Altcoin increased by 6% in 24 hours after its network launched the decentralized exchange Uniswap V3. The asset gained 69% over the month. The price of Polygon token (MATIC) renewed its all-time high above $2.7, rising nearly 6% in the last 24 hours. As of 12:30 p.m. MSC, the altcoin is trading at $2.6 and has a capitalization of $18 billion, according to CoinGecko. The cryptocurrency has gained 69% in a month.
The Polygon token’s rise in price may be due to the launch of the decentralized Uniswap V3 exchange on the altcoin network, which occurred on December 22. Polygon’s blockchain connection to the trading platform was proposed by Polygon co-founder Mihajlo Bjelic at the end of November. On Dec. 18, the community approved Bjelić’s initiative.
Polygon is an Ethereum-compatible Layer 2 sidechain running on the PoS (Proof-of-Stake) algorithm. This network runs faster and with lower fees than the main Ethereum network.
Uniswap is one of the largest decentralized cryptocurrency exchanges, which was launched in 2018. In April of this year, the trading volume on the site exceeded $10 billion for the first time.
What is Polygon (MATIC)?
Polygon is a network of secure Layer 2 (L2) solutions and autonomous sidechains. It aims to increase Ethereum scalability and reduce transaction costs. In addition to its own developments Matic PoS Chain and Matic Plasma Chains, network will support Optimistic Rollups, ZK-Rollups and Validium.