Polygon MATIC is on the rise today, with a 11.31% price increase in 24 hours. Market capitalization and trading volume also increased by 11.46% and 18.39%, respectively, indicating increased utility and activity with the token.
These benefits are not surprising, as Polygon has focused on growing its ecosystem. Tom Dunleavy, senior research analyst at Messari, says the protocol is on track for success. Researchers outlined some of Polygon’s achievements recently.
A new tweet by Tom Dunleavy highlighted some developments at Polygon. Some include the following:
zkEVM (Knowledgeless Ethereum Virtual Machine)
According to the researchers, the protocol tests zkEVM ((Ethereum Virtual Machine without knowledge). The goal of the solution is to position the network to achieve security, decentralization, and scalability. Once the developer succeeds, Polygon will solve the popular blockchain trilemma optimally.
At blockchain trilemma illustrates the difficulty of achieving security, decentralization, and scalability in a single blockchain. The argument is that the developers have to give up one of these features to gain the other two. With zkEVM, Polygon aims to achieve these three elements.
according to co-founder Mihailo Bjelic, the technology will position the network for other Web3 developments. Also, it will ensure mass adoption for these networks and coins, due to the security and scalability they offer. Bjelic made the statement during the EVM launch last summer, explain the reasons for technology.
Another notable achievement is the increasing number of addresses in the network. According to Dunleavy, that number increased by 90% in one quarter. He also added that 90% of distributed MATIC tokens are unlocked.
Dunleavy also mentioned that Polygon’s developers have grown from 200 in 2018 to more than 1,000. Networks with a large number of developers usually attract the interest of investors, as they show higher growth potential. This increase in developers means that the network is growing positively.
According to Dunleavy, all these developments, coupled with the Decentralized Social platform, will promote further growth for blockchain in the future.
Other Important Activities at Polygon
In addition to the above, it has attracted several popular institutions in the network. For example, Starbucks introduced the “Starbucks Odyssey” program and launched NFTs on Polygon related to real-world experiences.
Second, Hamilton Lane recently launched a $2.1 billion tokenization fund for Polygon’s individual investors through Securitize. Also, National Geographic, an international media outlet, has opened NFT collection at Polygon. Another project launched is Shemaroo partnership on February 9 to launch Bollywood NFTs.
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