Polygon’s MATIC has recently recorded remarkable gains after a billion-dollar partnership deal with NEAR.
Interest in MATIC has surged with whales going on a buying spree in recent weeks.
Polygon’s native cryptocurrency MATIC has joined the crypto market party with its price soaring more than 50 percent in the last three weeks. As of press time, MATIC is trading 2 percent up at a price of $0.83 with a market cap of $7.6 billion.
Recent on-chain data indicates a robust accumulation of MATIC by whales in the past few weeks. Santiment reports that Polygon’s MATIC has surged to $0.80, witnessing a remarkable 54 percent increase in market capitalization within a mere three weeks. Notably, key wallets holding 100K-10M $MATIC have played a pivotal role in supporting this upward trend over the last two weeks.
Courtesy: Santiment
In a significant move on November 6th, Polygon’s coin price broke free from a 22-month downtrend, characterized by a descending trendline. If the current buying momentum persists, MATIC’s price could potentially see a 15 percent surge, targeting the next critical resistance level at $0.9. Further bullish momentum might propel MATIC towards $1.0.
Additionally, the trading volume for MATIC has experienced a substantial spike, reaching $830,650,670, indicating a precise 49 percent surge over the past 24 hours. Currently positioned at 13th in market capitalization, Polygon (MATIC) encounters a challenging endeavor to reclaim a spot among the top ten largest cryptocurrencies. At present, MATIC’s market cap stands at $7.6 billion, notably trailing behind the 10th-ranked Tron (TRX), which holds a valuation of $8.8 billion.
Polygon Partnerships
Polygon Labs and the NEAR Foundation have joined forces to develop a zero-knowledge (ZK) prover tailored for Wasm blockchains. This zkWasm prover aims to bridge the gap between Wasm-based chains and the Ethereum ecosystem, encompassing a growing multichain of Polygon CDK chains.
WebAssembly (Wasm), a widely used framework for running intricate programs in a browser, boasts performance comparable to native computer apps, playing a crucial role in empowering popular applications. Within the Web3 landscape, the Wasm Virtual Machine operates as a runtime in blockchains like Near and Polkadot, distinguishing itself from the Ethereum Virtual Machine.
The introduction of the zkWasm prover represents a novel runtime designed to generate zero-knowledge proofs, validating the correctness of native Wasm runtime execution. This advancement is anticipated to enhance scalability and bolster decentralization. The innovation holds the potential to draw NEAR Protocol closer to Ethereum, enabling Wasm chains to tap into Ethereum liquidity. Simultaneously, the zkWasm prover offers developers utilizing Polygon CDK an additional option for launching a Polygon CDK chain.
Furthermore, Immutable, a key partner of Polygon and a leading web3 gaming platform, has unveiled a fresh collaboration with Ubisoft, a prominent video game creator and publisher. This partnership aims to develop an innovative gaming experience that will advance the possibilities of web3. Immutable remains committed to realizing digital ownership for players, while Ubisoft, through its Strategic Innovation Lab, further explores the realm of decentralization with this strategic collaboration.
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