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Polygon Token (MATIC) Rises Against Falling Bitcoin
Cryptocurrency Polygon (MATIC) is growing despite the fall in bitcoin and the crypto market
Dec 8, 2021
1 min read
Anna BakkerNews analyzer

MATIC is approaching all-time highs in May around $ 2.57 on the back of positive news.

Over the past year, the token has risen in price by more than 12,300%, taking 14th place in the rating by capitalization.

On Tuesday, MATIC renewed its half-year highs of about $ 2.50.

The Polygon project team is negotiating with a group of venture capitalists to raise $ 50 million - $ 150 million through the purchase of native MATIC tokens, writes forklog.

Earlier, the startup had to face a demand from an early investor to return funds during a bear market. The founders of Polygon managed to resolve this issue and continue to develop.

Wanchain will launch a decentralized bridge between Polygon and Arbitrum, a popular second-tier rolling solution on Ethereum, newscryptocoin writes. The planned bridge will allow transfers directly between Polygon and Arbitrum without the need to use the main Ethereum network.

Wanchain will join other existing multi-chain bridges on Polygon, including Hop Protocol, AnySwap, Wormhole, Connext, and Celer. The creation of the Polygon-Arbitrum is likely to help the Wanchain team acquire new users and potentially add value to their interoperable technology stack.

The token jumped last week after cryptocurrency exchange-traded products (ETP) issuer 21Shares announced its listing of a cryptocurrency performance-related product on Euronext in Paris and Amsterdam, freedmanclub writes.

According to the network, more than 3,000 applications are already running on the Polygon blockchain. In July, Polygon launched a $ 100 million fund for projects aimed at combining blockchain technology with games.

In early December, the IDEX project launched a hybrid decentralized exchange based on Polygon. The platform uses an order book in conjunction with an automatic market maker (AMM) mechanism.

In November, the Polygon team presented the Ethereum scaling solution powered by ZK-Rollups. In August, Polygon acquired the technology platform Hermez Network. In May, billionaire Mark Cuban invested in the project.

Polygon is a network of secure L2 solutions and autonomous sidechains. Its goal is to increase the scalability of Ethereum and reduce the cost of transactions. In addition to in-house developments Matic PoS Chain and Matic Plasma Chains, the Polygon project will support Optimistic Rollups, ZK-Rollups and Validium.

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