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Polygon’s MATIC Has Reached A New All-Time High Of $2.54- know Why?

Notwithstanding the recent market drop, certain cryptocurrencies have done quite well. Polygon’s MATIC, together with Terra’s LUNA, is one notable altcoin that has lately made headlines. The MATIC price has risen to a fresh all-time high of $2.54, with an additional 12% increase in the previous 24 hours.

MATIC’s resistance to the larger crypto market downturn demonstrates that the Ethereum Layer-2 scaling solution has lately gained widespread adoption. The MATIC price has risen by 25% in the previous seven days, defying the overall market trend. This current MATIC result comes against the context of a few of Polygon’s latest important developments.

Matic

MATIC/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM

December 2021 Important Polygon Developments

Polygon paid $500 million for the crypto firm Mir early this month so to incorporate zk-Rollups technology on their side. The Mir will support Polygon with executing its breakthrough technology, hence helping in the development of Polygon Zero, a massively scalable, Ethereum-compatible ZK Rollup.

Polygon will address this with its plonky2 cyclical verification mechanism, which would be extremely quick and Ethereum-friendly.

Polygon collaborates with a Reddit co-founder on a Web 3 venture.

Polygon and Reddit co-founder Alexis Ohanian announced a $200 million new Web 3 effort the other week. Polygon will collaborate with Alexis Ohanian’s Seven Six initiative to develop new methods for people to communicate online at the crossroads of social networks and Web 3.

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