MATIC coin It has increased 19% over the past week to $1.19, according to data from CoinGecko, bringing the token’s yield to a 50% soar in January. Exceeding Bitcoin and Ethereum gains at 44% and 38% respectively.
MATIC is currently the 10th most valuable Crypto coin with a total market capitalization of $10 billion.
Polygon is an Ethereum sidechain that aims to offer higher transaction speeds and lower fees. And it also works as a platform compatible with various blockchains.
While the price of MATIC is on the rise, Twitter account Lookonchain noted that one wallet bought 4 million MATIC tokens from Binance in September 2020 for $84,000 at the time. But now it’s worth $4.5 million, a return of up to 50 times the purchase price.
However, the current MATIC coin price is still far from its December 2021 peak of $2.92. which is down more than 60% from its All Time High.
The MATIC spike comes as Polygon prepares for a system update announced in July last year. Polygon co-founder Sandeep Nailwal recently tweeted that the zkEVM update will include: An official date will be announced soon.
zkEVM is a scalable Ethereum smart contract solution based on the zero-knowledge Proof to verify transactions more efficiently
Polygon announced that the launch of zkEVM will allow Ethereum to compete with global payment processor Visa in terms of transaction speed.
source: decrypt
