Cryptocurrencies like Dogecoin, Solana, and Cosmos have gone from practically worthless to market leaders. In this article, let’s take a look at the roadmap of the altcoin project, one of Binance’s historic Initial Exchange offerings (IEO) with a performance of 1,104x.
This altcoin, which jumped from the Binance list with its 1,104x performance, is preparing for more
The related altcoin Polygon (MATIC) was one of Binance’s most historic Early Exchange offerings (IEO). However, keeping up with market conditions, it dropped 55% from its ATH level after its 1,104x performance. March 2023 will be a big month for the MATIC altcoin with the zkEVM event unfolding. Why is it so important? Besides that, what else is it doing that could lead to a price boom very soon? Let’s answer.
zkEVM comes to Polygon
March 27 will be Polygon’s zkEVM mainnet launch date. zkEVM makes transactions on Ethereum faster and cheaper as it scales Ethereum and without sacrificing security.
Currently, Polygon is in intense competition with other Blockchains such as Optimisim, Arbitrum. But with the zkEVM mainnet launch, Polygon hopes to beat them all and become Ethereum’s primary scalable system.
Simply put, with this move, Polygon validates off-chain transactions before grouping them into Ethereum for settlement, which will drastically reduce transaction time and fees. Polygon has tested the zkEVM testnet network under all harsh conditions for the past 6 months. As such, it is expected to outperform DeFi blue chips like Uniswap and Aave.
What do network metrics say about upgrading?
According to the latest Polygon zkEVM testnet audit report, the cost of provisioning a single transaction using Polygon zkEVM on Uniswap is quite low, costing roughly $0.0019. This is why Polygon’s zkEVM mainnet launch is seen as a revolutionary event for the entire blockchain space.
Once zkEVM is online, it will help both Ethereum and other EVM chains and Polygon. All this can make MATIC more valuable and lead to a price increase. That’s why whales are accumulating MATIC so heavily.
Altcoin whales love Polygon
In 4 weeks from mid-January to mid-February, the available Polygon whales were loaded into their wallets. Santiment, the on-chain tool, says that over the 4-week period, huge MATIC whales have already accumulated between 10 million and 100 million MATIC installed. Whales bought 55 million MATIC over 4 weeks. Therefore, a founder, a member of the development team, or an insider of an early investor is likely to be among this group of whales.
Polygon is hailed as the market’s largest token on most metrics
One of the important things about Polygon is that it has good tokenomics. For some of them, we can list the following items:
- The team and advisors only own 20% of the total tokens. This is lower than almost every altcoin project. It also ensures that MATIC does not see a huge price drop even when they sell some of their MATIC.
- No artificial rallies due to low supply. Slightly more than 9 billion of the total supply of 10 billion is already on the market.
- Each of the different L2 solutions Polygon has uses MATIC. This naturally means that more usage areas are opened for MATIC.
cryptocoin.com In this article, we have included the high-level partnerships that Polygon has completed since last year. At the time of writing, MATIC is trading at $1.25 in 8th place by market cap.
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