By Alicia Maher
Altcoins rallied despite the market correcting itself several times the past few days. Several altcoins saw green without the direct effect of the sweeping crypto correction across all assets playing a role in their uptrend. LUNA a token from Terra recorded high numbers this week. Investors and users continue to stake on the yield farm.
A few weeks ago, about $2 billion was locked in to Terra, which likely brought the attention of investors to the digital asset as a hedge fund. Another is MATIC from Polygon. MATIC token smashed $2.54 ATH adding 12% to its gain.
The sweeping market correction happening in the crypto space had a lot to do with the MATIC’s uptrend. Also, the recent Ethereum Layer-2 fork brought significant innovation to the crypto market which drove MATIC’s token to the roof. Last week, MATIC recorded 23% gain and the trend in the crypto market had nothing to do with it. MATIC’s growth had been attributed to a specific development on Polygon.
New Acquisition
Polygon bought Mir, a crypto company earlier in the month. The deal cost about $500 million. Polygon intended to initiate a technology protocol, which they call zk-Rollups. With this acquisition, Mir will run the technology that will build Polygon Zero. The new project is scalable, compatible with Ethereum, and powered by the zk-Rollup technology.
In a press release, Polygon mentions ZK scaling as a strategic technology for users of Ethereum. Although the new protocol is scalable, there are no ZK Rollups that run with Ethereum presently. They think recursion which is unavailable now is the puzzle that guarantees a parallel proof protocol for the ecosystem.
The ones that are supported by Ethereum are quite slow. Polygon plans to disrupt the recursive protocol with its own proof system it calls plonky2. This recursive technology will run fast and go side-by-side with Ethereum.
Collaboration With Alexis Resulted In Web 3 Initiative
Polygon had also pitched tents with Alexis Ohanian, the co-founder of Reddit. This partnership resulted in $200 million equity for Web 3 projects. Polygon will work with Seven Seven Six ventures, an organization owned by Alexis. The initiative was designed to disrupt social media by bringing Web 3 features that foster the connection of people online.
Alexis feels the collaboration with Polygon will reshape the internet in the coming years. He thinks Web 3 is in its infancy. The possibilities of the internet in the next phase are slowly dripping into the consciousness of the people. In fact, few people know what Web 3 is about. The founder of Seven Seven Sis ventures sees the gem in the new future, with gaming and social media being the first web 3 buzzwords.
According to Alexis, the initiative will focus on gaming properties. He plans to develop products from gaming assets that will be useful in the future. Also, he plans to take advantage of social media platforms to build communities and economic hubs for the future of Web 3 ahead.
He feels the best blockchain to spearhead the innovation is Polygon due to its scalable infrastructure.