Ethereum scaling protocol Polygon (MATIC) has hit a fresh all-time high of US93.7c this morning, even as much of the cryptocurrency market treads water in advance of this evening’s monthly options expiry.
At lunchtime, Polygon was trading at US91.6c, up 15.5 per cent from yesterday. Its 159 per cent gain for the week makes it the top-performing top 100 coin for the week, ahead of Waves‘ 74 per cent gains.
The token was trading at less than US2c apiece at the start of the year.
— Kia (@kiashedgefund) April 28, 2021
— Jason pitt (@Jasonpitt00) April 29, 2021
The platform is a “layer 2” scaling solution for Ethereum, creating “side chains” that aggregate transactions to avoid ETH’s high transaction fees and slow speed. (There’s a big split in the cryptocurrency community over whether it’s better to use layer 2 solutions to fix Ethereum, or whether a rival layer 1 protocol such as Solana, Tezos or Cardano is the answer).
The true power of the @0xPolygon network is being showcased as we speak.
$0.67. That is the total amount you pay in fees for 10.000 transactions on #Matic.
There is no denying it. This is the future of crypto.
We can’t wait to show how impactful #Polywhale can be
— Polywhale (@polywhalefi) April 28, 2021
Overall, the cryptocurrency market was mixed at lunchtime, with Bitcoin down 1.6 per cent to $US53,682 ($69,000) and Ethereum up 1.0 per cent to $2,742 ($3,526). ETH hit an all-time high of $US2,797 yesterday afternoon.
Venus, Waves, Uniswap, CEth and PancakeSwap were the other top 100 coins hitting all-time highs in the past 24 hours, according to Coingolive.com.
About $US4 billion in monthly Bitcoin options on the Deribit exchange are set to expire at 6pm AEST (8am UTC), and some volatility was expected following that.
The post ‘I love you more than my wife’: MATIC hodlers rejoice as token nears $US1 appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.