Whales have been actively acquiring MATIC over the past six weeks since early May.

According to the WhaleStats' recent tweets, large Ethereum whales are buying a great amount of Polygon's native coin MATIC, while the coin has added more than 26 percent in the past two days and in total has gained roughly 70 percent since the start of the week. WhaleStats has reported that over the past 24 hours, a whale known as "BlueWhale0072" has made two transactions, acquiring 10,000,000 and 4,723,190 MATIC tokens. All-in-all, these two purchases were worth US$8.7 million. As covered by U.Today earlier, whales have been actively acquiring MATIC over the past six weeks since early May. By doing so they have demonstrated a 9-percent rise in their balances of wallets holding from 100 million to 1 billion tokens.

While Matic is still around 83 percent down from its ATH price of US$2.92 achieved on 27th December 2021, the current surge in the price of the token has come as a relief for investors battered by a prolonged downturn in the market.

"Polygon (MATIC), recently achieved carbon neutrality (a balance between emitting and absorbing carbon). This has led to a surge in MATIC price in the last few days, jumping up by 30%. The hourly trend for MATIC has broken out of the ascending triangle pattern. The next resistance is expected at the US$0.73 level." WazirX Trade Desk shared in a note.

MATIC partners with KlimaDAO for Carbon neutrality

In a recent blog, Ethereum's layer-2 scaling solution revealed its partnership with KlimaDAO. MATIC recently published an environmentally friendly Green Manifesto and bought US$400K in carbon credits, which is equivalent to 104,000 tonnes of greenhouse gas. This matches the entire carbon usage of MATIC since its inception in 2019. This will make Polygon more acceptable for institutional investment. MATIC is into oversold territory. A reasonable projection for the coin in 2025 could be around the $6-8 mark based on a technical outlook.

Sandeep Nailwal, the co-founder of Polygon took up the initiative to turn the project net positive for the environment. Nailwal acknowledged the current environmental crisis and announced that MATIC has pledged US$20 million to utilize Web3 and create a sustainable future.

MATIC's recent expansion has made the layer-2 scaling solution more effective, as it is embraced by hundreds of blockchain projects like AAVE, QuickSwap, and Curve Finance. MATIC recently launched a scalable payments platform and increased transactions per second to 2,000.

What Is Polygon (MATIC)?

Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.

Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra required by the developer. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum's security, vibrant ecosystem, and openness.

What Makes Polygon Unique?

Polygon is self-described as a Layer 2 scaling solution, which means that the project doesn't seek to upgrade its current basic blockchain layer any time soon. The project focuses on reducing the complexity of scalability and instant blockchain transactions.

Polygon uses a customized version of the Plasma framework which is built on proof-of-stake checkpoints that run through the Ethereum main chain. This unique technology allows each sidechain on Polygon to achieve up to 65,536 transactions per block.

Commercially, the sidechains of Polygon are structurally designed to support a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem. While Polygon currently supports only Ethereum basechain, the network intends to extend support for additional basechains, based on community suggestions and consensus. This would make Polygon an interoperable decentralized Layer 2 blockchain platform