Polygon is one of the world’s foremost ETH-based Web3 infrastructures. It is also one of the top players in the fast-growing DeFi ecosystem. In line with this, it is important to stay abreast of happenings in the Polygon ecosystem.
To keep our readers informed, we have compiled some of the top Polygon updates that took place this week. These Polygon updates include strategic updates, project launches, etc. The launch of the much-anticipated Polygon zkEVM and the BUIDL IT hackathon are some of this week’s top Polygon updates.
1. Polygon zkEVM Launch
The much-anticipated Polygon zkEVM is finally live, therefore, signaling a major benchmark achievement in the quest for Ethereum scaling. Also, Polygon zkEVM, according to reports, is the first-ever EVM-equivalent ZK innovation. The EVM will help facilitate scalability on Ethereum while ensuring security and decentralization remains top-notch. Simply put, the EVM will enjoy ETH security while strategically reducing gas fees and increasing throughput.
Interestingly, the recently launched Polygon zkEVM is compatible with any ETH-based developer tools and smart contracts.
Find out more about Polygon zkEVM here.
We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.
Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.
Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.
— Polygon – MATIC 💜 (@0xPolygon) July 20, 2022
2. Polygon BUIDL IT Hackathon
The second edition of the Polygon BUIDL IT hackathon is currently going. The hackathon is also one of the biggest Web3 hackathons in the blockchain and crypto space. The hackathon will provide developers, entrepreneurs, students, and other tech enthusiasts with the opportunity to hone their skills.
Participants will also have the opportunity to earn exciting prizes. The top three projects during the hackathon will earn prizes of $50,000, $30,000, and $15,000, respectively,
The hackathon is also a good opportunity for creative minds to interact with one another. The hackathon will span from June 15, 2022, to August 25, 2022. This means that interested persons can still partake in the hackathon by registering here.
Ideas can come from anywhere and each one has a home #onPolygon.
So sign-up and build your project now.
— Polygon – MATIC 💜 (@0xPolygon) June 15, 2022
3. Polygon’s Partnership With Coorest NFTrees
Coorest NFTrees, in conjunction with Polygon Studios, is set to positively impact the environment. Both platforms revealed plans to facilitate tree planting initiatives by making it possible for interested persons to plant trees without being physically present.
Purchasing NFTrees on Coorest will provide employment for a local farmer to plant and maintain a tree. The trees will further help to reduce CO2 emissions while also providing local farmers with a means of employment.
NFTs can be a force for good and @CoorestOfficial is determined to show how
NFTrees aims to use NFTs as a way that makes a positive impact on the environment 🌱
— Polygon Studios (@polygonstudios) July 19, 2022
4. ClearPool and Polygon Partnership
Stablecoin lending protocol ClearPool is set to strategically partner with Polygon. The partnership will also facilitate the introduction of institutional-grade DeFi to the Polygon ecosystem.
Now, institutional clients will be able to borrow $USDC without having to lock up their assets. Users will also enjoy top market earnings as well as risk-adjusted yields.
🤝 Lend $USDC to leading institutions
🔃 No lock-up, lend & redeem at anytime subject to available liquidity
📈 Earn market-leading, risk-adjusted yields
— Clearpool | Launching on Polygon 🔜 (@ClearpoolFin) July 18, 2022
5. Top Gainers on Polygon
Some of the top gainers on Polygon over a 24-hour period as of July 20, 2022, include:
- Barn Bridge – A DeFi management platform was the top gainer on Polygon. The protocol recorded a 52.3% increase in price performance.
- Lido Finance – The multi-chain liquid staking platform also experienced a 15.5% increase in price performance
- Badger – DeFi platform BadgerDAO also recorded a 15% increase in price performance.
- Ankr Finance – The decentralized Web3 platform with a focus on ushering in the Web3 ecosystem has a price performance increase of 8.6%.
Top Gainers in @0xPolygon Ecosystem Last 24H 🚀🚀$BOND @barn_bridge $LDO @lidofinance $BADGER @badgerdao $ANKR @ankr $SNX @synthetix_io $RNDR @rendertoken $PLA @playdapp_io $IOTX @iotex_io $COMP @compoundfinance $MANA @decentraland #Polygon $MATIC pic.twitter.com/32KAobfE4l
— Polygon Daily 💚 (@PolygonDaily) July 20, 2022
MATIC Price Outlook
At the time of writing, MATIC was trading at $0.825542 with a market cap of $6,602,976,140. The token also has a 24-hour trading volume of $1,434,832,569. The token price is down by 12.4% in the last 24 hours.
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