Polygon announced the release of the zkEVM testnet Hermez, can this increase the value of MATIC?

The decentralized Ethereum (ETH/USD) scaling platform Polygon (MATIC/USD) has rolled out the first public testnet for the Layer-2 solution, Hermez.

This Polygon zkEVM testnet became available on October 10, 2022, enabling developers to create zero-knowledge applications using Solidity.

Polygon is a Layer-2 scaling solution powered by its native cryptocurrency, MATIC. MATIC is an ERC-20 token used for securing the network and for the payment of network fees. 

In the latest Polygon news, on October 10, 2022, Polygon made an official announcement on their blog surrounding the launch of the zkEVM public testnet.

Polygon initially acquired Hermez in 2021 for $250 million, which is a Layer-2 scaling solution that runs on top of Ethereum and aims to boost its scalability and allow it to process more transactions at affordable prices.

Hermez is a type of solution known as a zkEVM that offers benefits that other Layer-2 networks do not in the form of security and application customization.

zkEVMs enhance all of the benefits already provided; however, they also let developers create Zero Knowledge (ZK) applications using the industry standard coding language Solidity.

This means that applications and developers get all of the security and scaling benefits without needing to learn a new coding language. 

Furthermore, the announcement highlights how Polygon zkEVM offers greater capital efficiency while enabling businesses to build quick, low-fee decentralized applications on Ethereum.

On October 11, 2022, Polygon (MATIC) had a value of $0.8055.

MATIC/USD Chart by Tradingview.

The all-time high of the Polygon (MATIC) cryptocurrency was on December 27, 2021, at a value of $2.92. Here we can see that it is now trading at $2.1145 or 72% under its all-time high point of value.

When we go over the weekly performance of the cryptocurrency, we can see that MATIC’s low point was at a value of $0.799406, while its high point was at $0.856589. This showcases a difference in the value of $0.057183 or by 7%.

However, its 24-hour performance showcases a similar story, with its low point at $0.796280 and its high point at $0.841329. This is a difference of $0.045049 or by 5%.

With this in mind, it is clear that weekly price movements of the token can range along the range of 10%.

With this in mind, investors might want to purchase Polygon (MATIC), as, by the end of October, it can increase to $0.1.

The post Polygon announced the release of the zkEVM testnet Hermez, can this increase the value of MATIC? appeared first on Invezz.