Polygon MATIC rose sharply today, with an increase of 11.31% in 24 hours. Its market capitalization and trading volume also surged by 11.46% and 18.39%, respectively, indicating the token’s increased utility and activity.
Given that Polygon has been focused on growing its ecosystem, the gains come as no surprise. Tom Dunleavy, senior research analyst at Messari, said the agreement is on its way to success. The researchers outline some of Polygon's recent results.
A recent tweet by Tom Dunleavy highlighted some developments at Polygon. Some of these include the following:
According to the researchers, the protocol is testing its zkEVM ((Zero-Knowledge Ethereum Virtual Machine). The purpose of the solution is to position the network for security, decentralization and scalability. Once the developers are successful, Polygon will solve the most The most popular blockchain trilemma.
The blockchain trilemma represents the difficulty of achieving security, decentralization, and scalability in a single blockchain. The argument is that developers have to give up one of these features in order to implement the other two. With zkEVM, Polygon aims to achieve these three elements.
According to co-founder Mihailo Bjelic, the technology will position the web for more Web3 development. Furthermore, it will ensure the mass adoption of the network and its token, considering the security and scalability it provides. Bjelic made these statements during the launch of the EVM last summer, outlining the reasons for adopting the technology.
Another notable achievement is the increase in the number of addresses on the network. According to Dunleavy, that number is up 90% from the previous quarter. He also added that 90% of MATIC tokens have been unlocked. Dunleavy also mentioned that Polygon developers have grown from 200 in 2018 to more than 1,000. A network with a large number of developers usually attracts investor interest as it indicates a higher growth potential. An increase in developers means that the network is actively developing.
According to Dunleavy, all these developments, coupled with the emergence of decentralized social platforms, will lead to more growth of the blockchain in the future. Apart from that, it has also attracted some popular institutions to its network. For example, Starbucks launched the "Starbucks Odyssey" program and released NFTs related to real-world experiences on Polygon.
Second, Hamilton Lane recently launched a $2.1 billion tokenization fund for individual investors in Polygon through Securitize. In addition, the international media National Geographic launched an NFT series on Polygon. Another project launched is a Bollywood NFT launched in partnership with Shemaroo on February 9.
