Polygon (MATIC) is slowly approaching to become the thirteenth largest cryptocurrency
Polygon (MATIC), the native token of the eponymous Layer 2 solution on top of the Ethereum blockchain, hit another record price spike of $ 2.70 today.
The token is now one hair short of catching up with Shiba Inu (SHIB) and bringing the meme coin to 14th place by market capitalization. The two cryptocurrencies mentioned above are valued at $ 19.3 billion and $ 18.7 billion, respectively, according to data from CoinMarketCap.
The MATIC token is up 24% since Uniswap’s UNI token holders overwhelmingly voted to implement the third version of the popular automated market maker on Polygon last week. The proposal was submitted by Polygon co-founder Mihailo Bjelic in November.
On December 22, Uniswap v3 contracts (Core, Peripheral and Participation contracts) were implemented on Polygon, fueling a new MATIC rally that pushed the token price to all-time highs.
Uniswap has been plagued with high fees on the Ethereum network that make DEX unaffordable for the average citizen. Polygon, on the other hand, offers drastically cheaper transactions.
Uniswap v3 is now available on Arbitrum and Optimism, two other Ethereum scaling solutions, but these implementations represent only one. tiny portion of the total locked value.
Shiba Inu’s own climbing solution
Shiba Inu, a token that runs on Ethereum, is also affected by the scale issues of the second largest blockchain, which is why its developers are also working on a Layer 2 network called “Shibarium.”
The release schedule remains unclear, but ShibaSwap developer Eric M recently commented that it would be coming “soon.”