Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.  Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.  The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.  Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.  Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygons recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.  At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com

View Details

Polygon Ecosystem On Fire: Daily Active Addresses And Transactions Soar, MATIC Gains 5%

Layer 2 scaling solution Polygon has maintained strong network activity even as the broader cryptocurrency market and its native token, MATIC, experienced a downturn in the second quarter of 2024, according to a new report from market intelligence platform Messari. Polygon Weathers Crypto Market Downturn While MATIC saw a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, placing it as the 20th largest crypto asset (currently at the 26th position), the protocol’s on-chain metrics remained strong.  This is in contrast to larger cryptocurrencies such as Bitcoin and Ethereum, which saw their market capitalization decline by 12% and 6%, respectively, over the same period. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? The key driver behind Polygon’s stability in network performance during the second quarter of the year, according to Messari, was the implementation of Ethereum Improvement Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024.  This upgrade, which introduced “blobs” to the network, significantly reduced the average transaction fee on Polygon from $0.017 to just $0.01, resulting in a decrease of 41.1%. As a result, Polygon’s revenue derived from network transaction fees fell 40.6% to $4 million in Q2 2024. However, this drop was not due to a decrease in user activity, but rather the lower fees enabled by EIP-4844. In fact, Polygon’s user metrics continued to soar, with the protocol seeing strong growth across several key indicators.  On-Chain Activity And Ecosystem Growth According to the report, the average number of daily active addresses climbed to 1.2 million, a 47.6% increase quarter-over-quarter (QoQ). The average number of daily returning addresses rose even more, up 50.5% to 1 million. Moreover, new addresses being added to the network grew by 31.7% to 167,800 per day on average. The report also notes that Polygon’s transaction volume also held steady, averaging 4.1 million daily transactions, just below its all-time high and representing a 3.9% increase from the prior quarter.  In comparison, fellow Layer 2 networks Arbitrum (ARB) and Base saw average daily active addresses of 545,000 and 528,000 respectively. Related Reading: Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10? While Polygon’s decentralized finance (DeFi) total value locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s price rather than a net outflow of capital. Messari reported that TVL denominated in MATIC actually increased by 38.1% to 1.8 billion tokens. However, DeFi protocols on Polygon saw mixed results, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL ranging from 13% to 25%. Quickswap saw the largest drop at 35%. Lastly, Polygon’s non-fungible token (NFT) market also remained stable, with average daily NFT volume dipping slightly by 5.7% to $1.8 million. However, the number of daily NFT sales actually increased by 1.8% to 52,000, underscoring ongoing collector interest. At the time of writing, MATIC has experienced a mere 5% increase to a trading price of $0.512, after hitting a 2-year low of $0.428 on July 5th.  Coupled with this worrying price action, the token has seen a 30% decrease in trading volume over the past few days, amounting to $197 million, according to CoinGecko data. All of this has resulted in an 82% difference to MATIC’s all-time high of $2.91, which was set during the 2021 bull run.  Featured image from Shutterstock, chart from TradingView.com

View Details

Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygons MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says Think Bigger, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.  Featured image created with Dall.E, chart from Tradingview.com

