With a weekly growth of over 56%, Polygon (MATIC) has climbed to 18th place in the cryptocurrency market.
Polygon is the leading scaling solution in the crypto industry and its recent announcements are further benefiting its popularity and the price of its token in the market.
In the last 7 days, MATIC, the native token of the Polygon network, has increased its value by more than 56%, according to data from the most consulted cryptocurrency price monitoring and tracking platform in the industry, CoinMarketCap.
Source: CoinMarketCap
MATIC's price rally now places it as the second cryptocurrency gainer in the industry this week.
MATIC is behind COMP, native to the DeFi protocol Compound, which is leading the crypto market recovery with a growth of more than 70% weekly, at the time of writing.
Polygon launches first Polygon ID integration
The launch of the first integration of PolygonID, the self-sovereign identity solution based on ZK, with Polygon DAO, appears to be one of the main drivers of MATIC price in the market this week.
Polygon developers announced the launch of this first integration last Wednesday, June 22. Since then, the price of MATIC has started to recover significantly on major markets.
The introduction of Polygon ID to the suite of innovative solutions offered by the Polygon blockchain ecosystem was first unveiled at the end of March. Polygon developers indicated that it was a solution capable of driving decentralization and Web3.
As they explained, the enhanced privacy capabilities offered by Polygon ID, thanks to ZK, have enormous potential to allow users to take control of their own data and create private and secure interactions with Web3 applications and protocols. In addition, it also has enormous potential to optimize the governance of DAOs (Decentralized Autonomous Organizations).
The official launch of this innovative private identity solution is expected in the third quarter of this year.
MATIC increases 56% and its capitalization 22%
The bullish rally in the price of MATIC pushed the market capitalization of this cryptocurrency from $3.653 billion on Wednesday to $4.492 billion today. This represents a growth of 22,9% in the last week.
Trading volume for this cryptocurrency also skyrocketed following the developers' announcements regarding Polygon ID. By Thursday, more than $1.200 billion worth of MATIC was traded per day. However, as of today, this volume has fallen again and is now around $450 million.
Likewise, the integration of support for the Polygon network into one of the industry’s leading cryptocurrency exchanges has also been benefiting the price of MATIC in the market.
In February of this year, Bit2Me used the Polygon network, the industry's leading second-layer protocol, to distribute 8 million B2M to its users via an airdrop.
At the time of writing, the price of MATIC is over $0,57 per unit.
Continue reading: Polygon is now a carbon neutral blockchain
