The altcoin market continues its dynamic performance, with Polygon (MATIC) taking the spotlight. Over the past three weeks, Polygon has not only climbed back to $0.80 but has also witnessed a remarkable surge in market capitalization, boasting a remarkable +54% increase, according to Santiment’s recent tweet. Key wallet holders in the range of 100K to 10M $MATIC have played a pivotal role in supporting this upward trajectory, actively accumulating in the past two weeks.
Securing from a 22-month downtrend on November 6th, the coin price has shown resilience and determination. Currently trading at $0.816508, the coin exhibits a 15.32% increase in the 24-hour trading volume, reaching $578 million. In the last 24 hours alone, it has seen a 7.40% surge, with a weekly chart displaying an impressive 21% gain.
If the current buying momentum persists, analysts suggest that MATIC’s price could experience a 15% surge, aiming for a critical resistance level of $0.9. Furthermore, optimistic projections extend the rally potential to $1.0.
Polygon Introduces Wasm Chains
In tandem with its bullish market performance, Polygon has announced a strategic move to expand the Layer 2 (L2) market by introducing WebAssembly (Wasm) chains to the Ethereum ecosystem.
Polygon Labs and the NEAR Foundation are joining forces to develop a zero-knowledge (ZK) prover for Wasm blockchains. This initiative aims to bridge the gap between Wasm-based chains and the Ethereum ecosystem, enhancing customizability for developers utilizing Polygon’s Chain Development Kit (CDK).
NEAR Foundation’s role as a core contributor to Polygon CDK signifies a significant expansion of options for developers looking to build custom blockchains. The introduction of zkWasm prover will provide developers with multiple options when working with Polygon CDK, whether it involves launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for increased Ethereum alignment and access to liquidity.
The zkWasm prover, once completed, will act as a new runtime to generate zero-knowledge proofs, ensuring the correctness of the native Wasm runtime execution. This innovation is expected to contribute to improved scalability and increased decentralization. Overall, this collaboration has the potential to bring the NEAR Protocol closer to Ethereum, fostering an environment where Wasm chains can seamlessly tap into Ethereum liquidity.