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Polygon Debuts ‘ the World’s Fastest ZK Scaling Technology’ Plonk2, MATIC Leading Charts in 24 hr Gains

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Polygon’s MATIC has rebounded strongly following a sharp but brief crash to $1.94 during Monday’s trading session. The token cut above $2.05 at the start of yesterday and continued seeing for the better part of the day.

It is now trading at $2.35, having gained over 14% in the past 24 hours. Although there are no solid bullish indicators at the moment, MATIC’s price appears to have cleared the $2.00 mark – a reprieve for its holders.

Find out more, including why crypto analyst Lark Davis is optimistic of Polygon’s token below:

Polygon to power the AP NFT marketplace

News agency Associated Press announced via a press release published on Monday that it is building an NFT marketplace. The175-years old news agency, which has won numerous awards throughout its existence, revealed that the marketplace would go live on January 31stwith the initial collection being released gradually over the next few weeks. This debut collection will comprise Pulitzer prize-winning AP photos, among other photography.

Associated Press is one of the oldest and most popular news agency. Source: Hiro Komae/AP

The NFT units will all have the time, date, and location metadata of the shots, as well as metadata on the equipment and camera settings applied to capture them. AP partnered with blockchain technology provider Xooa to build the platform, which runs on environmentally friendlier layer two solution Polygon. The agency cited the energy efficiency of Polygon as the rationale for choosing to leverage the Ethereum sidechain scaling solution for minting the NFTs.

Polygon unveils new ZK scaling technology, Plonky2

It has been one month since Polygon acquired Ethereum scaling startup Mir Protocol, later rebranded to Polygon Zero. The acquisition marked Polygon’s second venture into the zero-knowledge tech arena after previously buying Hermez Network.

The blockchain scaling development team has seemingly made a quantum leap in its pursuit to solve speed and scalability issues on Ethereum. In a blog post published on Monday, the Polygon team presented a new zero-knowledge scaling technology representing Polygon’s efforts to advance Ethereum. The team claims that the Ethereum-compatible Plonky2 is faster than its rivals by a factor of 100.

Plonky2 also comes with other advantages such as high efficiency and proof size optimization. Its recursion capabilities further make it less resource-intensive and faster. Polygon Zero’s co-founder Brendan Farmer believes that this technology will help achieve the team’s objective of scaling Ethereum without sacrificing security or decentralization using zero-knowledge proofs.

Crypto influencer Lark Davis bullish on Polygon (MATIC)

On Sunday, popular YouTuber and cryptocurrency influencer Lark Davis shared a 13-minute video in which he went into details on why he is confident the MATIC/USD pair will rally as high as $10. Davis noted that Polygon is ‘really picking up’ in NFT sales, having realized a 3,880% rise in the second half of last year.

In July last year, only 50,000 Polygon-based NFT sales were made on OpenSea compared to 1.99 million sales recorded in December. He pointed out that the increasing adoption of Polygon NFTs and other positive statistics would help propel the price of the MATIC token to $10. Davis also predicted that MATIC would wrap the year among the top crypto projects by market capital.

“I believe that a $10 MATIC is inevitable […] Looking at the network statistics, I’m seeing a network that’s taking off in a serious way. Users are piling in. Money’s piling in. Developers are piling in. Tokens are going to be burned. $10 is coming. MATIC will be a top-10 coin by the end of the year is my prediction.”

Polygon’s market capital chart over the last 7-days

The token sits in 13th place with a market capital figure of around $16.8 billion.

To learn more about this token visit our Investing in Polygon guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.

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