Polygon ($MATIC), a Layer-2 scaling solution for Ethereum that provides users with faster transactions and lower costs as a parallel blockchain running alongside the main Ethereum network, could soon start outperforming Bitcoin and the wider cryptocurrency market.
According to the popular pseudonymous cryptocurrency analyst Pentoshi, the cryptocurrency could be making a new all-time high against the flagship cryptocurrency Bitcoin ($BTC) “this week, or next” after seeing a significant performance during the bear market, and ahead of a major launch.
As CryptoGlobe reported, Polygon added 46 million new addresses to its network over just six months while the price of its native token, used to pay for transaction fees and secure the network via staking, kept on outperforming the wider crypto market.
At the time, the Polygon network’s adoption kept on growing, with multinational banking giant JPMorgan using it to execute its first-ever trade using decentralized finance on a public blockchain.
According to Pentoshi, the launch of the zero-knowledge Ethereum Virtual Machine (zkEVM) beta mainnet could move $MATIC higher.
Polygon is set to launch the beta version of its zkEVM mainnet, a scaling solution that utilizes zero-knowledge proofs to facilitate smart contracts compatible with Ethereum, on March 27.
The team behind Polygon says that zkEVM can support up to 100 times more transactions per second than Ethereum, all while maintaining decentralization and security. Additionally, Polygon has unveiled a $100 million grant initiative aimed at incentivizing developers to construct applications on the zkEVM platform.
In a separate tweet, Pentoshi also revealed that they have started accumulating $MATIC, and plans to add more if the cryptocurrency drops to $1.34 per token. The cryptocurrency is, at the time of writing, trading at $1.53 after rising 25% over the last seven days.
MATIC has notably also benefitted from support from the prime broker platform of Nasdaq-listed cryptocurrency trading platform Coinbase, Coinbase Prime, which started offering staking services in the cryptocurrency late last year.
Image Credit
Featured Image via Unsplash
Source: Read Full Article