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Celestia, THORChain and Polygon Continue Rapid Gains, Here Is What’s Happening
- Celestia’s TIA token has surged 122% since launch. It’s crucial for blockspace payment, governance, proof-of-stake, and bootstrapping new rollups on the Celestia Network.
- THORChain’s RUNE token rose 588% from its June low, with the introduction of some much anticipated developments.
- Polygon’s MATIC has surged 78% in a month, on the back of the introduction of Polygon 2.0, transitioning to a zero-knowledge-based chain (zkEVM), enabling cross-blockchain transactions.
TIA Gains 122% Since Inception
At the time of writing Celestia TIA trades for US $4.63 (AU$ 7.25) which is a solid 93% gain in the past three days. The Celestia Network only launched last week, and is among some new “data availability” solutions which try to help speed up the Ethereum network.
The Celestia Network assigns four main roles to its native token, TIA. First, it’s used for paying for blockspace, where rollup developers pay a TIA fee for data availability. Second, it serves in governance and voting, allowing users to propose and vote on governance motions by staking TIA. Third, it’s instrumental in proof-of-stake, enabling users to delegate TIA to validators and earn staking rewards, which in turn enhances network security. Lastly, TIA is utilised for bootstrapping new rollups, offering developers a means to use TIA as a gas token and currency to swiftly start their chains.
THORChain Pumps 220%
THORChain (Rune) meanwhile, is trading for US $5.15 (AU$ 8.09), which is an increase of 220% in the past three months, or close to 588% since its low point on June 14, when RUNE was trading for US $0.768 (AU$ 0.77).
In Q3, THORChain (RUNE) experienced considerable growth and development. It completed the combination of Swap, Save, and Borrow by introducing a Lending protocol that stands out for having no liquidations, no interest, and no expiration.
This period also saw the addition of Streaming Swaps, elevating THORChain’s competitiveness against centralised exchanges and resulting in a significant increase in daily volume. The integration of BNB Smart Chain and network enhancements, savers, and lending protocols marked further advancements. The implementation of Planned Obsolescence was mostly achieved, and major integrations were successfully executed, making it a highly productive three months for THORChain.
Polygon Surges Close to Dollar
Polygon (MATIC) has also experienced a 78% price increase in the past month. One MATIC is currently trading hands for US $0.912 (AU$ 1.43), as CoinMarketCap shows.
MATIC is undergoing an upgrade which introduces a new multifunctional token, POL, marking a significant step towards Polygon 2.0. This transition aims to shift from a proof-of-stake network to a more efficient and secure zero-knowledge-based chain (zkEVM). POL is designed to enable transaction validation across various blockchains in the Polygon ecosystem. Its launch on the Ethereum mainnet is a key milestone, aligning with Polygon’s vision to be a leading scaling solution for Ethereum and the decentralised finance world.
Given this bullish sentiment, trader Rekt Capital believes more price appreciation is on the horizon for Polygon.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
