Amidst bullish market expectations, Polygon (MATIC) is generating significant buzz, especially after outperforming Ethereum (ETH) in daily transaction volume for two consecutive days with its Proof-of-Stake (POS) system.
Polygon’s co-founder, Sandeep Nailwal, announced that Polygon POS achieved approximately $93,000 higher transaction volume than Ethereum. This news coincides with a surge in MATIC’s price to $0.82 following a partnership announcement with Fox Corporation.
Polygon introduced a new program called Verify, allowing publishers to register content to prove its sourcing, with data stored on the Polygon blockchain. This feature will enable customers to discern authentic sources via an intermediary. Additionally, crypto analyst Lark Davis noted that Polygon POS surpassed Solana in daily active addresses, further highlighting Polygon’s momentum after announcing a transaction fee calculation upgrade on January 9th.
Despite recent gains, MATIC continues to exhibit a downward trend, persisting for approximately 60 days and remaining below the long-term descending resistance line since its all-time high of $2.90 in December 2021.
In conclusion, Polygon stands out with its high transaction volume surpassing Ethereum and the Verify program. However, MATIC’s price maintains a downtrend, even as the partnership news prompted an intraday price increase. The upgrade in transaction fee calculations and Lark Davis’s analysis underscore the strength of Polygon POS.