Key Support Level and Historical Performance

A crucial support level at $0.30 has emerged as a focal point for analysts. Renowned market observer Ali Martinez emphasized the importance of this level, asserting that a sustained break below it could invalidate bullish projections. However, if MATIC holds above this critical threshold, a substantial rally could ensue, particularly if the broader cryptocurrency market enters a bullish phase.

Martinez’s analysis extends over several years, revealing a history of pronounced price fluctuations for MATIC. A notable uptrend between 2021 and 2022 culminated in a peak above $2.3. Subsequently, the token entered a corrective phase characterized by lower highs and lows, forming a descending trendline that has posed a persistent challenge.

Bullish Projections and Technical Analysis

Building on this foundation, Martinez has outlined an aggressive price target of $57.1061 for MATIC by mid-2025. This projection represents a potential increase of over 15,000% from the token’s price at the time of writing.

This bullish outlook is echoed by other analysts, including Javon Marks, who anticipates a potential climb to new all-time highs and beyond the $3 mark. Marks identifies a bullish continuation pattern, suggesting a breakout from the current consolidation phase could trigger a significant upward movement.

To bolster these bullish projections, volume indicators have revealed a recurring pattern. Periods of low trading volume have historically preceded substantial price surges, suggesting that market participants may be accumulating MATIC during these times.

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Potential Catalysts

It is essential to acknowledge that the broader cryptocurrency market conditions will significantly influence MATIC’s price trajectory. A sustained recovery in the overall market would likely amplify the potential for MATIC to realize its bullish projections. Conversely, a prolonged market downturn could impede the token’s upward momentum.

While these analysts present a compelling case for MATIC’s bullish potential, crypto traders must conduct thorough due diligence and consider the inherent risks associated with cryptocurrency investments.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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What is Polygon (MATIC)?

Polygon, originally known as Matic Network, emerged as a solution to Ethereum’s scalability challenges. Established in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, it aims to transform Ethereum into a multi-chain system. Its architecture comprises a modular framework designed to connect Ethereum-compatible blockchain networks. Many often ask, “Is MATIC the same as Polygon?” MATIC is the native token of the Polygon network, used for transaction fees, staking, and governance within the ecosystem.

It offers several advantages:

1. Scalability: By employing sidechains, Polygon significantly reduces transaction times and fees.
2. Interoperability: It facilitates seamless communication between Ethereum and other blockchains.
3. Security: Polygon leverages Ethereum’s robust security model while providing enhanced functionalities.
4. User Experience: It simplifies blockchain transactions, making them faster and more cost-effective.

These features position MATIC as a pivotal player in the blockchain landscape, addressing critical issues faced by Ethereum.

How to Buy MATIC

Setting Up a Crypto Wallet

Prospective buyers must first establish a cryptocurrency wallet to store MATIC tokens. Wallet options include:

• Hardware Wallets: Devices like Ledger Nano S and Trezor offer offline storage, ensuring maximum security.
• Software Wallets: Applications such as MetaMask and Trust Wallet provide convenient, secure digital storage.
• Web Wallets: Platforms like Wiex enable easy online access to Polygon MATIC wallet, offering a secure, multi-chain crypto wallet that requires no extensions..

Buying Polygon (MATIC) on Exchanges

Once a wallet is set up, individuals can purchase MATIC on various cryptocurrency exchanges. Major exchanges include:

• Coinbase: A user-friendly platform ideal for beginners.
• Binance: Offers extensive trading options and lower fees.
• Wiex: Known for its strong security measures and reliable services.

Guide to Purchasing on an Exchange

1. Create an Account: Register and complete identity verification on the chosen exchange.
2. Deposit Funds: Transfer fiat currency or other cryptocurrencies into the exchange account.
3. Buy MATIC: Navigate to the trading section, select MATIC, and execute the purchase order.

Alternative Ways to Acquire MATIC

Decentralized exchanges (DEXs) and peer-to-peer (P2P) trading platforms offer additional methods to acquire MATIC:

• DEXs: Platforms like Uniswap and SushiSwap allow users to trade directly from their wallets, enhancing privacy and control.
• P2P Trading: Websites such as LocalBitcoins facilitate direct transactions between buyers and sellers, often with customizable payment options.

