Polygon (MATIC) recently surpassed Dogecoin on the list of cryptocurrencies by market capitalization. Polygon now occupies the 9th rank, while Doge still clings to the top-ten list. Despite the pull-back in prices of crypto assets on the daily charts, the MATIC token still has a market capitalization of $12 billion.
Currently, the only altcoins that sit ahead of MATIC are ETH, BNB, XRP, and ADA. Polygon was created to scale the Ethereum blockchain. Although several other blockchain protocols have been invented for this purpose, Polygon leads the pack.
Despite the transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS), Polygon still has a significant role in the crypto ecosystem as a layer-two chain. Notably, Ethereum’s previous consensus mechanism held the network back from scaling. This set-back ended last year as the merge was finally completed.
Polygon Thrives Post-Ethereum Merge
With the completion of the Ethereum merge, the Polygon community has continued to thrive. Recently, the Polygon team announced via Twitter that its zkEVM Mainnet beta launch would be live on the 27th of March. This Mainnet beta launch has been labelled as the future of Ethereum scaling.
Polygon also announced that the network had smashed some significant milestones in its journey towards improving the Ethereum network. So far, over 5,000 smart contracts have been deployed, and 75,000+ Zk proofs have been generated. Further, more than 300,000 blocks have been produced, and two public audits were successfully completed.
In its official website, the Polygon team applauded the support it has received from the public. The team stated:
“The Polygon Labs team is proud of the level of adoption to date. Without you–the members of the Polygon and Ethereum communities who have been willing to venture to the frontiers of ZK innovation–Polygon zkEVM wouldn’t be ready for Mainnet Beta.”
The Polygon team have also been active in striking strategic partnerships with web3 entities with significant potential. With the community growing ever stronger, its not difficult to see why MATIC flipped DOGE recently.
Although Dogecoin still has a strong fan base, the community has lost the strength it once boasted of in 2021. Dogecoin’s market capitalization is currently a little over $11 billion, about $700 million shy of MATIC.
In the past week, Dogecoin has soared by 2.5%, while the Matic token has seen an increase of 10%. Just above MATIC on the crypto market ranks is BUSD. Admittedly, the recent BUSD saga has pulled the stablecoin down the ranks. However, time will tell if Polygon (MATIC) can go a step further soon, surpassing not just Doge but also BUSD in the cryptocurrency market.