Polygon announces the launch of Polygon Miden Alpha Testnet v2

According to Polygon, the Polygon Miden Alpha Testnet v2 has been made available. It basically adds more storage, a more user-friendly command-line interface, and more functionality. Polygon Miden is a zk-VM rollup that allows users to showcase their state transitions. This provides the idea of self-sovereignty along with better throughput than the existing solutions.

Some new features are public accounts & notes, a streamlined command line interface, SWAP notes, a note screener, increased data storage, and note refactorings.

For starters, public accounts and notes allow developers to store account or note data with complete transparency. This resembles the idea of public smart contracts on the Ethereum network. It works well for applications where smart contracts depend on the public state. A streamlined CLI—command line interface—is convenient and simple. It further enhances the state of being informative, making interactions easier with the testnet.

SWAP notes represent simple atomic asset SWAPs. Users can create a note consisting of an asset and a price dominated by another asset. Note Screener makes sure that only relevant notes are stored locally. Increased data storage and note refactoring virtually increase the storage capacity to unlimited and help create notes without assets.

Moving forward, the community can expect to see upcoming steps implemented. These include a Rust compiler, a Typescript SDK, and clients’ ability to consume notes.

The community has started responding to this development on X. Most have congratulated the team for achieving this feat. Others have sought answers to how it increases revenue sources.

That said, the effect on price is evident as well. MATIC is down by 0.54% in the last 24 hours and is listed at $0.7128 at the time of writing this article. However, it shows an increase of 4.78% over the previous 30 days and 2.46% for the last 7 days. The 24-hour trade volume has increased noticeably by 49.16%. Market capitalization is down by 0.55%.

Nevertheless, the near-term predictions for MATIC are optimistic. In the next five days, Polygon could be inching closer to $0.93552. This would set the stage for a jump to $0.852477, up by 17.17% from the current value. While that reflects retracing back to a lower value, it is still up from the current margin.

Overall sentiments are neutral despite the Fear & Greed Index showing 77 points. MATIC has seen green trades for 14 out of 40 days. The 14-day RSI is 52.53. The 50-day SMA and 200-day SMA stand at $0.709023 and $0.851708, respectively.

The market continues to be driven by speculation around the Spot Ether ETF. It could happen anytime soon once the US SEC approves the registration form. The agency has already given the green light to 19b-4.

Reactions to the recent update from Polygon are mixed. It is advisable to wait a couple of days before it starts fetching some results.