The cryptocurrency market has turned red again in recent days, fueling rumors of a bear market. While the leading crypto-bitcoin dropped below the psychological level of $40 thousand, altcoin projects mostly followed it. However, the altcoin project has announced that something big is about to happen.
A look at the altcoin project on April 22
As we mentioned in Somanews news, while the cryptocurrency market is bleeding, especially due to expectations that the US Federal Reserve will act more aggressively, Polygon (MATIC), a tier 2 solution seen as a competitor to Ethereum, shared a short advertisement with the hashtag “wagmi” on its Twitter account.
The Polygon tag used in its announcement is short for “we’ll all do it,” which means the altcoin project is “we’ll do it.” In a short-term advertisement: “Something is coming. It’s a super thing. One of the largest “Polygon” ads is enabled and indicates the date 22.4.22.
The surprise of Polygon, which did not make any statements other than the closed words we mentioned, forced MATIC investors to focus on April 22. According to CoinMarketCap, MATIC jumped from the red zone to the green zone after the announcement, reaching $1.40, which is 2.14% more on a daily basis.
What is a polygon (MATIC)?
Polygon (MATIC) is the first well—structured and easy-to-use platform for Ethereum scaling and infrastructure development. Its main component is the Polygon SDK, a modular and flexible platform that supports the creation of several types of applications.
With Polygon, you can create an optimistic drive, a ZK drive, autonomous chains, or any other infrastructure needed by the developer. Polygon effectively turns Ethereum into a full-fledged multi-chain system. This multi-chain system takes advantage of the security, dynamic ecosystem and openness of Ethereum, as well as the advantages of Polkadot, Cosmos, Avalanche, etc. similar to others.
Polygon combines the Plasma Framework and the Proof of Stake (PoS) blockchain architecture. The Plasma platform used by Polygon, proposed by Ethereum co-founder Vitalik Buterin, makes it easy to execute scalable and autonomous smart contracts.
Polygon’s own token, MATIC, is an ERC-20 token running on the Ethereum blockchain. The token is used as a payment currency for payment services on Polygon and between users working in the Polygon ecosystem. Transaction fees in Polygon sidechains are also paid in MATIC tokens.
