The crypto market ended up in a dip again this week. Bitcoin (BTC), the original cryptocurrency, has fallen below $20k. Ethereum (ETH) is struggling to cross $1.3k and is currently hovering around $1k. However, Polygon (MATIC) seems to be defy the market† At least for now.
Polygon (MATIC) is the only crypto project in the top 20 that is in green in the 7-day charts. Bitcoin and Ethereum registered declines of 2.2% and 5.6% in the same time frame.
In the past months, polygon has proven to be a worthy contender in crypto.
What’s Pushing Polygon (MATIC)?
First, polygon (MATIC) is hosting its Green Blockchain Summit today. The project recently announced that it has achieved net carbon neutrality. This was an important milestone for the company. The Green Blockchain Summit aims to bring communities together to fight climate change.
The summit will discuss environmental conservation and how blockchain technology can be a tool to support this movement. Since the crypto industry has a bad reputation with regard to the environment, Polygon’s efforts are definitely in the right direction.
The summit could be a reason for MATIC’s current rally. Furthermore, Polygon has introduced a new type of stakeout called “liquidity increase† This allows investors to stake their crypto, but at the same time maintain the liquidity of the token.
In addition, many projects are migrating from the failed Terra (LUNC) platform to the Polygon network. Ryan Wyatt, CEO of Polygon Studios, recently stated that more than 48 projects have started migrating to the Polygon (MATIC) network. Nevertheless, this move may have boosted social sentiment regarding the network.
In addition, Polygon is working on zk rollups or zero-knowledge rollups. This enables faster transaction speeds with lower gas prices. At the time of writing, Polygon (MATIC) was trade at $0.558154, up 9.2% in the past seven days.