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Polygon's expanding ecosystem supports MATIC growth to a new all-time high

Polygon's expanding ecosystem supports MATIC growth to a new all-time high

Strong fundamentals and steady growth of the Polygon network – are just some of the factors behind MATIC's recent rally above the $2.00 mark, according to Cointelegraph.

Layer 2 (L2) solutions for the Ethereum network have become a popular topic of discussion and speculation on related tokens due to the massive rally seen in many protocols this year. The parabolic growth of the decentralized finance (DeFi) and non-functional token (NFT) sectors has also led to a dramatic increase in the cost of making simple transfers, prompting developers and investors to switch to L2-enabled platforms. One L2 solution whose token price rose to new highs earlier this year and now appears poised for another spike upward is Polygon (MATIC), a proof-of-stake blockchain protocol that integrates scalable solutions on Ethereum to support a multi-chain ecosystem. MATIC hit a low of $1.01 on Sept. 21, and the price has been in a steady uptrend for the past few months, causing the altcoin to surpass the $2 mark on Dec. 1. The Polygon ecosystem is expanding, as evidenced by an increase in protocol launches, interchain migrations, the launch of a Polygon-centric exchange product (ETP), and a steady increase in user activity. The Polygon network is getting a lot of attention right now, as it prepares for the ZK Summit on 9 December, where developers will discuss “the current state and future of zk-STARKs and zero-knowledge proof applications”.

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