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Understanding how zkEVM’s latest achievement can help MATIC in long run 

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Understanding how zkEVM’s latest achievement can help MATIC in the long run 
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  • Polygon’s zkEVM reached a new milestone, which was an optimistic sign for the network.
  • In fact, Polygon revealed several new planned updates for the future.

Sandeep Nailwal, the co-founder of Polygon [MATIC], recently posted an update on Twitter regarding Polygon’s latest zkEVM. According to the tweet, the zkEVM reached a new milestone as it passed 99.5% of Ethereum test vectors, putting Polygon zkEVM at extremely high EVM equivalence.

Sandeep mentioned that this update was clearly reflected in the developer experience where thousands of Solidity smart contracts have been deployed on zkEVM without any changes.

Precisely, over three thousand smart contracts have been deployed by users on the open testnet without any hassle or transformation.

Read Polygon’s [MATIC] Price Prediction 2023-24

More updates are coming

Not only the zkEVM, but Polygon recently announced several new updates that are in the works and will be released soon.

Consider this- Polygon revealed that very soon the parallel EVM engine will increase gas throughput by up to two times on the main chain. Furthermore, researchers and developers have been testing new ways to increase the performance of Polygon’s PoS chain to make it even faster.

In an effort to improve the speed of the network, the developers have come up with a concept called “parallel execution.” The goal of a parallelizing engine is the ability to process multiple transactions at the same time, which makes it different from traditional serial execution systems.

Meanwhile, Polygon’s NFT space also came into the limelight recently as Rarible, a popular NFT marketplace, announced that it would launch on the Polygon network.

Can this help MATIC?

Though these developments looked pretty promising for MATIC, things did not yet reflect on the price chart. The alt’s price was down nearly 4% in the last seven days. As per CoinMarketCap, at press time, MATIC was trading at $0.8903 with a market capitalization of more than $7.7 billion.

Let’s check MATIC’s on-chain metrics to better understand the token’s trajectory.

CryptoQuant’s data revealed that MATIC’s exchange reserve and net deposits on exchanges were low, suggesting lower selling pressure. Its MVRV Ratio was also considerably down, which might be indicating a possible market bottom.

Moreover, MATIC managed to remain quite popular in the crypto community as its social volume registered a spike. Nonetheless, MATIC’s network growth decreased over the last week, which might cause trouble for MATIC in the coming days. 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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