Polygon ($MATIC), a Layer-2 scaling option for Ethereum that gives users with faster transactions and reduced prices as a parallel blockchain running alongside the main Ethereum network, has the potential to outperform Bitcoin and the broader cryptocurrency market in the near future.
According to prominent pseudonymous cryptocurrency analyst Pentoshi, the cryptocurrency might set a new all-time high against the flagship cryptocurrency Bitcoin ($BTC) “this week or next” after a strong performance during the bear market and ahead of a major launch.
According to CryptoGlobe, Polygon added 46 million new addresses to its network in only six months, while the price of its native currency, which is used to pay transaction fees and safeguard the network through staking, continued to beat the larger crypto market.
At the time, JPMorgan, a worldwide banking institution, used the Polygon network to execute its first-ever trade using decentralized finance on a public blockchain.
The debut of the zero-knowledge Ethereum Virtual Machine (zkEVM) beta mainnet, according to Pentoshi, might push $MATIC higher.
On March 27, Polygon will release the beta version of its zkEVM mainnet, a scaling solution that uses zero-knowledge proofs to enable smart contracts compatible with Ethereum.
Polygon’s development team claims that zkEVM can accommodate up to 100 times more transactions per second than Ethereum while maintaining decentralization and security. Polygon has also announced a $100 million funding effort to encourage developers to build applications on the zkEVM platform.
Pentoshi also revealed in a second tweet that they had begun accumulating $MATIC and want to add more if the cryptocurrency falls below $1.34 per token. At the time of writing, the cryptocurrency was trading at $1.53, up 25% in the previous seven days.
MATIC has also benefited from backing from Coinbase Prime, the prime broker platform of the Nasdaq-listed cryptocurrency trading platform Coinbase, which began offering staking services in the coin late last year.
