Ethereum Layer 2 scaling solution Polygon (MATIC) has seen a massive 1493.81% increase in large transaction volume, indicating whale activity.
Spike in large transaction volumes implies higher activity among institutional buyers and sellers. In this perspective, large transactions exceed $100,000.
According to IntoTheBlock, Polygon’s large transaction volume has increased by 1493.81% in the last 24 hours, reaching $102.87 million. This is equivalent to 203.98 million MATIC in cryptocurrency terms. Notably, this is a seven-day high.
However, the price of MATIC has barely moved in response to the surge in whale activity. At the time of writing, MATIC is up 0.84% in the last 24 hours to $0.511. What could happen next for the price of MATIC, a sustained rebound would target the 50 and 200 daily moving averages at $0.6118 and $0.808 respectively.
On the other hand, if the bears return, support is expected in the $0.42 range.
Polygon Miden Alpha v3 Testnet Launched
In a recent update, Polygon announced that the Miden zkVM update package, Miden Alpha Testnet v3, is now available.
Miden alpha test version just got better
What’s new, you ask?
◦ transition notes for sub-second order updates
◦ great CLI
◦ Miden WASM client for use in a browser💡 check out the training materials: https://t.co/qqOsnlMWaS pic.twitter.com/83Oz7NAgzH
— Polygon | Aggregated Data (@0xPolygon) July 10, 2024
Miden is an innovative zkVM rollup that is still in the testnet phase. It allows users to generate and execute their own zero-knowledge proofs, known as client-side proofs. Developers can create dApps that allow users to prove their local state, providing sovereignty and significantly higher throughput than conventional systems.
In other positive news, TON Applications Chain (TAC) is developing a zk-based Layer 2 network with Polygon CDK that will connect to AggLayer, ensuring seamless interoperability and unified liquidity across the entire TON blockchain ecosystem.