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Polygon (MATIC)

Polygon introduces zk-STARK solution miden for DApp verification

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  • Polygon layer-two Ethereum scaling solution has launched a zk-STARK scaling solution dubbed Miden VM to support the deployment of dApps to its ecosystem.
  • The technology verifies personal identifying information between DeFi users without compromising their privacy.

Polygon (MATIC), has launched a new technology in line with its mission to scale up the Ethereum blockchain. The zk-STARK powered Miden Virtual Machine will improve the validation process for decentralized applications (dApps) on the Polygon network.

As announced by Polygon on its official Twitter account,

We are proud to reveal the newest member of the Polygon family – Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup!

Notably, zk-STARK is an abbreviation for zero-knowledge Scalable Transparent Argument of Knowledge. Simply put, zero-knowledge technologies enable one party to prove to another that the former holds certain private information, such as a password, without actually revealing the information. STARK is one of these methods that algorithmically obfuscates and enables proving or verifying such information.

Polygon unveils zk-Rollup privacy solution

To support the development of zero-knowledge technology, Polygon has committed funds to the tune of over $1 billion. The Polygon Miden project will be led by Ethereum engineer Bobbin Threadbare, a former Facebook leads ZK researcher who headed the development of the Winterfell general-purpose STARK prover.

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In terms of utility, the zk-STARK cryptographic proof technology is most helpful in situations requiring identity verification. These include sophisticated decentralized finance (DeFi) like decentralized car insurance or healthcare products. The technology redacts sensitive information on digitized assets, such as driver’s licenses or passport copies. It also compresses such data for speedier verification by blockchain participants.

In this way, zk-STARK enables nodes to verify the authenticity of such sensitive documents without actually ‘seeing’ them or revealing them to a third party. This does away with privacy concerns and increases the trustworthiness of a DeFi product.

Another application of this scaling infrastructure is in simplifying cryptographic proofs in consensus mechanisms alongside bettering computational performance.

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Importantly, Polygon, the largest sidechain on the Ethereum network, has been noted for developing several layer-two scaling solutions. These include Optimistic Rollups and zk-Rollups. In August, the team acquired the zk-Rollups solution Hermez Network for $250 million. A month later, it launched Nightfall – a standalone privacy-focused rollup developed in collaboration with EY Global Limited. In the future, Polygon plans to aggregate all the above scaling solutions.

Remarks

Sandeep Nailwal, the co-founder of Polygon, has the following to say of the development:

ZK is the way ahead for Ethereum and Miden VM is one of the most important elements in Polygon’s roadmap for Ethereum scalability. It will simplify and accelerate validation for DeFi apps and cryptocurrencies — enhancing the speed and scale of the Polygon ecosystem.

Meanwhile, according to our data, MATIC was trading at $1.52 as of this writing, having shed off 5.0 percent in the day. The token has, nonetheless, illustrated 9,087.6 percent gains year-over-year.

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The Polygon ecosystem has witnessed massive growth this year. However, it still has to raise its bar as competition heats up from Matter Labs’ zkSync and StarkWare’s Cairo.

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Polygon (MATIC)

MATIC price analysis: Polygon token’s price crashes as it jumps to 19th position

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  • MATIC reached a daily high of $1.967 today.
  • The MATIC price analysis turned bearish, dropping to a daily low of $1.6
  • The nearest unbroken price support is present at $1.559

Polygon (MATIC) ranks among the top 20 biggest cryptocurrencies, rising from $0.01478 to $2.68 in the past 52 weeks. This is an extremely bullish performance shown by the MATIC token. Therefore our view on Polygon remains bullish for the long term.

MATIC’s price turned bullish on Thursday after the announcement of MATIC getting listed on the Bit2Me exchange, Spain’s largest cryptocurrency exchange. Following the creation of the weekly high early Friday, the MATIC price analysis also turned bullish as the token surpassed Chainlink in terms of market capitalization and claimed the 18th position in the market.

As per the data from CoinMarketCap, the trading volume surged by 36.72%, standing at $1.88 billion. Furthermore, the market cap of the token dropped by 9.71%, standing at $11.24 billion.

MATIC price analysis on the daily chart

MATIC price analysis on the daily chart remains bearish because the bulls are unable to keep up with the sellers who are cashing in their profits. The price action is currently testing the 50-day Moving Average while the 100-day Moving Averages remains intact as a key price zone and support level.

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The prices were progressing in the upper end of the Bollinger Bands after the sudden bearish wave brought it down to the lower region, teasing an imminent breakout. If the prices break out, we will definitely see lower levels.

