The post Matic Surges In Price As Polygon’s DeFi TVL Hits $1.44 Billion appeared first on Coinpedia Fintech News
The Polygon DeFi ecosystem has been making waves in the cryptocurrency world, with its total value locked (TVL) hitting $1.44 billion. This impressive milestone has been largely driven by the surge in the value of the Matic token, which has seen unprecedented growth in recent months.
Recently, the Polygon network has also seen a 90-day high NFT trading volume on OpenSea, reaching $12 million in just one day. Furthermore, the network has launched its highly anticipated ZkEVM, a production-ready zk-rollup solution for Ethereum.
One of the main factors driving the growth of Polygon’s DeFi ecosystem is the increasing demand for low-cost, fast, and secure transactions. DeFi has been one of the hottest trends in cryptocurrency, with more and more people looking to participate in decentralized financial applications.
Covo, a Leverage Trading Platform on Polygon, Surges 80% This Week
The Matic price has been experiencing significant growth in recent weeks, with many tokens built on Polygon also seeing significant price increases. According to crypto price trackers, Matic has increased over 20% in the past 30 days. Covo Token, the native utility and governance token of COVO Finance, a Leverage Trading Platform built on Polygon, has also seen its value surge by 80% in recent weeks, attracting the attention of the MATIC’s community.
COVO Finance is a decentralized spot and perpetual exchange that enables users to trade popular cryptocurrencies such as BTC, ETH, MATIC, and others directly from their cryptocurrency wallets. The platform offers a better trading experience with low swap fees, zero-price impact trades, and the ability to trade perpetual futures with up to 50x leverage, similar to how it’s done on centralized exchanges. However, users keep custody of their assets using a cryptocurrency wallet, unlike centralized exchanges.
The Covo Token is the native utility and governance token of COVO Finance. Token holders can use it to vote on proposals to help decide the exchange’s future direction. Staking Covo Tokens provides several rewards, including 30% of all generated protocol fees, esCovo tokens, and Multiplier Points. The fees are collected from market making, swap fees, and leverage trading and are paid in MATIC. The esCovo tokens can be either staked for rewards or vested, and the Multiplier Points boost the yield and reward long-term holders without contributing to token inflation.
Polygon Launches Zero-Knowledge Proofs for Smart Contracts Execution
The launch of the recent ZkEVM is considered to be a significant milestone for the Polygon network. At the time of writing, MATIC was trading at $1.18 with a market cap of $10B. The ZkEVM provides a fast, secure, cost-effective solution for executing smart contracts on the Ethereum network. The solution leverages the power of zero-knowledge proofs to provide a high level of security without sacrificing speed or efficiency. According to a developer tweet, the ZkEVM prover’s results have been awe-inspiring, with batch proofs of 2:30 minutes and the ability to handle ~500 or ~250 ERC20 transactions per batch. The prover cost is $0.064 per proof ($0.0001 per transaction), making it the fastest and most affordable ZK technology.
The launch of the ZkEVM is a major step forward for the Polygon network and is expected to drive significant growth and adoption. The ZkEVM offers a fast, secure, and cost-effective solution that is well-suited for decentralized applications and DeFi platforms. The solution provides a much-needed alternative to the Ethereum network, which needs to improve with high gas fees and slow transaction times.
The Polygon network is doing incredibly well, with the launch of its ZkEVM and the surge in NFT trading volume on OpenSea due to Reddit collectibles. Polygon and its native token MATIC are well-positioned to capture the growing demand for fast, secure, and cost-effective solutions in the blockchain and cryptocurrency world. With its commitment to innovation and progress, the Polygon network is a promising investment opportunity for those looking to participate in the growth of the blockchain and cryptocurrency markets.
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