Is Polygon (MATIC) rise fueled by the Green Blockchain Summit?

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Is Polygon (MATIC) rise fueled by the Green Blockchain Summit?

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 Is Polygon (MATIC) rise fueled by the Green Blockchain Summit?
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Highlights:

  • Polygon (MATIC) is a Layer 2 solution for Ethereum scaling and infrastructure development.
  • Polygon was launched in October 2017.
  • MATIC is the ERC-20 standard native token of Polygon.

The cryptocurrency token MATIC of Polygon network (formerly Matic Network), jumped on Tuesday ahead of its co-founder Sandeep Nailwal’s discussion with the Polygon ZK team about the latest update on ZK at 11:30 am Tuesday ET.  

 

The token gained attention driven by the update and rose 0.52% to US$0.573 at 9:12 am ET. 

 

Besides today’s discussion, another reason for its trading volume rise could be attributed to the Green Blockchain Summit, which Polygon will host on July 13. This event is aimed to bring together a larger community to fight against climate change by reducing carbon footprints. 

 

Although the company has been doing its bit and set aside US$20 million for climate projects and even hired a sustainability lead' in order to achieve its goal of becoming carbon negative in 2022, now, it wants to take it to a higher level by involving more people towards the cause. 

The sustainability-focused event will feature founders, investors, academics, etc., while the discussion topics will range from on-chain carbon credits and NFTs to climate-related lessons from other industries. 

 

The Summit has a concrete goal to achieve through this event. It will look to persuade others to agree to collaborate on a framework for blockchain sustainability standards.

 

Anybody can participate in the event as the company has kept the virtual summit open to the public.  

 

In April, the company announced to go carbon negative by the end of this year, and since then, it has used US$400,000 in carbon credits to end its CO2 debt since inception, which was around 104,794 tons of greenhouse gases.

MATIC token:

MATIC token has a market capitalization of US$4.58 billion with a circulating supply of 8.01 billion MATIC. 

 

The token’s 24 hours volume rose 75.18% to US$735 million after the updates. 

 

One can buy, sell, and trade the token on crypto exchanges, including Binance, OKX, Bitget, etc. 

Bottom line:

The polygon protocol offers scalability solutions. Amid the broader market downturn in one month, the MATIC token has gained around 10% in the same period. Nonetheless, the crypto market is extremely risky, and investors must exercise caution before investing in them. 

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