Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Samuel Edyme

1 year ago

3 mins read

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Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon’s (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset.

Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just one of the plans the developers of the Polygon network have announced to enhance the layer-2 scaling solution.

According to Polygon co-founder Sandeep Nailwal’s recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date which is somewhere around the corner.

Polygon (MATIC) Surges Nearly 10% In 24 hours

Over the past 24 hours, MATIC has spiked in price by 8.6%, mirroring other altcoins’ bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark.

MATICUSDT price chart on TradingView — MATIC price is moving sideways on the 1-day chart. Source: MATIC/USDT on TradingView.com

The past few weeks have seen a MATIC mark an upward rally movement, especially since the beginning of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1-day chart still indicates more rallies as there is still liquidity at the higher highs to be taken.

Notably, MATIC is ranked the 10th most valuable cryptocurrency asset by market capitalization, according to data aggregators CoinGecko and Coinmarketcap. Polygon currently has a market cap of $9.7 billion, higher than Solana with $8.8 billion but below Dogecoin, which sits at $11.8 billion.

Though MATIC has been climbing highs since the beginning of the year, it is still far from its all-time high of $2.92, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the zkEVM will be a good enough catalyst to drive its value beyond or closer to its peak.

Polygon Network User Activity Plummets

Despite MATIC’s appreciation in value, the network user activity has recorded a decline in the number of interactions. Polygon’s number of daily users started the year positively moving from roughly 404,000 seen on January 1 to 696,00 users on January 6.

Polygon users from December 31, 2022, to January 26, 2023. Source: PolygonScan — Polygon Network users from July 20, 2022, to January 26, 2023. Source: PolygonScan

However, today, the figure has declined more than 10%, dropping to approximately 399,000, according to data from PolygonScan. The reason behind the plummet is still unclear, as the network activity is expected to increase, given the network’s recent collaborations with multiple top companies.

Last year, Facebook (Meta) added support for the Polygon network. In addition, the layer-2 scaling solution recently partnered with Mastercard to launch a Web3 accelerator program to bring budding musical artists into the spotlight by leveraging Web3 technology and other blockchain-based innovations.

Featured image from FreePiks, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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