By following these steps, individuals can securely purchase and store MATIC, positioning themselves to explore its diverse applications within the blockchain ecosystem.

Applications

Polygon serves a multifaceted role in the blockchain ecosystem, primarily enhancing Ethereum’s scalability through its unique infrastructure. Understanding how Polygon works and what it is used for is crucial to appreciating its impact. Its applications span across several domains, including Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and blockchain gaming.

Enhancing Ethereum’s Scalability

Polygon employs Layer 2 scaling solutions, notably sidechains, to improve Ethereum’s performance. By processing transactions off the main Ethereum chain, it increases transaction speed and reduces costs. This scalability ensures a more efficient and user-friendly experience, crucial for widespread blockchain adoption.

Decentralized Finance (DeFi)

Polygon plays a significant role in the DeFi sector. Numerous DeFi projects leverage it’s infrastructure to offer faster and cheaper transactions. Popular projects include:

• Aave: A decentralized lending platform that allows users to earn interest on deposits and borrow assets.
• SushiSwap: A decentralized exchange offering liquidity provision and yield farming opportunities.
• QuickSwap: A DEX that provides instant token swaps with low fees.

These platforms utilize Polygon to enhance their operational efficiency, making DeFi more accessible to a broader audience.

Non-Fungible Tokens (NFTs)

Polygon supports the growing NFT market by providing a scalable solution for minting and trading digital assets. Key advantages of using MATIC for NFTs include lower minting costs and faster transactions. Notable NFT marketplaces and projects on Polygon include:

• OpenSea: A leading NFT marketplace with low transaction fees.
• Decentraland: A virtual reality platform powered by the Ethereum blockchain, utilizing Polygon for efficient asset transactions.
• Zed Run: A digital horse racing game that leverages Polygon to facilitate in-game transactions and asset management.

Gaming and Metaverse

Polygon’s infrastructure supports blockchain gaming and metaverse projects by offering scalable and efficient transaction processing. Prominent gaming projects on Polygon include:

• The Sandbox: A virtual world where players can build, own, and monetize their gaming experiences using NFTs and the Polygon network.
• ChainGuardians: A blockchain-based RPG that integrates Polygon for seamless in-game transactions and asset management.
• Aavegotchi: A game combining DeFi and NFTs, where players can collect, raise, and trade Aavegotchis on the Polygon network.

These applications demonstrate Polygon’s versatility and its crucial role in advancing the blockchain ecosystem.

Security Measures for Polygon (MATIC)

Security remains paramount in the cryptocurrency landscape. Implementing robust security measures ensures the safety of MATIC holdings and transactions.

Best Practices for Securing Your MATIC

1. Use Hardware Wallets: Storing MATIC in hardware wallets like Ledger Nano S or Trezor offers superior security by keeping private keys offline.
2. Enable Two-Factor Authentication (2FA): Activating 2FA on exchange and wallet accounts adds an extra layer of security, mitigating unauthorized access risks.
3. Keep Private Keys and Seed Phrases Safe: Store private keys and seed phrases in secure, offline locations. Avoid sharing these details with anyone.

Common Security Threats and How to Avoid Them

1. Phishing Attacks: Remain vigilant against phishing attempts. Verify the authenticity of websites and communications before entering sensitive information.
2. Scam Projects and Rug Pulls: Conduct thorough research before investing in new projects. Avoid projects with unverifiable teams or unrealistic promises.

Staying Updated with Security Practices

Continuous learning about security practices and emerging threats is essential. Follow trusted sources and participate in community discussions to stay informed about the latest security measures and threats.

Conclusion

MATIC represents a significant advancement in the blockchain space, addressing scalability issues and enabling a wide range of applications. Understanding how to purchase, utilize, and secure MATIC is crucial for anyone looking to engage with the Polygon network. By following this guide, individuals can confidently navigate the Polygon ecosystem and leverage its capabilities to enhance their blockchain experience.

The post A Beginner’s Guide to Polygon (MATIC): Purchasing, Applications, and Security appeared first on Times Tabloid.

