- Polygon price has soared 9% as whale transactions go parabolic.
- Polygon is charting a new course through its robust Zero-Knowledge tech stack.
On-chain analytics firm IntoTheBlock recently revealed that institutional and whale demand for the crypto sector has seen a robust uptick, with Polygon (MATIC) experiencing a remarkable 3,800% spike in transactions exceeding $100,000 over the last 30 days.
Large transactions, defined as transfers at or above $100,000, are an important metric for assessing the market’s involvement of institutional players and whales. Increases in large transaction volume indicate active buying or selling by major players, providing insights into market sentiment.
The surge in large transaction volume has propelled the price of MATIC, Polygon’s native cryptocurrency, above $0.80 for the first time since July. The market cap of MATIC has surged by an impressive 62% in the last month to $8,242,042,820, a direct consequence of heightened whale activity and accumulation.
As of the latest data, MATIC is valued at $0.896, marking a 9% rise in the previous 24 hours and an impressive 27.8% gain over the past seven days. Notably, wallets holding between 100,000 to 10 million MATIC have accumulated a staggering 42.88 million coins since October 24, indicating a bullish sentiment among significant holders.
Polygon has steadily gained traction in the blockchain space as an Ethereum scaling solution. Its primary goal is to improve Ethereum’s scalability and usability by enabling faster and cheaper transactions. Polygon accomplishes this by developing sidechains that run alongside the Ethereum main chain, allowing for faster and more efficient transaction processing.
Positive Developments for Polygon Ecosystem
In a positive development for the Polygon ecosystem, Immutable, a Web3 gaming platform, has announced a groundbreaking collaboration with Ubisoft, a prominent video game creator and publisher. This collaboration aims to develop a unique gaming experience that harnesses the potential of Web3, marking a significant stride in the convergence of blockchain and gaming.
Immutable, powered by Polygon’s zkEVM (zero-knowledge scaling solution), introduces a novel approach to scaling on the Ethereum network. As the first gaming platform to deliver a zero-knowledge scaling solution, Immutable offers developers multiple zk-based scaling options, including Immutable X, a rollup based on StarkWare technology.
Further reinforcing Polygon’s commitment to advancing blockchain technology, the NEAR Foundation has joined forces with Polygon Labs to introduce zkWASM, a zero-knowledge-proof technology designed for WebAssembly (WASM)-based blockchains. This collaboration, unveiled at NEARCON, the annual gathering of the NEAR community in Lisbon, aims to enhance security and interoperability in the digital assets space.
The collaboration aims to integrate NEAR’s advanced WASM runtime environment with Polygon’s cutting-edge zero-knowledge scaling solutions. The ultimate goal is to build a bridge between the NEAR Protocol and Ethereum, allowing WASM chains to take advantage of Ethereum’s vast liquidity pools.
Beyond technical integration, this initiative represents a bold step forward, establishing an interoperability layer that will foster a unified liquidity network across multiple blockchain platforms.
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