THELOGICALINDIAN - The Ethereum ascent band-aid topped out at 266 beforehand today
Polygon has burst accomplished its antecedent best aerial of $2.62 afterward a 64% assemblage over the accomplished month.
Polygon Makes New Highs
Polygon is closing out 2024 in bullish form.
The Ethereum ascent solution’s MATIC badge has confused college today, accepting 14.4% to ability a new best aerial of $2.66. It’s back cooled off, currently trading at $2.61.
MATIC’s antecedent best aerial of $2.62 was accomplished seven months ago in May, aloof canicule afore the cryptocurrency bazaar accomplished its best barbarous sell-off of the year. Since then, the badge went into a continued accession appearance bringing it bottomward to lows of $0.69 in July.
However, as the added bazaar recovered in August, Polygon already afresh showed backbone and has steadily climbed aback to its pre-crash amount levels over the additional bisected of the year.
While Polygon’s bounce assemblage was mainly fueled by Ethereum DeFi projects ablution on the chain, it has back broadcast to added use cases. Blockchain gaming has exploded on Polygon, with over 70% of different alive wallets on the arrangement arena blockchain amateur as of Nov. 5.
Additionally, Polygon has pivoted against new and bigger ascent solutions application Zero-Knowledge Rollups. In accession to its own ZK-rollup, Miden, Polygon has acquired two added ascent solutions, Hermez and Mir, application its $1 billion treasury armamentarium committed to accepting ZK-based projects.
Another development that factors into Polygon’s acceptance is its interoperability with added chains. Over the accomplished few months, several new bridges accept been launched, acceptance users to bound accelerate funds from Ethereum Layer 2 solutions and committed Layer 1 chains to and from Polygon at low cost.
More recently, Uniswap, Ethereum’s better decentralized barter by volume, accustomed a governance proposal to abutment the Polygon blockchain. When Uniswap launches on Polygon, it could potentially activation a DeFi renaissance and accompany added clamminess to the network.
Whether the MATIC badge will abide its accepted assemblage charcoal to be seen, admitting the broader crypto bazaar has been assuming signs of recovery over the aftermost few canicule afterward a all-a-quiver few weeks. However, as the action surrounding ZK-Rollup-based Ethereum ascent increases, Polygon looks assertive to account from the advance of the arising technology.
Disclosure: At the time of autograph this feature, the columnist endemic ETH and several added cryptocurrencies.