Cardano (ADA) Poised for Potential Surge Amidst Market Stability and Ethereum (ETH) and Bitcoin (BTC) Recoveries

Cardano (ADA) is currently trading around $0.6631, marking a 7% increase from its price last week. Despite the recent downturn in the cryptocurrency market, ADA has demonstrated stability in its price charts over the past month. Unlike many other digital assets, ADA has managed to maintain its value relatively well during the current market turbulence. With the recent recoveries observed in Ethereum (ETH) and Bitcoin (BTC), there is growing optimism among investors regarding ADA’s potential for significant gains. As two of the largest cryptocurrencies by market capitalization, ETH and BTC often set the tone for the broader market, and ADA stands to benefit from their positive momentum. If ETH and BTC continue their upward trajectory, ADA could experience a notable surge in price, reflecting the overall bullish sentiment within the cryptocurrency ecosystem.

Polygon (MATIC): Poised for Growth Amidst Market Recovery

Polygon (MATIC) has emerged as a favored asset among traders, with its current price hovering around $1.05, marking a notable 10% increase over the past week. As Bitcoin (BTC) and Ethereum (ETH) lead the market recovery, MATIC stands to benefit further from the renewed bullish sentiment.

Traders favor MATIC for several reasons. Firstly, its innovative Layer 2 scaling solution addresses the scalability challenges faced by Ethereum, making transactions faster and more cost-effective. This technology has positioned MATIC as a key player in the Ethereum ecosystem, attracting developers and users alike.

Moreover, MATIC’s vibrant ecosystem of projects and partnerships contributes to its popularity. With a diverse range of decentralized applications (dApps) and protocols built on its platform, MATIC offers ample opportunities for investors to participate in the burgeoning decentralized finance (DeFi) sector.

The current recovery period led by BTC and ETH provides a conducive environment for MATIC to thrive. As confidence returns to the market, traders are increasingly turning to altcoins like MATIC, seeking opportunities for exponential gains—the potential for MATIC’s price to skyrocket lies in its strong fundamentals and broader market momentum. As more investors recognize the value proposition offered by MATIC, its price is likely to experience significant upside potential in the coming days.

Furrever Token (FURR): Paving the Way for Memorable Success

Furrever Token (FURR)c is making waves in the cryptocurrency world as it speeds through its presale stages. With the fourth stage nearing its conclusion and the fifth stage on the horizon, FURR continues to attract significant attention from investors eager to capitalize on its promising features.

One of the key highlights of FURR’s presale is the opportunity for investors to earn up to 15X returns, a proposition that has garnered widespread interest and enthusiasm. This lucrative offer, coupled with the allure of participating in a burgeoning meme coin project, has propelled FURR into the spotlight.

The remarkable success of FURR’s presale is evident in the impressive funds it has amassed. Within under a minute, FURR managed to accumulate a staggering $500,000, reflecting the overwhelming demand and investor confidence in the project. This rapid influx of funds underscores the widespread interest and belief in FURR’s potential to emerge as a leading player in the meme coin market.

Beyond its presale achievements, FURR distinguishes itself with its unique value proposition and engaging user experience. The project’s whimsical cat-themed imagery and community-centric approach foster a sense of camaraderie and shared excitement among its supporters. By infusing elements of fun and creativity into its ecosystem, FURR has succeeded in capturing the imagination of investors and enthusiasts alike.

As FURR continues to gain momentum and progress through its presale stages, anticipation is mounting for its official launch and subsequent market debut. With its compelling features, enthusiastic community, and impressive presale performance, Furrever Token (FURR) is poised to leave a lasting impression on the cryptocurrency landscape, paving the way for memorable success in the realm of meme coins.

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1xBit completed a recent upgrade to enable it to accept Polygon (MATIC) as a payment method on the website.

The latest change is a welcome development for the crypto space and bettors on 1xBit, who now have the opportunity to enjoy more options as they play and bet.

Who Founded the Polygon Project?

The Polygon Project was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.

Co-founders came together to solve the problems faced by Ethereum by launching the Polygon project – the project was launched in October 2017, and it has since gained popularity and acceptance in the crypto community.

The Basics of Polygon

The crypto space always gets exposed to new products and solutions, as seen with the advent of Ethereum, which is set to correct the errors observed in Bitcoin.

Similarly, Ethereum may be the muster point for DeFi development and the most secured smart contract solution. However, it is not without major limitations like lack of Blockchain interoperability and slow or stagnant transactions – limitations that the Polygon network seeks to solve.

