Polygon (MATIC) Announces New Scaling Solution Miden to Tackle Ethereum’s Network Congestion
Polygon (MATIC) is trending lower, weighed down by the market sentiment as market leader Bitcoin makes its way lower under the key $60,000 mark, even though its bearish moves are limited by strong fundamentals for now. At the time of writing, MATIC/USD is trading around $1.61.
Earlier this week, Polygon launched Miden – an Advanced zk-STARKs based scaling solution which can potentially solve Ethereum’s network congestion issues. The Miden Virtual Machine uses zero-knowledge proofs for offering scalability to EVM-compatible blockchains, a promising development for dApps as it offers simpler and faster validation even as it improves the overall efficiency of the Polygon network.
All You Need to Know About Polygon Miden
The Ethereum-compatible rollup leverages the Miden VM to support arbitrary logic and transactions – a drawback of typical ZK Rollups. Any program executed on the VM automatically benefits from the generation of STARK-based proof of execution, without having to repeat the process and even without knowledge of the program itself.
The Polygon Miden project is led by Bobbin Threadbare, former core developer of Distaff VM And Facebook’s Winterfell. Threadbare remarks, “Polygon’s addition of the Miden Virtual Machine represents an important stepping stone in helping to overcome some of the technical challenges of being able to rely on cryptographic proofs of computational integrity.”
To make the project even more attractive, Polygon will offer the ability for developers to compile Solidity-based smart contracts directly into Miden Assembly, its VM’s native language. With a focus on delivering Ethereum-compatibility, Polygon Miden will be highly flexible, supporting compilation of other higher-level languages, especially safe blockchain-centric languages with support for formal verification, including Move.
MATIC/USD Technical Analysis
On the 4-hour chart of MATIC/USD, most of moving averages along with the momentum indicator are flashing strong sell signals. However, the MACD suggests some buying interest in the market as well.
Polygon’s price is sitting under the pivot point at $1.73 but is holding above the immediate support at $1.53. Pay a close eye on this range as an uptick in buyers can cause a breakout to its upside while increased selling pressure can send MATIC tumbling below the support level.
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