Polygon Launches Miden Alpha Testnet: Unlocking Self-Sovereign Innovation

• Polygon has launched the highly anticipated Miden Alpha testnet designed to unlock self-sovereign innovation.
• The testnet brings new exciting features for builders and is expected to eventually connect to the AggLayer.

Polygon has shared exciting news with the crypto community, as it revealed that it has launched the Miden Alpha testnet. According to the development team, the testnet is a zk self-sovereign focused chain ready for developers seeking to experiment beyond what’s currently feasible on EVM chains.

According to the announcement shared via a thread on the X platform, Miden is yet another way for devs to do what they want, how they want. The team further discusses “client-side proving” which allows Miden users to locally generate proofs for their own state transitions without having to disclose the state to the network.

This innovation further boosts the network’s overall health. As the team notes, the client-side proofs lower the burden of the network, helping scale privacy.

babe, wake up, it’s here: the Polygon Miden Alpha Testnet is live—a zk self-sovereign focused chain ready for pioneers who want to cook.

join the brand new alpha telegram to start the Miden journey rn: https://t.co/ZWOI7MQOWp

soo what can you do on this testnet anyway? pic.twitter.com/xwgg0pMTys

— Polygon | Aggregated (@0xPolygon) May 6, 2024

The team calls on developers to “experiment with building: private notes and public notes; private accounts and public accounts; execution of simple smart contracts (like mint tokens, send and receive assets, and build a faucet).” Eventually, Miden is expected to eventually connect to the AggLayer, the team adds.

Polygon (MATIC) Price Outlook

Polygon’s MATIC has been flashing mixed signals with neither the bulls nor bears taking control of the price trend. MATIC has come under intense bearish pressure in the last 24 hours, plunging by 4%. This is a bullish reversal after posting a 6.6% price rally in the last 7 days. At the time of press, MATIC is trading for $0.7057.

As CNF reported, MATIC investors eagerly await a breakout from its consolidation phase, aiming for a price surge. Recent data shows a decline in MATIC supply on exchanges, suggesting potential price spikes. Market experts have shared a bullish outlook, projecting a retest of the $1 resistance in the coming months.

As CNF reported, the Polygon network has celebrated hitting new milestones with a new all-time high in daily active addresses. The blockchain’s daily active addresses have consistently surpassed the 1 million mark over the past few weeks, culminating in a record high on May 1st.

However, other metrics show that despite the rise in active addresses, fees plummeted significantly, resulting in a decline in the blockchain’s revenue. Furthermore, Polygon’s performance in the DeFi sector failed to reach expectations, as evidenced by a drop in its Total Value Locked (TVL).

Despite these short-term failures, experts remain confident of the altcoin’s long-term outlook. The 20th-ranked altcoin is down by more than 75% from its all-time high, offering one of the low-risk, high-reward investments.