Polygon is a project launched on the Ethereum network but works to create a multi-ecosystem of other blockchains on the Ethereum chain. Polygon promotes interoperability by ensuring that developers have easy access to tools enabling them to build and launch other blockchains without needing to start coding from scratch.

With Polygon, you have a system that permits broader communication between different Blockchains, a functionality that was not readily available.

The Polygon network uses MATIC as its native cryptocurrency for funding transaction fees on DeFi and NFT marketplaces.

The working mechanism of Polygon shows a remarkable project in all aspects and underlines why 1xBit wants its community to have access to it.

What Makes Polygon Special

Since Ethereum is a very big network, there is a lack of an easy upgrade, but Polygon was able to refine itself as a blockchain that can be easily scalable.

Even though creators built the network on Ethereum, which uses a Proof-of-Work governance structure, Polygon was built on a side chain of Ethereum on a customized version of Proof-of-Stake – a more acceptable and scalable protocol.

With these features, Polygon is equipped to deliver over 65,000 transactions per block compared to Ethereum, which can only process about 15 transactions per second. The lack of delays will also ensure reduced transaction fees from the usual 10-30 USD seen on Ethereum transactions.

The uniqueness of Polygon opens a new shore for crypto gambling; to make it more accessible and easy as players surf the 1xBit website.

What 1xBit Offers

1xBit constantly adds new crypto tokens for its players to use. Thus, Polygon is the latest addition to the over 40 cryptocurrencies available on the website.

1xBit, as a crypto betting site, has simplified every aspect of betting to become innovative like Bitcoin. First, registration is easy because you only need an email address.

Second, transactions on the website are fast and routed to avoid unnecessary delays. And even a rare occurrence is that you do not have to lose a dime to 1xBit because of transaction fees; on 1xBit, you pay zero fees.

Players still enjoy an anonymity shield on all transactions on the platform, which is backed by its use of blockchain as a foundation.

On 1xBit, it even gets better if you are new because there is a full welcome package of up to 7 BTC bonus waiting for you on your 1-4th deposits.

Conclusion

Suppose you have yet to use Polygon before now. In that case, it is time to enjoy Polygon on 1xBit – it was engineered to make your experience amazing!

The post Innovations Never Cease: Polygon (MATIC) Has Been Added to 1xBit appeared first on Times Tabloid.

Both Terra (LUNA), the native token of the new chain, and Terra Classic (LUNC), are currently attracting investors’ interest tremendously.

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According to the data provided by CoinMarketCap, Terra (LUNA) is the most searched digital token on the platform as of the 18th of July 2022, while Terra Classic (LUNC) is ranked third most searched token.

On the most trending tokens chart, Polygon (MATIC) occupies the second position as it keeps expanding its Web3 infrastructure through a new project with Walt Disney.

Investors Keep Believing In the Future Prospect of LUNA and LUNC

Considering the latest development, investors seem to still have faith in LUNA and LUNC despite the historic collapse of the ecosystem that surfaced in May. Back then, the algorithmic stablecoin TerraUSD (UST) got depegged and still struggling to recover, while Terra Classic (LUNC) crashed to fractions of a Cent.

Read Also: Terra (LUNA) Crash Investigation: The United States and Korea Collaborate

Although both assets are down in the last week, they are starting to showcase an upside potential as the sentiment in the crypto market begins to shift.

Possibly, this suggests that crypto traders are observing them as an opportunity to cash in amid the current change in the market mood.

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Crypto Exchange Listing Bot has no individual person sending out tweets and its process is completely automated. Minutes later, the Crypto Bot tweeted that it has detected Solana (SOL) on Robinhood servers as well.

Read Also: What Robinhood CFO Says about the Possibility of Listing New Cryptos like Shiba Inu (SHIB)

Robinhood Confirms Listing Shiba Inu (SHIB) and Solana (SOL)

Moments after the crypto trading bot revealed the listings, Robinhood took to its official Twitter handle to confirm adding support for Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound

We dropped new crypto

And we're giving away $100K of it. Quote tweet this tweet with your Robinhood Username (@ included!) to get some #RobinhoodCrypto

The first 10K quote tweets will receive $10 of SHIB. pic.twitter.com/0jsBKYfJvw

— Robinhood (@RobinhoodApp) April 12, 2022

On the news, the price of Shiba Inu (SHIB) has gained over 8%, outperforming the rest of the top cryptocurrencies amidst a major price downtrend. At the time of writing, SHIB is trading at $0.00002488, according to CoinMarketCap.

