MATIC introduces new scaling solution Miden to solve Ethereum network congestion
- Polygon network announced the launch of an advanced zk based scaling solution that could potentially solve Ethereum’s network congestion.
- Polygon’s Miden virtual machine will offer faster validation as it improves the efficiency of the MATIC network.
- Polygon has generated over $610,000 in network revenue over the past week.
- Analysts are bullish on MATIC, setting a target of $6.72 for the end of the current bull run.
Despite a drop in Ethereum transaction fees, the network suffers from congestion. MATIC network is addressing the congestion through its new scaling solution Miden.
Miden to boost MATIC utility in the latest update on Polygon network
Polygon Network prepares for a new update to tackle the congestion on the Ethereum network. The zero-knowledge (zk) rollup is compatible with Ethereum. Miden virtual machine supports arbitrary logic and transactions like other zk rollups.
The Miden virtual machine’s addition is an important step in overcoming technical challenges on the Polygon network. Polygon will offer developers the ability to compile smart contracts directly into Miden assembly.
Miden will be flexible, Ethereum-centric and support formal verification.
On-chain activity on the Polygon network has hit a high, generating $610,000 in revenue over the past week. Transactions on MATIC have exceeded ETH by over four times. With the launch of Miden, proponents expect a spike in utility and adoption of native token MATIC.
Polygon network has remained a layer-2 scaling solution for a long time, scaling services and solutions faster. MATIC has attracted developers and applications from the Ethereum network. MATIC offers higher risk-adjusted returns than Ethereum, making it a lucrative token for investors.
Analyst at the YouTube channel “Invest and Trade with Jaxx” is bullish on MATIC. The analyst has set a target of $6.72 for MATIC price before the end of the current bull run in 2021.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
