Polygon's Market Cap Surges 54% in Three Weeks Ahead of New Developments

In the dynamic world of cryptocurrencies, altcoin milestones have been lighting up the financial landscape. Polygon, an Ethereum scaling and infrastructure development platform, has experienced a remarkable resurgence. Over three weeks, its market cap has soared by an impressive 54%, now resting comfortably at $0.80. This resurgence has been significantly influenced by the accumulation of critical wallets holding 100K-10M MATIC tokens.

Why The Sudden Surge on Polygon

Meanwhile, Polygon Labs and Near, the developers behind the Near Protocol, have made a groundbreaking announcement that has significantly contributed to this surge. They revealed their joint initiative to introduce a zero-knowledge (ZK) prover for Web Assembly (WASM) blockchains. This move is set to revolutionize how WASM-based networks integrate with the broader Polygon ecosystem.

Zero-knowledge, meet Web Assembly.
The NEAR Foundation and @0xPolygonLabs are set to deliver the future of zero-knowledge for WASM based blockchains with zkWASM.
Empowering greater security, scalability, developer flexibility, and interoperability in the open web🌐
zkWASM will… https://t.co/vNtYr42I9N pic.twitter.com/D1BIztjMI9
— NEAR Protocol | NEARCON | November 7-10 | Lisbon! (@NEARProtocol) November 8, 2023

Set to be incorporated into Polygon’s chain development kit (CDK), the upcoming ‘zkWASM’ prover is expected to facilitate the seamless assimilation of Web Assembly networks into the Polygon network. This advancement marks a significant step towards achieving the long-term vision of the Polygon 2.0 multichain ecosystem.

The zkWASM prover is anticipated to strengthen liquidity across various chains. Near co-founder Illia Polosukhin highlighted the potential for increased user liquidity resulting from deeper integration with Ethereum, owing to the collaborative efforts between Near and Polygon.

Moreover, the zero-knowledge proof procedure is expected to optimize validator efficiency on the Near network. By leveraging zkWASM, the Near network will witness improved scalability and enhanced decentralization, as outlined in the recent joint announcement.

The recent rise in Polygon’s market value and collection of crucial MATIC tokens demonstrate its extraordinary revival in the unpredictable cryptocurrency scene. However, Polygon Labs and Near’s revolutionary ‘zkWASM’ prover inspired this comeback.

Source: https://blockchainreporter.net/polygons-market-cap-surges-54-in-three-weeks-ahead-of-new-developments/