Polygon’s expanding ecosystem backs MATIC’s rise toward a new all-time high
Polygon (MATIC) is a proof-of– stake blockchain protocol that aggregates scalable solutions from Ethereum to support multi-chain ecosystems. It saw its token rate skyrocket earlier this year.
The subject of layer-two (L2) options to the Ethereum network has ended up being a hot topic. Speculation on the associated tokens supported the substantial rally in many protocols this year. Investors and developers migrated to L2-supportive platforms after the parabolic development in decentralized finance (DeFi), and nonfungible tokens (NFT) sector.
Cointelegraph Markets Pro and TradingView data reveal that MATIC dropped to $1.01 on September 21. Over the past few months, MATIC has actually remained in an uptrend and is now above $2.
Polygons community continues to grow. This can be seen in increased protocol launches, cross-chain migrating, the launch a Polygon-focused Exchange-Traded Product (ETP), and consistent user activity.
MATIC/USDT 1-day chart. Source: TradingView
Expansion of the Ecosystem
Presently, the Uniswap Community is voting on whether Polygon support ought to be contributed to Uniswap v3. After a majority of yes votes on Nov. 25, Phase 1 has actually been rescheduled for Phase 2.
Tomorrow. At 12PM PST. IDEX v3, first Hybrid Liquidity DEX, will release on @ 0xPolygon Combined AMM + Order Book Liquidity Trading Rewards + Liquidity Mining No stopped working transactions Real limitation & stop-loss orders Cheap transaction fees pic.twitter.com/1nmOEzEGLW
— IDEX (@idexio November 30, 2021
The addition of new protocols and cross-chain migrations to the Polygon network has been a significant motorist of MATIC rate and ON-chain activity.
Recently, IDEX revealed the launch of v3 on its Polygon network exchange, making it the very first Polygon hybrid liquidity DEX.
Polygon Network has experienced project launches from NFT platforms such as the OpenBiSea NFT Marketplace and gaming/DeFi platforms such as Rainmaker Games and Harvest Finance.
Increased institutional assistance
The Polygon network is getting more attention because it is preparing to host a ZK Summit Dec. 9, where designers will discuss “present state, future of zk STARKs and application of zero-knowledgeproofs.”
Increased interest from institutional investors is another factor for Polygons bullish cost action. In recent months, several exchange-traded Polygon items (ETPs), including the Osprey Polygon Trust and 21Shares Polygon ETP were listed.
Wintermute launched a $20 million fund to buy the network. This digital possession market maker concentrates on helping designers of decentralized Polygon applications get going.
Grayscale Investments is checking out Polygon as a Trust prospect.
Related: IDEX launches hybrid liquidity decentralized exchange for Polygon
Increase in active users and wallets
The consistent increase in users on MATIC, as revealed by a boost in wallet addresses that have a balance, is a third reason for bullish price action in MATIC.
The graph shows that the number of Polygon wallets with a balance has actually increased steadily throughout 2021, reaching an all-time high at 282,760.
Data from Cointelegraph Markets Pro showing VORTECS( tm), started to identify a bullish outlook on MATIC in October, prior to the recent price increase.
VORTECS( tm), Score (green), vs. MATIC Price. Source: Cointelegraph Markets Pro
The topic of layer-two (L2) options to the Ethereum network has actually become a hot topic. Speculation on the associated tokens supported the big rally in lots of protocols this year. Developers and financiers moved to L2-supportive platforms after the parabolic development in decentralized financing (DeFi), and nonfungible tokens (NFT) sector.
At 12PM PST. IDEX v3, very first Hybrid Liquidity DEX, will release on @ 0xPolygon Combined AMM + Order Book Liquidity Trading Rewards + Liquidity Mining No failed transactions Real limit & stop-loss orders Cheap transaction costs pic.twitter.com/1nmOEzEGLW
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Polygon cost vs. Total revenue Source: Token Terminal
Cointelegraphs unique VORTECS( tm), Score is an algorithmic comparison in between present and historic market conditions. It is based on a mix data points, consisting of trading volume, market sentiment and recent cost motions, and tweet activity.
The chart shows that the VORTECS( tm), Score for MATIC spiked to the green zone on October 15th and reached a peak of 94 simply 48 hours later on. This was prior to the rate began increasing by 57% over 6 weeks.
These stats will increase as new procedures list on the Polygon network. They are most likely to increase if brand-new users continue using the platform to avoid the high costs on the Ethereum network.
The information on total income from fees on the network shows proof of increased activity. This has actually been increasing steadily over the second half 2021.
Polygon addresses with a balance cost vs. MATIC. Source: Intotheblock
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