MATICUSD Polygon

Polygon (MATIC) zkEVM, a zero-knowledge scaling solution designed to be compatible with the Ethereum Virtual Machine (EVM), has achieved a significant milestone by completing its first upgrade.  The upgrade, known as the Dragonfruit Upgrade, marks a significant step forward for Polygon zkEVM since its launch in mainnet beta in March 2023. Polygon zkEVM Implements Key Improvements As an EVM equivalent ZK rollup scaling solution, Polygon zkEVM aims to ensure seamless compatibility with existing smart contracts, developer tooling, and wallets. This compatibility allows for a “smooth transition” and continued operation without disrupting the ecosystem.  Related Reading: Toncoin (TON) Continues To Shine, Is $3 Mark Possible? Developers can leverage the benefits of Polygon zkEVM’s zero-knowledge proofs, specifically validity proofs, to reduce transaction costs and increase transaction throughput while maintaining the robust security provided by the Ethereum base layer. The successful completion of the Polygon zkEVM Mainnet Beta upgrade, including bridge operations, signifies a notable achievement, according to the protocol’s announcement on September 20.  Dragonfruit Upgrade: successful Polygon zkEVM Mainnet Beta upgrade + bridge operations have completed successfully. System resumes full activity. Devs, the list of EVM networks that support PUSH0 opcode: 1) Ethereum 2) Polygon zkEVM Mainnet Beta https://t.co/YEjDhHDD6w — Polygon (@0xPolygon) September 20, 2023 With the completion of the upgrade, the system has resumed full activity, providing users with enhanced functionality and improved scalability. Regarding the PUSH0 opcode support, Polygon zkEVM Mainnet Beta is now included in the list of EVM networks that support this opcode.  Including Polygon zkEVM Mainnet Beta alongside Ethereum demonstrates its compatibility with existing Ethereum-based networks and further expands the options available to developers. Completing the first major upgrade for Polygon zkEVM represents a notable advancement in zero-knowledge scaling solutions.  By combining the benefits of zero-knowledge proofs, lower transaction costs, increased throughput, and Ethereum’s base-layer security, Polygon zkEVM aims to provide an efficient and secure environment for decentralized applications and blockchain development. With the successful upgrade and its continued commitment to compatibility and scalability, Polygon zkEVM strengthens its position as a scaling solution within the broader Ethereum ecosystem.  Developers and users alike can leverage the capabilities of Polygon zkEVM to build and interact with decentralized applications while enjoying the benefits of improved efficiency and reduced costs. MATIC Sees Modest Gain, Holding Significant Seven-Day Increase Despite ongoing developments within the Polygon ecosystem, the native token of the protocol, MATIC, has remained range-bound for the past two days, failing to test upper resistance levels.  Currently, the token is consolidating between the price range of $0.536 and $0.5472, trading at $0.5426. It has maintained relative stability for over 24 hours, with a slight gain of 0.5% during this time frame. However, MATIC has still held significant gains over the seven days, with a 5.9% increase. This allowed the token to reclaim the $0.500 level after losing it and experiencing a decline to $0.419 on September 11, following the overall market trend. This marked the lowest point of the year for MATIC. Related Reading: Grayscale Takes New Approach As It Files For Another Ethereum Futures ETF MATIC faces resistance at two key levels, namely $0.5587 and $0.5930. These resistance walls pose challenges for the token’s recovery and upward momentum. MATIC must surpass these obstacles in the short term before it can regain the $0.600 mark. On the other hand, a concerning factor is that MATIC only has a support level at a 1-year low of $0.4614. Bulls must defend this threshold to prevent a significant downtrend leading to new yearly lows.  However, MATIC could break free from the lower lows zone if the market conditions become more favorable for altcoins, potentially leading to a price surge. Featured image from iStock, chart from TradingView.com