What is Polygon?
Polygon is a technology developed to improve the scalability of Ethereum. Before going through its rebrand, the MATIC Network mainly focused on using so-called ‘plasma chains’ to increase the transaction capacity of Ethereum.
Today, the proof-of-stake (POS) network is working on several “rollup” solutions. With these technologies, they aim to increase the scalability of Ethereum by simplifying transactions and smart contracts and moving them in bulk to the main net.
Despite the fact that the activity of the Polygon network seems to decrease slightly in recent weeks, the price is shooting up. As of January 1, 2023, the Matic price has already risen by more than 24 percent. But why is that?
A new Polygon update
The good price performance is partly due to the fact that Polygon will soon be implementing a number of major updates.
Polygon co-founder Sandeep Nailwal recently tweeted that the expected addition of the ZKEVM update to the network has an official date and will happen soon.
ZKEVM was first announced in July 2022. It is a scaling solution that uses rollups to provide compatibility for all smart contracts built on the Ethereum network.
Earlier versions of ZK-Rollups could not perform the more complicated operations. The ZKEVM update will solve that problem.