View Details

MATIC Price Tests 8-Month Support As Polygon Unveils New Governance Hub

Polygon’s native token, MATIC, has experienced a notable disparity compared to the broader cryptocurrency market. Unlike the top cryptocurrencies that have posted double-digit gains year-to-date, MATIC has failed to post positive performance across all time frames since the 2021 bull run. Adding to the concern, MATIC’s price has recorded losses amounting to 16.5% over the past seven days. This downward trend has prompted the token to test a crucial macro support level, raising questions about its future trajectory. Amid these developments, Polygon has announced a strategic partnership with Aragon, a developer of decentralized autonomous organizations, to introduce a “governance hub” for the Polygon community.  Simplified Governance Hub For Polygon?  According to a recent blog post by the Layer 2 solution protocol, the governance hub is designed to empower users and builders, allowing them to influence the core development of Polygon’s technology. The hub will reportedly be developed in phases in collaboration with Aragon to ensure that community feedback is incorporated to create a decentralized platform that aligns with community values. Related Reading: Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull The governance hub will feature a unified interface for two essential pillars of Polygon’s governance: protocol and system smart contract governance.  The hub seeks to increase transparency and encourage greater community participation in protocol governance. As for system smart contract governance, it introduces an upgraded framework that prioritizes structured decision-making processes while maintaining transparency and safety. In addition, Aragon will leverage its expertise to build the Polygon Governance Hub using Aragon OSx. This tool enables the construction of customized on-chain governance solutions that can be adapted over time through a modular plugin-based architecture. Polygon stated in its announcement:  Polygon, and all related network architecture, needs flexible, transparent, and future-proof governance mechanisms and tooling. The Polygon Governance Hub is central to achieving this.  MATIC Market Capitalization Drops Dramatically Despite the developers’ focus on community governance within the Polygon ecosystem, key metrics indicate a consistent decline in the MATIC token’s price over the past year. For instance, the token’s market capitalization has experienced a significant drop, plummeting nearly 50% in just three months. In March, it was valued at $9.9 billion, whereas it is currently valued at $5.6 billion. This decline suggests a potential capital shift towards other large-cap tokens or profit-taking activities. Furthermore, MATIC’s trading volume has also seen a notable decrease of approximately 18% in the past 24 hours, according to CoinGecko data. The trading volume now stands at a mere $293 million. Moreover, MATIC has witnessed a substantial 80% decline from its all-time high of $2.92 in December 2021. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Presently, the token faces a critical test at an 8-month support level, as depicted in the MATIC/USD daily chart below, with its current trading price at $0.5982. Should the price continue to decline without a significant catalyst to drive an upward trend and price recovery, attention should be paid to the next support level at $0.5700. The future trajectory of the MATIC price remains uncertain, and it remains to be seen whether further downside movement is in store or if a bounce at the current support level will materialize, offering potential opportunities for bullish investors. Featured image from DALL-E, chart from TradingView.com

View Details

Matic jumps 25% after strong whale accumulation, should you buy?

Polygon MATIC/USD is an Ethereum scaling solution specifically developed to enable developers to build different applications on top of it.

It utilizes the Polygon SDK as a means of providing a modular framework that can support a lot of different decentralized applications (dApps).

Furthermore, by utilizing Polygon (MATIC), developers can take advantage of technologies such as rollup chains, ZK rollups, stand-alone chains, and others.

MATIC is the native cryptocurrency that can be used to secure the system and enables governance functionality.

We covered how MATIC increased in utility and value after the Spritz Finance bill beta launch, which lets users pay for their bills through the usage of the cryptocurrency on June 15, 2022.

On June 22, 2022, Polygon made an announcement that they are launching the first iteration of what is known as “Polygon ID,” which is essentially a private and self-sovereign identity solution that is powered by zero-knowledge cryptography.

Polygon ID will enable a whole host of features that were inaccessible to decentralized autonomous organizations (DAOs).

With this technology, users have the ability to control the disclosure of selective identity information. Alongside that, Polygon ID also facilitates the possibility for fully private as well as verifiable reputation building.

This solution combines the Iden3 protocol and Circom ZK toolkit, which creates the most powerful application of ZK technology which is able to run through a mobile device.

The addition of Polygon ID could result in an increase in the overall utility and value of the MATIC cryptocurrency.

On June 23, 2022, Polygon (MATIC) had a value of $0.4948.

To learn how far this token can go further up in value, we will go over its all-time high, as well as its performance throughout the previous month. 

Polygon (MATIC) reached its highest value on December 27, 2021, with a value of $2.92

When we take a look at May’s performance,  Polygon (MATIC) had its highest point of value on May 5 at $1.1832. Its lowest point was on May 12 at $0.5406. 

What this means is that we can see a decrease in value of $0.6426 or 54%.

With its recent increase in value in mind, we can expect the MATIC token to climb its way to $0.8 by the end of June 2022 if it keeps up with this bullish run.

However, if the cryptocurrency decreases under the $0.4 price point, then it might be worth reconsidering.

The post Matic jumps 25% after strong whale accumulation, should you buy? appeared first on Invezz.

View Details

Umbria Network joins Polygon ecosystem

Umbria Network, a global platform enabling migration of crypto assets cross-chain quickly and cheaply, has become a member of the Polygon Village (MATIC/USD), an initiative aimed at helping developers grow their projects, Invezz learned from a press release.

Through this partnership, Polygon Village will promote Umbria’s marketing efforts to bring the project up another notch. The network’s next goal is to market its Bridge Widget V2 to QuickSwap and other leading projects on Polygon.

