Besides the change in numbers for some of the biggest crypto tokens in 2023, like Bitcoin and Ethereum, Polygon has also transitioned to 2023 with a lot of handshakes and deals to be explored. The Indian grown crypto asset, Polygon has been making some improvements ever since they rebranded themselves from Magic Network back in February 2021. This was a strategic shift for the network as they had planned to focus on creating a multichain system on the Ethereum blockchain which was to be similar to the one already that had already been deployed by Polkadot.
Additional Read: Ethereum Price Prediction
The rise in value for Polygon, makes Polygon the tenth-most valuable crypto asset with an overall market cap of $9.6 billion, that is above Solana which is currently standing at $745 million, and below Dogecoin which has a market cap of $11.8 billion.
The major focus of Polygon, prior to its rebranding has been to make use of the so-called Plasma chains that will work towards increasing the throughput of Ethereum. Now the Proof Of Stake network has been working with many varieties of roll-ups; including Optimistic and Zero Knowledge. When looking into the network with reference to user activity, the Polygon network has seen a dip since a steep rise at the beginning of the year. The number of daily users for Polygon rose from roughly 404,000 on January 1, 2023 to close to 696,00 users on January 6, 2023.
However, Polygon has already performed tremendously in 2023 so far. The network is up roughly by 42% since the year kicked off, but it is still roughly 63% down than its December 2021 high when MATIC was at a value of $2.92.
Recent News on Polygon
Just came out of a high level zkEVM Mainnet launch committee
Cant keep calm folks
WE HAVE A DATE for mainnet launch!
And its SOOON! pic.twitter.com/y7pcR9OdEZ
— Sandeep | Polygon 💜 Top 3 by impact (@sandeepnailwal) January 16, 2023
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WHAT IS POLYGON ZKEVM?
Polygon’s zkEVM is one of Polygon’s scaling solutions developed to make dApps more scalable. A zk roll up means Zero Knowledge roll up sends transactions in batches to Ethereum for approving it on the main chain.
Validity proof is given by Ethereum after the zk roll up is deployed with a cryptographic proof. Polygon’s zkEVM is Ethereum equivalent which means its byte code can be run on layer 1 as well as layer 2.
The newer zkEVM promises to resolve and execute some of the more complicated operations that are necessary for smart contracts; which were previously not being able to be resolved by the zkEVMs.
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Source: Decrypt
