• Polygon (MATIC) is experiencing a surge in its market cap and trading volume.
• The protocol is testing its zkEVM (zero-knowledge Ethereum Virtual Machine) to achieve security, decentralization, and scalability.
• The number of MATIC addresses and developers has increased significantly in recent months.
Polygon’s Recent Price Surge
Polygon (MATIC) is soaring today with a price gain of 11.31% in 24 hours, accompanied by an 11.46% spike in market cap and an 18.39% increase in trading volume. These numbers indicate that the token is increasingly being used with more utility and activity on the network. This should come as no surprise given that the protocol has been actively developing its ecosystem.
zkEVM: Solving the Blockchain Trilemma
Tom Dunleavy, senior research analyst at Messari, says that the project is on the path to success and recently outlined some of Polygon’s achievements on Twitter including their working on zero-knowledge Ethereum Virtual Machine (zkEVM). This technology is meant to position Polygon to optimally solve the blockchain trilemma – achieving security, decentralization, and scalability all at once – which has long been a challenge for developers as usually one must be sacrificed for another two elements to be achieved properly. With zkEVM, Polygon hopes to offer all three features simultaneously thereby making it more attractive for Web3 development as well as increasing mass adoption of their coin.
Increased Number of Addresses & Developers
According to Dunleavy, the number of addresses has grown 90% quarter over quarter while 90% of MATIC tokens are now unlocked indicating increased usage of their coin within their network as well as potential growth potential through increased liquidity.. Additionally, he also noted that since 2018 when there were 200 developers associated with Polygon there are now more than 1,000 indicating further growth potential through greater innovation within the network itself.
Overall it appears that Polygon has been making great strides towards becoming a secure and scalable platform capable of supporting Web3 development while also offering users enhanced privacy features such as zero-knowledge proofs which can make transactions completely anonymous if desired. Furthermore with an increasing number of addresses utilizing the network along with a growing developer base this could potentially attract even greater interest from investors looking for projects with high growth potential going forward