Ethereum Scaling Tool Polygon’s MATIC Token Surges Amid Spike in Transactions

Ethereum scaling tool Polygon’s MATIC token has surged 12% in the past 24 hours, continuing its strong momentum this year.

MATIC was recently trading at $1.11, up 48% since December 31st. spike Blockchain is the second largest blockchain in daily transactions Daily Active Users (DAU)According to Token Terminal data.

The rise comes amid a cryptocurrency market rally in January. Aptos APT The token has soared by over 400%, with Phantom’s FTM up around 145% and Bitcoin up nearly 40%.

(CoinDesk and highcharts.com)

(CoinDesk and highcharts.com)

The Polygon platform recorded 344,000 daily active users (DAUs), surpassing Solana and Ethereum and placing it second only to Binance’s BNB Chain.

(Token Terminal)(Token Terminal)

(Token Terminal)

Polygon Announcement Partnerships and Launches The price increase may be due in part to an increase in DAUs over the last month, as well as anticipation of the mainnet launch of Polygon’s zero-knowledge EVM, which is expected to happen early this year. The zk-EVM public testnet went live in October.

“We’re starting to see users and interest return to these networks, and we’re starting to see activity again,” Charles Storey, head of growth at crypto indexing platform Phuture, told CoinDesk.

“Many projects built on Polygon have yet to release their tokens, but they will do so soon, adding to the already increasing levels of activity,” Storry added.

Polygon currently has approximately $1.1 billion in total locked value (TVL). data From DeFiLlama.

“We’ve seen a lot of TVL growth for riskier projects and early-stage applications,” Storey said. “In bear markets, investors become more conservative and don’t want to take on big risks, but now that prices have risen a bit, investors are more open to newer, riskier ecosystems like Polygon.”

“We’re likely to see more of that as the market continues to recover.”

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