MATIC market cap surpasses Shiba Inu 

According to data from Coingecko, MATIC has finally overtaken Shiba Inu in terms of market capitalisation. With a current market valuation of $16.65 billion, MATIC now ranks as the 13th largest crypto-currency, ahead of Shiba Inu’s market capitalisation of $16.43 billion.

Polygon (MATIC) rebounded nearly 16% as investors bought the altcoin market’s decline. The Polygon community also welcomed the news that the Associated Press (AP) is preparing to launch its NFT marketplace on the Polygon blockchain.

Large investors have purchased millions of MATIC tokens, as indicated by WhaleStats data. Polygon also announced the debut of Plonky2, a recursive SNARK that it claims is 100 times faster than existing alternatives and is natively compatible with Ethereum.

“Plonky2 is a recursive SNARK that is 100x faster than existing alternatives and natively compatible with Ethereum. It combines PLONK and FRI for the best of STARKs, with fast proofs and no trust configuration, and the best of SNARKs, with recursion support and low verification cost on Ethereum.”

This is a big step forward in terms of transaction speed and cost efficiency for the cryptocurrency, adding a host of uses to the already popular coin.

And that’s not the only good news for MATIC. Last night, on 10 January, the Associated Press announced that it was launching a non-fungible token (NFT) market for its tokenized photo collection. Which crypto network will host the NFTs, you ask? None other than Polygon, Ethereum’s (CCC:ETH-USD) Level 2 scaling network.