- Ethereum layer-2 scaling solution, Polygon (MATIC), has been one of the top-performing cryptos, gaining as much as 40%
- MATIC’s performance comes after announcing a strategic partnership with Wanchain
- The Polygon Summit has attracted a lot of attention, as Ethereum’s co-founder, Vitalik Buterin, is scheduled to speak at the event
- With reports of investments from venture capital firms looking to invest in Polygon, members are anticipating the big announcement at the Summit
The sharp price change of MATIC comes amid a series of important developments for the project. So, how is the soaring MATIC performing at the moment?
Price Updates
Polygon (MATIC) is one of the biggest gainers as the crypto market continues to recover from the weekend flash-crash.
From its $1.73 low on December 6, MATIC has gained more than 45% to push its price as high as $2.57. The strong performance of MATIC has brought it within touching distance of its May 18 all-time high of $2.68.
The 24 hours price chart of Polygon (MATIC). Source: Tradingview
At the time of this writing, MATIC now trades at $2.51, gaining more than 7% in the last 24 hours. Polygon is now ranked as the 14th biggest digital asset, with a market cap of $17.809 billion.
The 24 hours price chart of Polygon (MATIC). Source: Tradingview
Recent Developments
MATIC’s recent market performance is backed by a flurry of events. For example, Polygon recently announced a strategic partnership with Wanchain to enter into a new era of blockchain interoperability.
In the official press release, Polygon explained that the partnership with Wanchain “will drive further adoption of Layer 2 cross-chain bridges and accelerate the development of interoperable blockchain technology as a whole.”
Polygon was also involved in another strategic partnership with GameOn Entertainment Technologies Inc. and Polygon Studios to build NFT-Based games on its Ethereum-based scaling platform.
Future Events The most anticipated event in the Polygon ecosystem is the Polygon Summit, scheduled to be held on December 9. In its reveal, Polygon stated that a “major announcement” is expected around 11:20 EST, a mere 20 minutes after the first panel begins.
Ahead of the Summit tagged ZK Day, Polygon has launched a web content series, “ZKVerse,” to acquaint members of its community with the world of Zero-Knowledge (ZK) proofs.
Raising expectations for the event, Polygon has announced that the co-founder of Ethereum, Vitalik Buterin, will be attending the Polygon Summit. Already, over 7.8k people have registered for the event.
This upcoming event comes on the heels of a report suggesting that venture capital firms – Sequoia Capital India and Steadview Capital – are considering backing Polygon by purchasing between $50 and $150 million of its MATIC tokens.
With Polygon teasing a major announcement at the Polygon after reports of whale-sized investments, the Polygon community is eagerly anticipating what the announcement would turn out to be.
On December 8, Polygon announced that ClayStack, a decentralized liquid staking protocol, will feature on the Polygon network soon. ClayStack will allow users to stake their $MATIC in return for csMATIC which can be used within #Polygon’s DeFi ecosystem.
On The Flipside
- MonoX on Polygon is the latest DeFi protocol to be breached
- Around $31 million in a variety of cryptocurrencies was reported stolen from the Polygon and Ethereum blockchains
Community
Polygon has one of the most prominent and active community bases in the cryptocurrency universe, with over 978K followers on Twitter (NYSE:TWTR) and a boisterous presence on other social media platforms.
Polygon is building an ecosystem that provides almost all the crypto services, including its recent venture into the NFT space. This has helped in building one of the most community-involved crypto projects.
As MATIC neared its all-time high, crypto investor, Lark Davis, wrote about MATIC;
$matic is a beast of a coin, and will be in the top 10!— Lark Davis (@TheCryptoLark) December 8, 2021
The Crypto Bureau wrote;
Glad I picked up more $MATIC over the weekend!Working on a new Polygon vid - stay tuned— Coin Bureau (guy.eth) (@coinbureau) December 7, 2021
Frantisek Hrinkanic shares his opinions;
#MATIC is starting to show strength! hodl guys !!! seatbelt on#Polygon Target (NYSE:TGT) 7 $ +— Frantisek Hrinkanic (@Frankhrinkanic) December 8, 2021
Comparing Polygon to Ethereum, @PrasoonPratham writes;
It costs less than 5 cents to create an NFT on Polygon (Matic).The cool thing is that the Solidity code for polygon is exactly the same as that of Ethereum.It's a fantastic way to learn how to learn and deploy smart contracts on the real blockchain.— Pratham (@PrasoonPratham) December 8, 2021
Why You Should Care?
Polygon’s current performance is backed by its unique solution to one of the major problems that have plagued the Ethereum blockchain since its launch, scaling.
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