Earlier today, Polygon (MATIC), the traditional currency of the famed Layer two solution on the ETH blockchain, achieved yet another peak price of $2.70. Both Shiba Inu (SHIB) and MATIC were of today’s considerable gainers in the crypto space because the two coins climbed beyond 20% over 24 hours due to two significant factors.
The entire crypto market experienced green tradie figures this past week; however, the growth rate of both MATIC and SHIB outpaced any of the other altcoins. Polygon (MATIC) edged closer to the 13th biggest cryptocurrency Shiba Inu (SHIB).
Polygon (MATIC) is now just a whisker away from equalling Shiba Inu (SHIB) and displacing the 13th largest cryptocurrency to the 14th position. Judging from data collated from Coinmarketcap, both MATIC and SHIB have an estimated value of $19.3 billion and $18.7 billion, respectively.
Polygon (MATIC) coin spiked 24% due to Uniswaps UNI token holders unanimously voting in the direction of deploying the third installment of the well-known automated market maker on MATIC last week. This unanimous decision was proposed by Polygon Co-founder Mihailo Bjelic earlier in November.
The primary factor that helped skyrocket the price of MATIC coin to a record high can be attributed to Uniswaps v3 contracts that were dished out to Polygon on December 22.
In contrast to Uniswap, Polygon offers relatively cheaper transactions on the Ethereum network. Uniswap has been constantly known to attract high fees on the ETH blockchain making DEX unaffordable to the average trader.
The Uniswap v3 contracts are already available on Arbitrum and Optimism, two of Ethereum’s alternative scaling solutions. Although compared to the total locked-in-value, those available deployments are only a drop of water in an ocean.
Shiba Inu’s Personal Scaling Solution
Shiba Inu (SHIB) is a crypt token running on top of the Ethereum network. SHIB is also affected by major scaling issues that Ethereum – (the second largest blockchain in the world) currently experiences. To tackle this scaling issue, Shiba Inu’s developers are working on a layer two network called “Shibarium.”
The projected date for the launch of this new scaling solution remains unknown. However, the developer of ShibaSwap, Eric M., commented recently that the new launch will arrive “SOON.”
Sentiments Whipped Up Due To Developments In The Shiba Inu Ecosystem
There is currently a wave of sentiments revolving around crypto space due to some recent developments in the Shiba Inu Ecosystem. The sentiments can be attributed to the vast adoption currently trailing the altcoin due to developments in the SHIB ecosystem.
As a result of recent announcements from Shiba Inu’s primary developer Eric M. regarding the possibility of deploying Shiba Inu (SHIB) layer two solutions, “Shibarium,” optimism, and expectations concerning SHIB have hit the roof.
The proposed layer two solutions aim to make transactions cheaper and faster than their current state on the ETH blockchain. The layer two solution is also seen as a facilitator of Shiba Inu’s iteration of the metaverse.
