A well-known Ethereum scaling solution called Polygon has seen a lot of acceptance as a result of its collaborations with numerous well-known companies. The aforementioned relationship has significantly contributed to its growing popularity among bitcoin users.
Arjun Kalsy, its previous executive, gave an overview of how the network attracted the aforementioned relationships with well-known companies and how the project is promoting widespread cryptocurrency usage. The former CEO claimed that talking with brands about how to combine Web2 to Web3 or incorporate components of the decentralized world into their individual businesses has been enjoyable.
Kalsy admitted that the initial round of major brands who announced agreements with Polygon had offered the network more opportunities because they had provided the network with positive feedback that had significantly boosted the network’s standing with other networks. Although Polygon has come a long way already, the former CEO still thinks that the usage of zero-knowledge rollups has so much more potential.
MATIC Surges by 48%
Aside from widespread adoption within the Polygon network itself, the native token MATIC was said to be maintaining its excellent pace this year. At the time of writing, it had increased by 12% over the previous 24 hours and was trading for roughly $1.11.
According to data from Token Terminal, MATIC was actually on the rise, rising by 48% from the last day of 2022 due to an increase in daily transactions that made the blockchain the second largest for daily active users (DAU). The Polygon platform is presently ranked behind Binance’s BNB chain with 344,000 DAUs, ahead of Solana and Ethereum.
The recent news of collaborations and launches that have place in the Polygon network in recent months, per the research, have significantly increased the number of DAUs and may also be the cause of MATIC’s rapid ascent.
In addition, the forthcoming launch of Polygon’s mainnet’s zero knowledge-EVM is one of the observed causes of the present increase. The aforementioned mainnet is slated to go operational in the first quarter of 2023, while the zk-EVM public testnet did so in October.
Charles Storry, the head of growth at crypto index platform Phuture, claims that users’ interest in these networks and activities has just been revived. He continued by saying that many projects already developed on Polygon have not yet published their own coin. He anticipates that the release of the abovementioned tokens may generate additional excitement.
DeFI Llama’s data release indicates that Polygon now has a total value locked of almost $1.1 billion (TVL). According to Storry, they want the aforementioned TVL to rise for riskier initiatives and early-stage apps.