliable framework of the leading smart contract platform to reduce efficiency and cost.
The blog post states: "Polygon zkEVM is for everyone who wants a cheap, fast way to use Ethereum without sacrificing security or decentralization. It's permissionless - anyone can use it. It's also open-source, which means you can rely on the code instead of relying on us."
MATIC Soars on Other Fronts
Polygon Networks has been busy as of late, which has contributed to the huge price increase recently. In May, Tether announced that USDT was integrated into Polygon, meaning that over 19,000 decentralized applications on the Polygon ecosystem would be able to use USDT.
The price of MATIC also skyrocketed as Disney chose Polygon for its accelerator program last month. The program will focus on augmented reality, artificial intelligence characters and NFTs. Terra's explosion means big things for MATIC as well, after more than 48 projects originally built on the Terra blockchain began migrating to Polygon since Terra's abrupt collapse in May.