Along with Terra (LUNA), Polygon’s MATIC has lately made headlines due to its stellar performance despite the recent market slump.
The MATIC price has risen another 12 percent in the last 24 hours to a new all-time high of $2.54.
The Ethereum Layer-2 scaling solution has lately gained widespread adoption, as evidenced by MATIC’s resistance to the broader crypto market slump. The MATIC price has increased by 25% in the last seven days, bucking the market trend.
This latest MATIC performance occurs against the backdrop of some of Polygon’s recent important developments.
December 2021 Key Polygon Developments
Polygon paid half a billion dollars for crypto firm Mir earlier last month in order to incorporate zk-Rollups technology on their end. Polygon will enlist the Mir’s support in executing its ground-breaking technology, allowing Polygon Zero, a highly scalable, Ethereum-compatible ZK Rollup, to be built. Polygon said the following in their blog post:
ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet. The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.
Polygon will overcome this problem with plonky2, a recursive proof system that is both quick and Ethereum-friendly.
Polygon teams up with co-founder of Reddit for a Web 3 initiative
Polygon teamed up with Reddit co-founder Alexis Ohanian last week to launch a $200 million Web 3 effort. Polygon will collaborate with Alexis Ohanian’s Seven Seven Six initiative to develop better methods for humans to communicate online at the crossroads of social media and Web 3.
Ohanian said that this partnership will help shape “what the new internet looks like”. “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure,” he added.
