Market
Polygon (MATIC) strives for a new ATH. at
Strong fundamentals and steady growth in the Polygon network are just some of the factors behind MATIC’s recent rally above $ 2.
Being at the center of the discussions and price speculation supported this year’s major rallies for Layer 2 Ethereum solutions. The parabolic growth of the DeFi and NFT sectors has also led to rising costs for simple transaction execution, which has led developers and investors alike to switch to layer-2-capable platforms.
One Layer 2 solution where token prices hit new ATHs earlier this year and is now ready to make another breakthrough is Polygon (MATIC), a Proof-of-Stake (PoS) blockchain protocol, that aggregates a scalable solution on top of Ethereum to support its multi-chain ecosystem.
Data from TradingView shows that MATIC hit a low of $ 1.01 on September 21 and has been in a steady uptrend for the past few months, currently hovering above the $ 2.10 mark.
MATIC / USDT 1-day chart | Source: TradingView
Polygon’s ecosystem is expanding and evidence of this can be seen in the increase in protocol launches, cross-chain migrations, and centralized exchange traded products (ETP) launches. Focus on polygon and the steady increase in user activity.
Expansion of the ecosystem
One of the biggest drivers of MATIC and on-chain activity is the addition of new protocols to the introductions of polygon network protocols and cross-chain migration.
The decentralized exchange IDEX was opened yesterday (December 1st) notification that they will be rolling out their version of V3 on the Polygon Network, making it the first combined liquidity DEX on Polygon.
Tomorrow. About 12 hours PST. IDEX v3, first Hybrid Liquidity DEX on Polygon.
- Combination of AMM + liquidity order book
- Trading bonus + liquidity mining
- No failed transactions
- Current limit and stop-loss orders
- Favorable transaction fees ”.
The Polygon Network has seen NFT project launches such as the OpenBiSea NFT marketplace and game / DeFi platforms such as Rainmaker Games, Harvest Finance and Jarvis Network.
Currently the Uniswap community is voting on whether to add polygon support for Uniswap v3, and after a majority vote in phase 1 on November 25th, the process has moved to phase 1, paragraph 2.
Strengthening support for institutional investors
Another reason for Polygon’s bullish performance is the interest of institutional investors. Several ETP products for Polygon have been listed in the past few months, including the Osprey Polygon Trust in September and the 21Shares Polygon ETP in November.
Polygon is also on the list of properties under investigation by Grayscale Investments as a potential trust candidate.
The network has also benefited from a $ 20 million mutual fund run by Wintermute, a digital asset market maker, that is focused on driving decentralized application media (dAp) development on Polygon.
The polygon network is currently receiving increasing attention, as it relates to the hosting of the ZK summit on September 9th.
The third reason for MATIC’s bullish action is the steady increase in users on the network, which is evidenced by an increase in holding addresses.
Addresses with a balance other than zero vs. MATIC price | Source: Intotheblock
As shown in the graphic above, the number of polygon wallet addresses with non-zero credit has steadily increased over the course of 2021 and is currently at an ATH of 282,760.
Evidence of increased activity can also be found in the data on total income from network charges, which rose continuously in the second half of 2021.
MATIC price compared to total sales | Source: Token Terminal
As new protocols continue to be listed on the Polygon network, the statistics are likely to rise as new users continue to use the platform to avoid the high fees on the Ethereum network.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to Cointelegraph
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Market
Polygon (MATIC) strives for a new ATH. at
Strong fundamentals and steady growth in the Polygon network are just some of the factors behind MATIC’s recent rally above $ 2.
Being at the center of the discussions and price speculation supported this year’s major rallies for Layer 2 Ethereum solutions. The parabolic growth of the DeFi and NFT sectors has also led to rising costs for simple transaction execution, which has led developers and investors alike to switch to layer-2-capable platforms.
One Layer 2 solution where token prices hit new ATHs earlier this year and is now ready to make another breakthrough is Polygon (MATIC), a Proof-of-Stake (PoS) blockchain protocol, that aggregates a scalable solution on top of Ethereum to support its multi-chain ecosystem.
Data from TradingView shows that MATIC hit a low of $ 1.01 on September 21 and has been in a steady uptrend for the past few months, currently hovering above the $ 2.10 mark.
MATIC / USDT 1-day chart | Source: TradingView
Polygon’s ecosystem is expanding and evidence of this can be seen in the increase in protocol launches, cross-chain migrations, and centralized exchange traded products (ETP) launches. Focus on polygon and the steady increase in user activity.
Expansion of the ecosystem
One of the biggest drivers of MATIC and on-chain activity is the addition of new protocols to the introductions of polygon network protocols and cross-chain migration.
The decentralized exchange IDEX was opened yesterday (December 1st) notification that they will be rolling out their version of V3 on the Polygon Network, making it the first combined liquidity DEX on Polygon.
Tomorrow. About 12 hours PST. IDEX v3, first Hybrid Liquidity DEX on Polygon.
- Combination of AMM + liquidity order book
- Trading bonus + liquidity mining
- No failed transactions
- Current limit and stop-loss orders
- Favorable transaction fees ”.
The Polygon Network has seen NFT project launches such as the OpenBiSea NFT marketplace and game / DeFi platforms such as Rainmaker Games, Harvest Finance and Jarvis Network.
Currently the Uniswap community is voting on whether to add polygon support for Uniswap v3, and after a majority vote in phase 1 on November 25th, the process has moved to phase 1, paragraph 2.
Strengthening support for institutional investors
Another reason for Polygon’s bullish performance is the interest of institutional investors. Several ETP products for Polygon have been listed in the past few months, including the Osprey Polygon Trust in September and the 21Shares Polygon ETP in November.
Polygon is also on the list of properties under investigation by Grayscale Investments as a potential trust candidate.
The network has also benefited from a $ 20 million mutual fund run by Wintermute, a digital asset market maker, that is focused on driving decentralized application media (dAp) development on Polygon.
The polygon network is currently receiving increasing attention, as it relates to the hosting of the ZK summit on September 9th.
The third reason for MATIC’s bullish action is the steady increase in users on the network, which is evidenced by an increase in holding addresses.
Addresses with a balance other than zero vs. MATIC price | Source: Intotheblock
As shown in the graphic above, the number of polygon wallet addresses with non-zero credit has steadily increased over the course of 2021 and is currently at an ATH of 282,760.
Evidence of increased activity can also be found in the data on total income from network charges, which rose continuously in the second half of 2021.
MATIC price compared to total sales | Source: Token Terminal
As new protocols continue to be listed on the Polygon network, the statistics are likely to rise as new users continue to use the platform to avoid the high fees on the Ethereum network.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
