Polygon (MATIC) almost past Shiba Inu (SHIB) after record high

Polygon (MATIC) is getting closer to becoming the 13th largest cryptocurrency, knocking SHIB out of its place.

MATIC rally through V3 contracts

Polygon (MATIC), the original token of the eponymous Layer 2 solution atop the Ethereum blockchain, hit another all-time high of $2.70 earlier today.

The token is now not far from overtaking Shiba Inu. Shiba Inu (SHIB) and Polygon (MATIC) are valued at $19.3 billion and $18.7 billion, respectively, according to CoinMarketCap data.

The MATIC token is up 24% since UNI holders overwhelmingly voted in favor of implementing the third version of the popular automated market maker Polygon last week. The proposal was put forward in November by Polygon co-founder Mihailo Bjelic.

On December 22, Uniswap V3 contracts (core, periphery and striker contracts) were wagered on Polygon. This fueled another MATIC rally that pushed the price of the token to record highs.

Uniswap suffers from high fees on the Ethereum network that make the DEX unaffordable for the average trader. Polygon, on the other hand, offers drastically cheaper trades.

Uniswap v3 is already available on Arbitrum and Optimism, two other Ethereum scaling solutions. But these implementations represent only a small part of the total value that is locked.

Shiba Inu’s own scaling solution

Shiba Inu, a token running on Ethereum, is also affected by Ethereum’s scaling issues. That is why the developers are also working on a Layer 2 network called “Shibarium”.

The launch timeline remains unclear, but ShibaSwap developer Eric M. recently noted that it would be “not long.”

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