The Polygon network, according to many market participants and analysts, has more ability to expand and adapt to the evolving crypto environment. Following its adoption as the default layer 2 solution, the network welcomed a slew of formerly Ethereum-only decentralised applications.
MATIC, the native token, has seen a surge in usage. According to Glassnode data, the percentage of MATIC held on exchanges has steadily decreased from 24.6 percent at the start of 2021 to just 2.27 percent at the start of August. Although Ethereum had a TVL of $61.28 billion, it was creeping in on Binance Smart Chain’s $15.18 billion TVL.
Polygon will be including the use of MATIC as it progresses. MATIC will, according to its intentions, become a vital part of Ethereum’s developing internet of layer 2 blockchains. It has already committed $1 billion to ZK-based solutions from its coffers.
After a year of 1,182% growth, it looks like polygon is only set to rise higher. It will be interesting to observe how the Polygon network expands and keeps up with the demand as more people rush the network.
Polygon acquires Hermez network!
Native MATIC and native HEZ will unite in a crypto first as part of a $250 million Ethereum scaling merger.
Polygon has announced that it will purchase and merge with ZK-Rollups’ start-up Hermez network in a $250 million deal targeted at consolidating Ethereum scaling technology.
Hermez’s unique encryption, based on zero knowledge (ZK) blockchain technology, is driving the coalition to advance Ethereum-based project scaling.
Polygon co-founder Sandeep Nailwal described the merger as an bright future for the platform.
At the time of writing, MATIC is trading at $1.48 up by 4.3% in the last 24 hours.