Polygon (MATIC) Jumps by 54% in Weeks, Here's Likely Reason

According to Santiment, an on-chain analytics firm, Polygon has steadily risen back to $0.80 and boosted its market cap by 54% in just three weeks as altcoin milestones continue to shoot off.

MATIC has recovered to $0.80 for the first time since July, thanks to robust whale activity and accumulation, according to Santiment.

MATIC was up 7.39% in the last 24 hours to $0.816 at the time of writing. In the last seven days, the token has gained 21.32%. Santiment goes on to say that 161 MATIC transactions over $100,000 or more were reported in a single day, the most since July.

Santiment observes that Polygon's large wallets holding 100,000 to 10 million MATIC have accumulated in the last two weeks, supporting MATIC's recent increase.

If MATIC closes in the green today, it will be the sixth consecutive day of advances since Nov. 3. Today's trading session saw intraday highs of $0.839 before a small retracement.

Since Oct. 24, wallets containing 100,000 to 10 million MATIC have accumulated 42.88 million coins, according to Santiment.

Polygon announces collaboration with NEAR

Polygon Labs and the NEAR Foundation have announced a collaboration to develop a zero-knowledge (ZK) prover for Wasm blockchains to bridge the gap between Wasm-based chains and the Ethereum ecosystem.

When finished, a zkWasm prover will provide additional customization for developers working with the Polygon CDK (Chain Development Kit).

The zkWasm prover will be a new runtime that generates zero-knowledge proofs proving the native Wasm runtime execution is valid, resulting in greater scalability and decentralization.

This advancement may move the Near protocol closer to Ethereum, allowing Wasm networks to access Ethereum liquidity.

NEAR Foundation now joins Polygon Labs as a core contributor to the Polygon CDK (Chain Development Kit), expanding developer options for building custom blockchains.