Shiba Inu (SHIB) had been the most requested crypto among the users of the investing app. A petition, which received over 550,000 signatures, was even launched to that effect. But the company refused to state when the digital currency will be listed.

Read Also: Robinhood Responds to the Possibility of Adding Support for Cardano (ADA)

Robinhood CEO Vladimir Tenev and other high-profile executives have repeatedly dodged the burning question about whether or not Shiba Inu will be listed on the platform, fueling speculation within the community.

Back in November 2021, Christine Brown, the chief operating officer of the company’s crypto division, made it clear that the company preferred quality over quantity, seemingly taking a dig at crypto-native competitors with less conservative listing policies.

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In a new interview with the stern Bitcoin maximalist Anthony Pompliano on The Business Show, O’Leary stated that cryptocurrency has advanced into software rather than an alternative form of money.

Read Also: Biggest NFT Marketplace OpenSea Working on Solana and Phantom Wallet Integration

As recounted by the celebrity investor, he screens crypto projects and traditional software companies in almost the same way. He said he observes coins and their vision. He then used Polygon to explain his approach to investing in crypto projects.

Kevin O’Leary noted:

“If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai. I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it... First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested...

Read Also: Analyst Unveils Potential Breakout Points for VeChain (VET), Polkadot (DOT), and Polygon (MATIC) in 2022

“Here’s the second test. What economic value are they creating? In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea. You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.”

As for Solana (SOL) and its developers, Kevin O’Leary said it’s a project seeking a unique solution:

“They’re trying to solve problems a different way to speed everything up. Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?”

Read Also: JPMorgan: Ethereum Is Losing Ground to Solana in the Non-Fungible Token (NFT) Sector

He also has this to say about Hedera (HBAR) and the team behind its advancement:

“Great team, good engineers. What’s the economic premise that would keep that growing? Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds. HBAR can deliver that, check the box there.”

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The post Shark Tank’s Kevin O’Leary Explains Why He’s Bullish on Solana and Polygon and Hedera appeared first on Times Tabloid.

This was made known via Polygon’s official Twitter handle on 11th January. According to the report, the upgrade, which will activate the burning of Polygon’s native token MATIC, is scheduled to launch on the mainnet on 18th January 2022.

Read Also: Polygon Evolves In Its Quest to Lead Ethereum-Scaling Solution Race with the Latest Acquisition Worth $500 Million

Polygon tweeted, “After the successful EIP-1559 upgrade on Mumbai Testnet last year, the much-awaited London Hardfork on Mainnet is here! EIP1559 and related EIPs will be activated on the Mainnet on 18th Jan around 3 AM ET / 8 AM UTC.”

After the successful EIP-1559 upgrade on Mumbai Testnet last year, the much-awaited London Hardfork on Mainnet is here!#EIP1559 and related EIPs will be activated on the Mainnet on 18th Jan around 3 AM ET / 8 AM UTC.

Find out more: https://t.co/TgZQtbCO98 https://t.co/dZ97nTUNTO

— Polygon | $MATIC (@0xPolygon) January 11, 2022

Ethereum Improvement Proposal (EIP) 1559 aims to change the fee market mechanism on the Ethereum network. The upgrade basically eliminates the first-price auction as the main gas fee calculation.

Read Also: Vitalik Buterin: Layer 2 Is the Only Safe Way to Scale Ethereum and Preserve Decentralization

In first-price auctions, people bid a set amount of money to pay for their transaction to be processed, and the highest bidder wins. With EIP-1559, there will be a discrete “base fee” for transactions to be included in the next block. For users or applications that want to prioritize their transaction, they can add a “tip,” which is called a “priority fee” to pay a miner for faster inclusion.

Although the EIP-1559 upgrade doesn’t lower transaction fees, it allows users to estimate costs better and reduce the number of users that are overpaying.

The upcoming upgrade is expected to have a wide effect on the Polygon community, which includes developers, MATIC holders, validators, and delegators.

Read Also: Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”

It’s also expected to have a deflationary effect on the digital token MATIC since there will reduction in its fixed supply of 10 billion tokens due to the burn.

