Polygon’s native Proof of Stake (PoS) Bridge has seen an unprecedented surge in transaction volume, with the latest figures reaching close to $80 million. This surge showcases the growing preference for the Polygon network as a means of transferring assets swiftly and securely. As Ethereum users grapple with high gas prices, many are migrating to the Polygon’s Layer-2 solutions, which offer lower fees and faster transactions.
Record-Breaking Transaction Volume
The bridge, which facilitates the transfer of assets between the Ethereum blockchain and Polygon’s sidechain, has proven to be highly effective and efficient, fulfilling the community’s needs and gaining traction as a preferred platform for transactions.
Shift to Polygon’s Efficient Platform
The spike in usage of Polygon’s PoS bridge points to a broader shift within the cryptocurrency community towards platforms offering economical and quicker alternatives to traditional Ethereum-based transactions. Further enhancing its appeal, Polygon has executed the Etrog upgrade for its zkEVM, which introduces new precompiled smart contracts, paving the way towards a complete Type 2 ZK-EVM implementation.
The Etrog upgrade significantly bolsters the capabilities of the Polygon zkEVM, emphasizing scalability, security, and user experience. As the Ethereum ecosystem evolves, these advancements are expected to open new avenues for developers and users.
MATIC’s Steady Price Movement
Despite the advancements and increased network activity, MATIC’s price has only seen a modest rise of 1.13% today, trading at $0.085. The cryptocurrency has been trading within a limited range for the past month, facing resistance at the $0.9 to $0.95 levels.