Polygon, the Ethereum layer 2 scaling solution, has seen its MATIC token rise by over 20% in the past day.
MATIC is currently trading at just under $0.50, up around 22% on the day and 25% on the week, according to data from CoinMarketCap.
That's still down from its price at the start of the month, however, when it traded at $0.66. Like the wider crypto market, MATIC has also dropped substantially from the highs of December 2021, when it recorded an all-time high of $2.92. Since then, its price has fallen by over 83%.
MATIC's recent price surge comes on the back of several weeks of whale accumulation. According to on-chain data provider Santiment, holders with between 10,000 and 10,000,000 MATIC have collectively added 8.7% more to their holdings over the past six weeks.
🦈🐳 $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. 📈 https://t.co/oasCn72rxtpic.twitter.com/lm4au2fWkn
The price bump also comes in the wake of news that Polygon has partnered with on-chain carbon market KlimaDAO in a bid to achieve carbon neutrality. In a blog post yesterday, Polygon revealed that it has retired $400,000 in carbon credits, claiming that the 104,794 tonnes of greenhouse gases they represent amounts to "the entirety of the network's CO2 debt since inception."
In a statement accompanying the news, Polygon co-founder Sandeep Nailwal said that the blockchain industry "must do far more than promise to stop adding to the problem," of the environmental crisis. “Reaching carbon neutrality is an important first step, but there is more work ahead," he added.
In February 2021, Ethereum layer 2 scaling solution Matic Network rebranded as Polygon—an interoperable blockchain scaling framework.
Here, we'll explore what Polygon has set out to achieve, and how it differs from blockchain interoperability projects such as Polkadot and Cosmos.
What is Polygon?
Previously known as Matic Network, Polygon is a framework for building interconnected blockchain networks.
It seeks to address some of Ethereum's major limitations—including its throughput, poor user ex...
The milestone follows an April 2022 announcement that the Polygon ecosystem aimed to go carbon negative through purchasing carbon credits and "funding projects that utilize technology to combat climate change."
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
The cryptocurrency industry notched two major victories last year when several fund issuers secured long-awaited approvals to offer spot Bitcoin exchange-traded funds and their Ethereum-based counterparts in the U.S. But that doesn't mean issuers are ready to rest on their laurels just yet.
In recent months, fund managers have proposed new investment offerings directly tracking the prices of a variety of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin.
Here ar...
Japanese investment firm Metaplanet said Monday that it had bought more Bitcoin, this time scooping up 330 digital coins worth over $28 million.
The Tokyo Stock Exchange-listed company now has 4,855 BTC, today worth over $422 million.
Metaplanet CEO Simon Gerovich said on X that the company, which also has a hotel business, had spent $414.5 million buying its crypto, at an average price of $85,386 per Bitcoin.
Metaplanet has acquired 330 BTC for ~$28.2 million at ~$85,605 per bitcoin and has...
The price of Bitcoin hovered near $87,300 on Monday, despite U.S. President Donald Trump applying fresh pressure on Federal Reserve Chair Jerome Powell to lower interest rates, which sent equity markets tailspinning.
Referring to Powell as “Mr. Too Late” on Truth Social, Trump said that now is the time for the U.S. central bank to lower borrowing costs, pushing back on economists’ fears that doing so would add to inflation as consumers and businesses navigate higher input costs from tariffs.
“Po...
