Biconomy, a partner of the Polygon ecosystem, has announced the implementation of Account Abstraction on the Polygon zkEVM Mainnet. This is a significant milestone for the ecosystem as it offers Ethereum scalability, improved performance, and security.
The implementation of Account Abstraction will enable users to interact with the network without the need to hold Ether or pay gas fees, thus providing a seamless and intuitive user experience.
The Polygon zkEVM Mainnet harnesses the power of zero-knowledge proofs to reduce transaction costs and increase throughput while inheriting the security of Ethereum.
This means that developers can deploy existing smart contracts, developer toolings, and wallets on Polygon zkEVM seamlessly.
The Biconomy SDK offers builders several benefits that support Polygon zkEVM. These include gasless transactions, ERC20 gas payments, session keys, fiat on/off ramp, and batched transactions. This significantly simplifies onboarding for new users and reduces the friction of interacting with the network.
Polygon zkEVM is the first zero-knowledge scaling solution that is fully equivalent to an EVM. This means that developers can deploy their contracts without making any changes to the code. Additionally, Polygon Zero tech provides the fastest ZK proof, and the use of ZK proofs ensures transaction validity and safeguards user funds. The use of Recursive STARK further enhances scalability.
Polygon zkEVM offers a 90% fee reduction with on-chain data, making it an attractive option for users looking to reduce transaction costs. With Biconomy’s implementation of Account Abstraction, users can now enjoy a more intuitive and frictionless experience, which is likely to drive user adoption of Polygon’s network.
Polygon’s recent price analysis
Polygon price analysis for today reveals MATIC prices have followed the entire cryptocurrency bullish wave and remain above $1.2. Polygon is currently trading at $1.23, with a 24-hour trading volume of $604,510,812. Polygon’s market capitalization stands at $10,775,385,338.
The technical indicators on the daily and 4-hour timeframes indicate that MATIC is in a strong bullish trend. The MACD indicator shows increasing buying pressure, while the RSI is currently at 77. Moving averages point to upwards momentum.
The price of Polygon is above the 21-day moving average, and the 9-day EMA is trending upwards. The 50-day MA is also above the 100-day MA, which indicates a bullish trend in the medium term.
The recent implementation of Account Abstraction on Polygon zkEVM Mainnet and the subsequent rise in prices suggests that Biconomy has brought a much-needed boost to the Polygon ecosystem. As users continue to avail these benefits and more, MATIC prices will likely continue to remain above $1.2.
