Polygon announced the release of the zkEVM testnet Hermez, can this increase the value of MATIC?

The decentralized Ethereum (ETH/USD) scaling platform Polygon (MATIC/USD) has rolled out the first public testnet for the Layer-2 solution, Hermez. This Polygon zkEVM testnet became available on October 10, 2022, enabling developers to create zero-knowledge applications using Solidity. Polygon is a Layer-2 scaling solution powered by its native cryptocurrency, MATIC.

Timeline of Polygon

Polygon has announced the release of its public zkEVM testnet, which will enable developers to test the development of privacy-enhancing zk-rollups in their respective decentralized applications.  The testnet launch is for Herzez, acquired by Polygon for $250 million last year.

Communication in Web3 has relied heavily on Web2 services such as Discord, Telegram, and Twitter — until now. Push Protocol launched its wallet communication service Push Chat at Devcon today (Oct.10).

Polygon is launching a public testnet for Ethereum scaling solution Hermez, as the race for a dominant Ethereum Layer 2 solution gets underway. The post Polygon launches testnet for Layer 2 network Hermez appeared first on The Block.

Blockchain development platform Polygon (CRYPTO: MATIC) on Monday announced the launch of its zkEVM Public Testnet, which seeks to achieve infinite scalability, high security, and a familiar developer experience to Ethereum  (CRYPTO: ETH). The company claimed to be the first project ever to deliver a full-featured, open-source implementation of zkEVM.

The Polygon (MATIC) price stunned the crypto space with a sudden move after rebounding from the bottom just above $0.813. The asset rose high, intending to reach $0.85, but eventually failed and is facing a notable rejection. However, the bulls are holding the price firmly above $0.83, signifying the revival of a bullish trend soon.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Polygon swift to climb past the mid-range mark last week Buyers look to be in control as Bitcoin battles to stay above $19k USDT Dominance has ranged from 7.28% to 7.

Crypto assets have different utilities, but at the end of the day, their performance will be evaluated by their trading price, volume and total market capitalization. That is perhaps the lesson that was reminded to the Polygon network and its native cryptocurrency MATIC, which continues to decline after attaining its all-time high just 10 months ago.

In its latest report, Polygon [MATIC] claimed to have recorded remarkable growth in the Decentralized Applications (dApps) arena. According to the third quarter assessment released on 7 October, dApps built on the Polygon chain stood at 53,000.

Polygon (MATIC), the Ethereum L2 project, has seen a massive increase in its price over the past seven days. The project has enjoyed much attention from the bulls, gaining over 14% in just one week.

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