Is it a good time to invest in MATIC? $MATIC

According to CryptoPotato, Ethereum scaling network Polygon's native cryptocurrency, MATIC, has experienced a significant surge in value, increasing by approximately 20% over the past week. This growth is attributed to increased trading activity and a more positive sentiment in the broader crypto market. The upcoming Polygon 2.0 developments could potentially drive the rally further.

In Nansen's latest quarterly report, Polygon demonstrated network resilience amid rising demand for layer and cheaper alternatives, as well as a developer-friendly environment. During the third quarter of 2023, daily gas fees on the Polygon PoS network experienced notable volatility, fluctuating between approximately $29,000 and $132,000. In the same period, the number of daily active addresses on Polygon PoS demonstrated consistent stability, ranging from 275,000 to 466,000.

In terms of user engagement on Polygon PoS, Tether and USDC stood out, boasting 1.6 million and 1.32 million users, respectively. Meanwhile, Chainlink led transaction volume on Polygon PoS during Q3, recording an impressive 47.08 million transactions. This quarter also saw Polygon Labs double down on ZK research, creating several scaling frameworks, including Polygon zkEVM and the Polygon Chain Development Kit (CDK). Since its launch in March, Polygon zkEVM has attracted approximately $100 million in TVL. The CDK, released in August, is an open-source codebase that enables developers to create their own customizable layer 2 chains using Polygon's ZK technology. Several projects, including Canto, Astar, Gnosis, and IDEX, have revealed plans to build ZK layer-2 solutions leveraging the new software toolkit. Polygon Labs is currently working on Polygon Miden, a ZK-rollup designed to deliver a faster, more secure network with minimal transaction costs, set for a Q4 testnet launch.