According to the core team behind the project, the upgrade is expected to destroy relatively 27 million MATIC in a year.

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The post Polygon’s Much-Awaited EIP-1559 Upgrade Is Scheduled to Launch on Mainnet Next Week appeared first on Times Tabloid.

In a new strategic session, Bennett stated that the supply chain management platform, VeChain (VET), is potentially gathering momentum for a potential breakout in 2022.

Read Also: VeChain’s MyBaby Has Been Announced as a National Innovation Project by the Cyberspace Administration of China

Justin Bennett noted:

“This is one scenario I’m playing with right now is, potentially, the idea that VET has formed this triangle pattern here over really the entire year. So if that is the case and we see VET stay above this area down here, right around $0.07, maybe just above it, this could play out. We could just see a market that consolidates this way here, comes up, retest resistance ($0.15) and then potentially we get a breakout in 2022.”

Another crypto in Bennett’s radar is Polygon, a scaling solution designed to enable the mainstream adoption of decentralized apps on the Ethereum network.

Read Also: Michaël van de Poppe Outlines Next Path for VeChain (VET), Polygon (MATIC) and Harmony (ONE)

According to the analyst, Polygon’s native token, MATIC, is trading within an ascending channel and must take out a strong resistance area to continue its uptrend. He said a convincing move above $2.70 on the daily chart could potentially send MATIC between $4 and $4.50:

“Ultimately, anytime a market is testing its all-time high and also carving higher highs and higher lows like this, it is technically a bullish structure to the market. But at the same time, you have to understand that $2.70 is a confluence of resistance and therefore, it’s going to be a very strong level in that MATIC needs to get above it on a daily closing basis to flip that area to support.”

Read Also: Shell Becomes the First Parachain to be added to Polkadot Network

The last on Bennett’s list is Polkadot, a project that connects multiple blockchains into one unified network, allowing users on different blockchains to send and receive transfers of any type of data or asset. According to the analyst, DOT must reclaim a key price level to reverse its bearish trend.

“The only thing to reverse a downtrend, which is just a series of lower highs and lower lows, the only thing to reverse that is the opposite – so higher highs and higher lows. So we need to see the market break the [diagonal] trendline, come up here, take out $31 to $32, close above that, flip it to support and then move toward $38.”

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In a new blog post, Polygon (MATIC) announced the acquisition of a firm focused on developing zero-knowledge (ZK) technology, Mir.

Read Also: Real Vision CEO Raoul Pal Betting on Bitcoin (BTC), Ethereum (ETH), and Nine Other Altcoins

Zero-knowledge rollups (ZK-rollups) are Layer 2 scalability solutions that allow blockchains to validate transactions faster while also ensuring that gas fees remain minimal. Zk-rollups manage to perform better than traditional Layer 1 blockchains like Ethereum because they combine on and off-chain processes.

As demand on the Ethereum network started to rise with the non-fungible token (NFT) and yield farming crazes that began towards the end of 2020, the need for faster processing speeds and cheaper transactions became a priority. The solution came in the form of Layer 2 blockchains and additional developments like zero-knowledge rollups.

Read Also: New Data: World’s Biggest Ethereum Whales Keep Accumulating Shiba Inu (SHIB)

Polygon’s Reason for Acquiring Mir

Through the acquisition of Mir and its recursive proof system Plonky2, Polygon (MATIC) hopes to improve the current ZK rollups compatible with Ethereum (ETH) and create ones that can perfectly work with Ethereum Virtual Machine (EVM).

The report reads in part as follows:

“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.

This ends today. We are announcing Plonky2, a recursive proof system that is incredibly fast, and Ethereum-friendly. We believe this engineering breakthrough will be a huge value-add to the community and will open new frontiers of Ethereum scaling.”

Read Also: Analyst Nicholas Merten: Ethereum Upgrades Could Take ETH to Hit $20,000 in this Bull Cycle

According to Polygon, Mir has been working on recursive proofs for more than 2 years, adding that Plonky2 has showcased its ability to generate recursive proofs in 170 milliseconds on a laptop computer. This makes it ideal for building a ZK rollup compatible with EVM.

As stated in the report, the amount used for the acquisition is $100 million and 190 million MATIC tokens. So, considering the current price of MATIC in the market, the deal could be worth around $500 million.

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