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Key Takeaways
Polygon’s MATIC token hit a value of $2.66 for the primary time immediately.
Whereas Polygon began as a low value technique to entry DeFi, it has since pivoted to different makes use of reminiscent of blockchain gaming.
Polygon’s acquisition and improvement of ZK-Rollup scaling options has made it a good selection for these desirous to put money into the know-how.
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Polygon has damaged previous its earlier all-time excessive of $2.62 following a 64% rally over the previous month. Polygon Makes New HighsPolygon is closing out 2021 in bullish type.The Ethereum scaling resolution’s MATIC token has moved greater immediately, gaining 14.4% to succeed in a brand new all-time excessive of $2.66. It’s since cooled off, presently buying and selling at $2.61.MATIC/USD chart. Supply: CoinGeckoMATIC’s earlier all-time excessive of $2.62 was achieved seven months in the past in Could, simply days earlier than the cryptocurrency market skilled its most brutal sell-off of the 12 months. Since then, the token went into an extended accumulation section bringing it right down to lows of $0.69 in July.
Nonetheless, as the broader market recovered in August, Polygon as soon as once more confirmed power and has steadily climbed again to its pre-crash value ranges over the second half of the 12 months. Whereas Polygon’s spring rally was primarily fueled by Ethereum DeFi tasks launching on the chain, it has since expanded to different use instances. Blockchain gaming has exploded on Polygon, with over 70% of distinctive energetic wallets on the community taking part in blockchain video games as of Nov. 5. Moreover, Polygon has pivoted towards new and improved scaling options utilizing Zero-Data Rollups. Along with its personal ZK-rollup, Miden, Polygon has acquired two extra scaling options, Hermez and Mir, utilizing its $1 billion treasury fund devoted to buying ZK-based tasks.One other improvement that elements into Polygon’s adoption is its interoperability with different chains. Over the previous few months, a number of new bridges have been launched, permitting customers to shortly ship funds from Ethereum Layer 2 options and devoted Layer 1 chains to and from Polygon at low value. Extra just lately, Uniswap, Ethereum’s largest decentralized change by quantity, accredited a governance proposal to assist the Polygon blockchain. When Uniswap finally launches on Polygon, it might doubtlessly spur a DeFi renaissance and produce extra liquidity to the community. Whether or not the MATIC token will proceed its present rally stays to be seen, although the broader crypto market has been displaying indicators of restoration over the previous couple of days following a shaky few weeks. Nonetheless, as the joy surrounding ZK-Rollup-based Ethereum scaling will increase, Polygon seems poised to profit from the expansion of the rising know-how. Disclosure: On the time of scripting this function, the writer owned ETH and a number of other different cryptocurrencies.
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