Polygon, an offshoot of the Ethereum network, has gained traction as a layer-2 scaling solution. Its faster, cheaper, and more scalable alternative to the Ethereum network has resulted in a 30% increase in daily active users since October 2022. According to data from analytics provider Token Terminal, as of Jan. 17, 2023, the network had 313,457 daily active users.
Zero-Knowledge Ethereum Virtual Machine
Polygon recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine (ZK-EVM). The ZK-EVM enables private smart contract execution, enhancing privacy and security for developers creating decentralized applications that run on Polygon. The technology is also expected to drive adoption of the network for decentralized finance (DeFi) applications that allow for private transactions.
Bullish Narrative for Polygon (MATIC)
The adoption of Polygon, along with the launch of the ZK-EVM, has strengthened the bullish narrative for its native token, Polygon (MATIC). The token has already experienced significant growth in value and is currently trading at $3.01 as of March 13, 2023.
The launch of the ZK-EVM is expected to drive further demand for Polygon (MATIC) as developers and users are attracted to the enhanced privacy and security features. The increased adoption of the Polygon network will also lead to greater demand for Polygon (MATIC) as a means of payment for transaction fees and other services within the network.
In conclusion, Polygon’s increased adoption and the launch of the ZK-EVM are significant developments that have strengthened the bullish narrative for its native token, Polygon (MATIC). These developments are expected to drive further adoption and growth in the coming months.