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.
Bitcoin just completed its strongest weekly run since May, a 9.07% gain that took prices from $109,231 to $119,400, en route to a new all-time high above $123,000. Can it keep it going?
This impressive weekly rally marks a decisive breakout from the consolidation pattern that had contained prices since late May. The Crypto Fear & Greed Index has climbed to 72, firmly in "greed" territory, reflecting renewed investor confidence across digital assets as institutional adoption accelerates.
Over on...
Bitcoin treasury Strategy now holds 601,550 BTC worth nearly $73 billion after announcing its latest buy on Monday.
Strategy—formerly MicroStrategy—said it bought 4,225 BTC for $472 million between July 7 to 13 at an average of $111,827 per coin, according to an SEC filing. The company had paused its Bitcoin buying last week after weekly purchases the previous two months.
The BTC purchases occurred during a week when Bitcoin hit multiple new highs. Other treasuries also added to their holding...
A stream of major altcoins rose on Monday morning, as leading cryptocurrency Bitcoin set a new all-time high of $122,838.
The biggest gainer of the past 24 hours among the top 100 cryptocurrencies is Algorand, which has jumped by over 15%. It's closely followed by Sui, which has risen by 14.1% to a $13.7 billion market cap, according to CoinGecko. Larger altcoins have also seen gains, albeit slightly smaller, like XRP, which has climbed 7% on the day and over 30% on the week.
Other tokens like...
