NEW DELHI (CoinChapter.com) — Polygon, an Ethereum scaling solution, has continued to follow up on its promise of new technical updates despite the US SEC’s lawsuit against Binance and Coinbase.
The developers at Polygon have put forward a proposal to upgrade the Polygon PoS to a zkEVM validium. If approved, the blockchain platform’s PoS sidechain would become the first of its kind zk-compatible layer 2 blockchain.
The PoS Chain is the largest sidechain within the Polygon ecosystem, with a DeFi TVL of over $956 million with 342,000 daily active addresses.
If the community passes the proposal, the upgrade will likely go live on the mainnet in Q1 2024. Existing MATIC-staked validators would continue to operate the PoS chain. The decision to upgrade the PoS blockchain aligns with the platform’s goal of including it in its Polygon 2.0 vision.
For security, the upgrade would introduce the zkEVM valadium. Polygon described the valadium as a “lower-cost, higher-throughput sibling of a roll-up.”
Also Read: Ethereum Price Rockets Toward $2,000 as Bulls Take Over Crypto Market
In detail, valadium is similar to roll-ups in terms of security, but their transaction data is available off-chain.
Moreover, the Ethereum-scaling platform assured users that applications would continue working and transaction fees on the network would remain low.
Meanwhile, MATIC price’s ongoing bull run faltered on June 22. The Polygon token’s price spiked over 7% to a high of $0.711 on June 22 before the 20-day EMA (red wave) rebuffed the rally. As a result, the token pared most of its gains from the day.
MATIC price’s recent rally saw the token register a 7-day gain of 27% to reach the daily high on June 22. Bulls would need to flip the 20-day EMA resistance near $0.714 to instill confidence in the rally.
Moreover, breaking and consolidating above the immediate resistance could give MATIC price the opportunity to target the 50-day EMA (purple wave) resistance near $0.8 before corrections pare gains.
On the other hand, if the rally fails, MATIC price might drop to its support near $0.66. Failure of the immediate support level could force the Polygon token to fall to its support near $0.6 before recovering.
The relative strength index for MATIC remained neutral, with a value of 41.22 on the daily charts.
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