Some of the altcoins have performed phenomenally well despite the market correction over the last week. Along with Terra’s LUNA, one such altcoin that’s making news recently is Polygon’s MATIC. The MATIC price has surged to a new all-time high of $2.54 with another 12% gain in the last 24-hours.
MATIC’s resilience to the broader crypto market correction shows that the Ethereum Layer-2 scaling solution is gaining large acceptance recently. In the last seven days, the MATIC price has gained 25% dodging the broader market trend. This recent MATIC performance comes on the backdrop of some of the key developments initiated by Polygon recently.
Key Polygon Developments of December 2021
Earlier this month, Polygon acquired crypto startup Mir in a half-a-billion dollar deal in order to implement zk-Rollups technology at their end. The Mir will be assisting Polygon in implementing its groundbreaking technology and thus help in building Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup. In their blog post, Polygon mentioned:
ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet. The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.
Polygon will solve this through its recursive proof system plonky2 that will be incredibly fast and Ethereum-friendly.
Polygon Partners With Reddit co-founder for Web 3 Initiative
Last week, Polygon joined hands with Reddit co-founder Alexis Ohanian for undertaking a $200-million new Web 3 initiative. Polygon will be working with Alexis Ohanian’s Seven Seven Six venture to work on the intersection of social media and Web 3 to explore better ways for humans to connect online.
Ohanian said that this partnership will help shape “what the new internet looks like”. “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure,” he added.