MATIC Continues to Surge, Up 5% in 24 Hours
As the entire cryptocurrency market experiences a surge led by Bitcoin (BTC), the native token of Polygon, MATIC, is also making significant gains. In the past 24 hours, MATIC has risen by approximately 5%, edging closer to its highs from July 23 as indicated by the candlestick arrangement in the daily chart.
This upward momentum is driven by increasing trading volume and improving sentiment, resulting in a 64% expansion from its October lows. This rise in value is a positive sign for optimistic traders who have been eyeing the token.
The 110 Million MATIC Grant
The recent rally of MATIC seems to be influenced by the announcement from Polygon Village, which declared its plan to distribute 110 million MATIC to projects focused on deploying decentralized finance (DeFi), gaming, and social media solutions on the sidechain. Late-stage projects stand to receive direct grants of up to 2 million MATIC, while early-stage projects and startups can apply for quadratic funding grants.
This innovative funding arrangement links the amount of MATIC delivered to a project with its popularity among crypto holders. Polygon Labs will be utilizing on-chain voting to determine project popularity, with MATIC being the currency used to support the favored projects.
Polygon Rising Stature: From POL To ZK-EVM
In recent years, Polygon has emerged as a popular scaling solution for Ethereum, especially within DeFi, as indicated by its total value locked. Functioning seamlessly with the Ethereum Virtual Machine (EVM), the platform enables protocols to connect with the mainnet without compromising security.
Furthermore, by transitioning to POL and integrating zero-knowledge (ZK) technology into its products, Polygon is poised to become even more powerful. This evolution was evident in late October when the POL contracts went live on the Ethereum mainnet as part of Polygon 2.0, signaling a significant step toward integrating ZK technology across all its offerings.
Manta Network, for example, has embraced this transition by integrating Polygon’s Chain Development Kit (CDK) to enhance its transaction settlement process with zk Rollup technology. This move highlights the growing appeal and adaptability of Polygon’s ecosystem.
By funding important projects and implementing innovative technologies, Polygon’s steady rise continues to reinforce its position as a leading force in the cryptocurrency landscape.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