Polygon (CRYPTO: MATIC) soared 59.22% to $0.4637 in the early hours of Friday at press time.
What Happened: The coin, previously known as Matic Network, has risen 135.95% in a seven-day trailing period.
On Thursday, the rebranded coin launched on Coinbase, which sent it soaring.
MATIC, SKL and SUSHI are now live on https://t.co/bCG11KMQ6s and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store MATIC, SKL and SUSHI. https://t.co/bfBNjNtMAB
— Coinbase (@coinbase) March 11, 2021
Polygon, an interoperability and scaling framework for the Ethereum (CRYPTO: ETH) blockchain, is somewhat akin to Polkadot (CRYPTO: DOT).
Like DOT, MATIC also envisions a solution spanning interconnected blockchains, but for the ETH platform. Polygon touts itself as “Ethereum’s internet of blockchains.”
DOT traded 1.57% lower at $36.36 at press time, while ETH traded 0.72% higher at $1,797.07. The apex cryptocurrency Bitcoin (CRYPTO: BTC) was up 2.24% at $56,775.83.
Why It Matters: Cryptocurrencies like ENJIN (CRYPTO: ENJ) have soared and social media is attributing high fees on the ETH network as the reason for gains.
Last week, the average fees for transacting on ETH blockchain passed $20 levels, according to CoinDesk.
Polygon has become the latest to join the fray of coins trying to address ETH’s fee and technological limitations.
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