Polygon MATIC is soaring today, with a price gain of 11.31% in 24 hours. Its market cap and trading volume have also spiked by 11.46% and 18.39%, respectively, showing increased utility and activity with the token.
The gains are not surprising, given that Polygon has been focused on developing its ecosystem. Tom Dunleavy, a senior research analyst at Messari, says the protocol is on the path to success. The researcher outlined some of the achievements of Polygon recently.
A recent tweet by Tom Dunleavy highlighted some developments on Polygon. Some of them include the following:
zkEVM (zero-knowledge Ethereum Virtual Machine)
According to the researcher, the protocol is testing its zkEVM ((zero-knowledge Ethereum Virtual Machine). The purpose of the solution is to position the network to achieve security, decentralization, and scalability. Once the developers succeed, Polygon will have solved the popular blockchain trilemma optimally.
The blockchain trilemma represents the difficulty of achieving security, decentralization, and scalability in a single blockchain. The argument is that developers must forfeit one of these features to achieve the other two. With the zkEVM, Polygon aims to achieve the three elements.
According to co-founder Mihailo Bjelic, the technology will position the network for more Web3 developments. Also, it will ensure mass adoption for the network and its coin, given the security and scalability it offers. Bjelic made these statements during the launch of the EVM last summer, outlining the reasons for the technology.
Another notable achievement is the increased number of addresses on the network. Per Dunleavy, the number has increased by 90% quarter over quarter. He also added that 90% of MATIC tokens distributed are unlocked.
Dunleavy also mentioned that Polygon’s developers have increased from 200 in 2018 to more than 1,000. Networks with a high number of developers usually attract the interests of investors, given that it indicates higher growth potential. This increase in developers means that the network is evolving positively.
According to Dunleavy, all these developments, plus the presence of Decentralized Social platforms, will foster more growth for the blockchain in the future.
Other Notable Activities on Polygon
Besides the above, it has attracted some popular institutions to its network. For instance, Starbucks introduced a “Starbucks Odyssey” program and released NFTs on Polygon relating to real-world experiences.
Secondly, Hamilton Lane recently launched a $2.1 billion tokenized fund for Polygon’s individual investors through Securitize. Also, National Geographic, an international media outlet, has launched an NFT collection on Polygon. Another project launched was the Shemaroo partnership on February 9 to launch Bollywood NFTs.
Featured image from Pexels and chart from TradingView.com