MATIC price analysis
MATIC price analysis on chart by TradingView

The RSI indicator turned bearish and is now entering the bearish region, i.e., below the 50-level. Furthermore, the MATIC price analysis also reveals that lower prices are possible since the gradient is sharply negative and selling pressure increases.

The MACD indicator witnessed a bullish divergence on the daily chart. However, this incredible surge in selling activity might help the signal line (orange) find its way above the MACD (blue) line, leading to a bearish divergence

MATIC price analysis: Polygon token's price crashes as it jumps to 19th position 1
MATIC price analysis on chart by TradingView

Conclusion

Polygon (MATIC) snatched the 19th position from Chainlink and is now ruling the position with a dominating trading volume. However, Chainlink is also not slowing down. The two tokens will continue to battle it out as Bitcoin remains sluggish and altcoins bleed. However, as per our MATIC price analysis, this is a great time to buy the Polygon token MATIC.

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Polygon (MATIC)

Nexo lists Polygon, sending MATIC prices to higher highs

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  • Nexo, a regulated digital assets institution, offers MATIC holders 20% APR as a promotional campaign welcoming the Polygon network. 
  • In addition to lending initiatives, Polygon is one of the prime chains for minting NFTs and expanding Nexo’s offerings in the metaverse. 
  • Polygon network is among the top protocols that successfully onboarded the highest number of new users over the past eight weeks. 

Nexo finance announces Polygon’s arrival on its platform. Investors can now earn 20% APR on MATIC as part of Nexo’s promotional campaign. 

MATIC arrives on Nexo finance offering higher returns to investors

Polygon network is now on Nexo finance, offering holders and investors higher returns on the DeFi platform. The regulated crypto assets provider offers 150 market pairs to users. Users can now buy, swap and borrow against MATIC. 

The ongoing promotional offer gives users 20% interest and distributes daily. With the rising importance of multi-chain networks, activity on the Polygon network is on the rise. Nexo’s team is engaging with the Polygon network for various initiatives. 

Polygon network will help Nexo expand their offerings through NFTs, helping the DeFi protocol get into the metaverse. NFTs have high potential as a new asset class; Polygon’s blockchain network offers Nexo an opportunity to offer metaverse products. 

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Users that purchase MATIC on Nexo’s exchange can earn 20% interest and grow their passive income till the promotional offer lasts (Jan 3, 2022). 

Polygon network has reached out to enterprise projects looking for sovereignty, their own blockchain and don’t want to derive security from Ethereum’s scaling solutions. Mihailo Bjelic, co-founder of Polygon network, tweeted:

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Analysts have evaluated MATIC price trends and predicted a trend reversal. @Koolaid_crypto, a cryptocurrency analyst, believes that MATIC price is testing old resistance and is likely to breach resistance in the coming days. 

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Polygon (MATIC)

MATIC price forms bear trap as Polygon heads to $2.6

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  • MATIC price develops bear trap, creating a short-squeeze opportunity for bulls.
  • Key bullish entry levels are necessary to prevent a selloff.
  • Downside risks remain despite bullish reversal signals.

MATIC price remains inside a broader rising wedge pattern on its candlestick chart and has struggled to find support. However, the Point and Figure chart shows that a move above $1.70 could trigger some intense buying pressure and deny bears their selloff.

MATIC price prepares for a nearly 50% price spike higher despite current downside risks

MATIC price has a long opportunity on its $0.05/3-box Reversal Point and Figure chart. The long idea is a buy stop order at $1.75, a stop loss at $1.55 and a profit target at $2.55. The entry would complete a breakout out of a double-top while simultaneously confirming a bullish Point and Figure reversal pattern known as a Bear Trap.

MATIC/USD $0.05/3-box Reversal Point and Figure Chart

Buyers are not entirely out of bearish territory, however – the daily Ichimoku chart shows MATIC is very close to completing an Ideal Bearish Ichimoku Breakout entry. The 50% Fibonacci retracement at $1.53 is acting as immediate support, but failure to hold there means MATIC price could drop even lower.

MATIC price will enter a capitulation zone at or below $1.40. A close at $1.40 would position MATIC price below the Cloud, the 100% Fibonacci expansion, and the lower trendline of the rising wedge pattern. More importantly, though, the Chikou Span would be below Senkou Span B. A close at $1.40 would mean MATIC may not find support until the 161.8% Fibonacci expansion at $0.95.

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MATIC/USDT Daily Ichimoku Chart

The near-term bearish outlook could be mitigated if MATIC price closes above the Tenkan-Sen and Senkou Span B at $1.63. From there, the road to the Point and Figure buy stop entry is more straightforward and more probable.

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