A New Era of Scalability: Whales Bet on Polygon’s zkEVM for Enhanced Functionality & Reduced Costs

  • Realizing zkEVM’s Advantages for Ethereum DApps from MATIC
  • Exploring the Bullrun Babes NFT Collection

In preparation for the release of its eagerly anticipated zero-knowledge Ethereum Virtual Machine (zkEVM), the price of Polygon (MATIC) has significantly increased. Prices for Polygon have increased dramatically in the previous month by a whopping 65%.

Although including zkEVM may result in considerable cost savings and enhanced security, the next rollup could be a game-changing move for the coin. The new rollout date announcement has sparked a bullish pattern among traders, indicating they are upbeat about the token’s future price movement.

Moreover, data indicate that significant cryptocurrency investors are acquiring more Polygon in anticipation of the release. The volume of MATIC traded in the past few days increased 98.70% on February 16 from $613,493,994 to $1,219,004,023.

Today’s Polygon price is $1.49, the lowest figure in the past 24 hours. Polygon’s prices traded highest at $1.56, which denotes a 0.39% decrease compared to the current figure at $1.49.

According to on-chain data, major cryptocurrency investors, or “whales,” have been seen transferring millions of Polygon (MATIC) via exchanges. In the last 24 hours, these whales have moved around 19 million MATIC tokens worth approximately $28.3 million through many trades.

As per the on-chain data, the largest single transaction involved the transfer of approximately 4.76 million MATIC tokens worth around $6.82 million and was made from the Binance cryptocurrency exchange to Bitfinex.

Data on large crypto investors suggests that Polygon (MATIC) is involved in almost every trade among the top 100 Ethereum whales. Additionally, MATIC ranks among the top 10 tokens bought by the giant whales in the recent 24 hours.

Realizing zkEVM’s Advantages for Ethereum DApps from MATIC

The Matic Tech team, called Polygon, created the MATIC zkEVM as a layer-2 scalability solution for the Ethereum blockchain. It integrates Ethereum’s security assurances with the scalability advantages of zero-knowledge proofs (ZKPs).

The zero-knowledge Ethereum Virtual Machine, or zkEVM, introduces off-chain processing capacity while validating the data on the Ethereum Virtual Machine at its core; this may result in significant cost savings and increased network security.

It is possible to approve transactions using the zero-knowledge method without disclosing specifics, which speeds up the procedure. In addition, the current Polygon network will efficiently conduct intelligent contracts and other development operations on the new protocol due to its compatibility with zkEVM.

The developments are because zkEVM offers off-chain computational capability with zero-knowledge proof, which can drastically cut down on-chain storage and processing expenses.

Exploring the Bullrun Babes NFT Collection

On February 16, 2021, a group of non-fungible tokens (NFTs) called The Bullrun Babes. The Ethereum ERC-721 standard powers most digital artwork and collections, and Bullrun Babes are 8888 randomly created collectibles made available on the Ethereum network.

Within 732 days since its release, the Bullrun Babes collection has amassed 952 owners. On OpenSea, where there are now 2,727 items from the Bullrun Babes collection available, these NFTs can be viewed.

Bullrun Babes NFT collection has a market value of 74.99 ETH. One thousand nine hundred thirty-one collections have been sold since the Bullrun Babes were first released, with an average cost of 1.36 ETH $2,318.53 at the time of this report.

During Bullrun Babes’ launch, the Ethereum network produced a total volume of 2,623 ETH. Bullrun Babes’ floor price is set at 0.039 (-33%), and its 30-day trading volume is maintained at 0.23 ETH (+29%).