This makes Polygon the tenth-most valuable cryptocurrency with an overall market capitalization of $9.6 billion, above Solana with $745 million, but below Dogecoin with $11.8 billion.
Polygon is a collection of scaling technologies built to improve Ethereum’s scalability.
Prior to its rebrand, Matic Network focused primarily on using so-called Plasma chains to increase Ethereum’s throughput. These days, the proof-of-stake (PoS) network is tinkering with several different “rollup” solutions, including both Optimistic and Zero-Knowledge varieties.
Today, however, that figure has dropped to approximately 399,000, per PolygonScan.
Though Polygon has already performed tremendously this year, up roughly 42% since the year kicked off, it’s still roughly 63% off its December 2021 high of $2.92.
Polygon updates on the horizon
The latest price action also comes as Polygon looks set for some major updates.
Polygon co-founder Sandeep Nailwal recently tweeted that the anticipated addition of the zkEVM update to the network has an official date and will be happening “soon.”
Just came out of a high level zkEVM Mainnet launch committee