Polygon MATIC/USD 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.
Polygon, an interoperability and scaling framework for the Ethereum ETH/USD blockchain, is somewhat akin to Polkadot DOT/USD.
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 BTC/USD was up 2.24% at $56,775.83.
Why It Matters: Cryptocurrencies like ENJIN ENJ/USD 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.
So-called ETH killers like DOT, Cardano ADA/USD, Solana SOL/USD, and Fantom FTM/USD saw record gains this year as they strive to challenge the supremacy in the smart contract arena.
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