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Why Polygon (MATIC) Crypto Is Trading 59% Higher Today

·1 min read

Polygon (CRYPTO: MATIC) soared 59.22% to $0.4637 in the early hours of Friday at press time.

What Happened: The coin, previously known as Matic Network, has risen 135.95% in a seven-day trailing period.

On Thursday, the rebranded coin launched on Coinbase, which sent it soaring.

Polygon, an interoperability and scaling framework for the Ethereum (CRYPTO: ETH) blockchain, is somewhat akin to Polkadot (CRYPTO: DOT).

Like DOT, MATIC also envisions a solution spanning interconnected blockchains, but for the ETH platform. Polygon touts itself as “Ethereum’s internet of blockchains.”

See also: How to Buy Stocks

DOT traded 1.57% lower at $36.36 at press time, while ETH traded 0.72% higher at $1,797.07. The apex cryptocurrency Bitcoin (CRYPTO: BTC) was up 2.24% at $56,775.83.

Why It Matters: Cryptocurrencies like ENJIN (CRYPTO: ENJ) have soared and social media is attributing high fees on the ETH network as the reason for gains.

Last week, the average fees for transacting on ETH blockchain passed $20 levels, according to CoinDesk.

Polygon has become the latest to join the fray of coins trying to address ETH’s fee and technological limitations.

So-called ETH killers like DOT, Cardano (CRYPTO: ADA), Solana (CRYPTO: SOL), and Fantom (CRYPTO: FTM) saw record gains this year as they strive to challenge the supremacy in the smart contract arena.

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