• Polygon, an Ethereum scaling solution, has proposed a technical update to upgrade its PoS sidechain into a zk-powered validium.
• MATIC price had a recovery rally, but the 20-day EMA rebuffed the rally resulting in most of its gains being pared.
• If approved, the PoS chain upgrade will introduce zkEVM valadium which is similar to roll-ups and will keep applications running with low transaction fees.
Polygon Proposes Technical Update
Developers at Polygon have put forward a proposal to upgrade the Polygon PoS sidechain into a zk-powered validium. The blockchain platform’s PoS sidechain would become the first of its kind zk-compatible layer 2 blockchain if approved. The decision to upgrade aligns with Polygon’s goal of including it in their Polygon 2.0 vision for greater security and scalability of transactions on Ethereum networks.
MATIC Price Rally Falters
MATIC price had been witnessing a bull run prior to June 22 when the 20-day EMA rebuffed the rally resulting in most of its gains being pared. To instill confidence in the rally again, bulls need to flip the 20-day EMA resistance near $0.714 while breaking and consolidating above this level could give MATIC price an opportunity to target 50-day EMA resistance near $0.8 before corrections set in again. Else, it may drop back down to support near $0.66 if the rally fails altogether.
What is Valadium?
Valadium is similar to roll-ups in terms of security but their transaction data is available off-chain instead of on Ethereum mainnet as seen in rollups . It promises users lower cost and higher throughput than traditional rollups making transactions cheaper and faster on Ethereum networks without compromising on security standards or application performance.
SEC Lawsuit Against Binance & Coinbase
Despite US SEC filing lawsuits against Binance & Coinbase recently, Polygon has promised new technical updates and followed up on them by proposing this upgrade for their PoS sidechain into Valadium . This shows that such legal actions do not deter cryptocurrency firms from pursuing their roadmap diligently even amidst such volatility caused due to sudden regulatory changes or announcements .
In conclusion , developers at Polygon are confident that upgrading their Pos Sidechain into Valadium will bring great benefits for users while also adhering to strict security standards set by Ethereum networks . Meanwhile , MATIC price continues its recovery although continued bullishness remains dependent upon flipping over certain key resistances levels like 20 day EMA .