The Widget integration is the fastest and most affordable bridging solution, helping introduce many users to the Polygon ecosystem with its native platform. Polygon will deploy marketing assistance to raise awareness of the referral program of the widget. This initiative gives collaborators a further incentive as a new stream of income.

All referrers who use a simple iframe to integrate the widget get a reward of 0.1% on all transactions carried out through it on their platform.

Oscar Chambers, Co-founder of Umbria Network, said:

Using Polygon DAO’s marketing experience will make it possible for us to expand our reach in the niche and join more projects within the Polygon ecosystem.

Umbria operates within the NFT and DeFi space and earns high ROCE on assets lacking impermanent loss. The network’s one of a kind cross-chain bridge, Narni, helps do away with pressing issues with blockchain interoperability.

The bridge eliminates the cost and hassle of transferring assets between blockchains. It is the most affordable and quickest cross-chain liquidity bridge between Ethereum (ETH/USD) and Polygon. Narni does away with the barriers to interacting with NFTs and DeFi applications, making them much easier for a broader target group of customers to access.  

The main protocols of the Umbria ecosystem are a staking pool, a cross-chain asset bridge, and a DEX. The staking pool allows liquidity providers to Narni to earn rewards on their digital funds.

The bridge makes it possible to transfer assets between networks and blockchains quickly and cheaply. Finally, the DEX is governed fully on-chain and powered by a reliable product algorithm. Smart contracts deploy it.

The post Umbria Network joins Polygon ecosystem appeared first on Invezz.

View Details

Cryptocurrencies under $1 to get you into crypto for June

Polygon MATIC/USD and Cardano ADA/USD  are some of the best cryptocurrencies that you can get for under $1.

On May 27, 2022, we saw Tether Token (USDT) launched on Polygon.

On May 30, 2022, Cardano Foundation announced the Crypto Valley Conference, where the CEO of the Cardano Foundation, Frederik Gregaard, and the head of financial and regulated institutions, Sandro Knoepfel, will host a masterclass.

On May 31, 2022, Polygon (MATIC) had a value of $0.6685.

The all-time high of Polygon (MATIC) was on December 27, 2021, when the token reached a value of $2.92.

Looking at how the token performed throughout the previous month, Polygon (MATIC) had its highest point of value on April 2 at $1.72. Its lowest point was on April 30 at $1.08.

This was a decrease in value of $0.64 or by 37%. Here, MATIC is a solid buy as it can reach $1.7 by the end of June 2022.

On May 31, 2022, Cardano (ADA) had a value of $0.6616.

Looking at the cryptocurrency’s all-time high, Cardano (ADA) reached a value of $3.09 on September 2, 2021.

Going over the performance of the token throughout the previous month, Cardano (ADA) had its highest point of value on April 4 when it reached a value of $1.2297. Its lowest point was on April 30 at $0.7809. 

This was a decrease of $0.4488 or 36%. Here, at $0.6616, ADA is a solid buy as it can reach $1.5 by the end of June 2022.

The post Cryptocurrencies under $1 to get you into crypto for June appeared first on Invezz.

View Details

What the Instagram partnership means for the future of Polygon

Polygon MATIC/USD is a Layer-2 scaling solution that runs alongside the Ethereum blockchain network.

It was specifically designed to enable speedy transactions as well as low fees. 

MATIC is the native cryptocurrency token that is used to power the network.

On May 9, 2022, Mark Zuckerberg, the CEO of Meta, shared a video where he discussed how Meta’s Instagram would allow its users to post and share non-fungible tokens (NFTs) as soon as this week.

This move will be powered by the Ethereum Layer-2 Scaling solution known as Polygon and will be available to select creators.

Furthermore, Zuckerberg stated that the social media giant will begin with Instagram and will, over time, move to Facebook.

Some of Meta’s other products will also be included down the line. 

Additionally, he said that creating augmented reality NFTs for Instagram stories through Spark AR, a Meta-owned augmented reality effect software, will be available.

While we initially covered how MATIC could climb in value after Polygon committed to going carbon neutral, it could climb even further after this.

This development could lead to an increase in the overall usage of the Polygon network, as well as the MATIC cryptocurrency. 

On May 10, 2022, Polygon (MATIC) had a value of $0.94.

In order for us to get a better perspective as to what kind of value point this is for the MATIC cryptocurrency, we will be going over its all-time high value, as well as its performance throughout the previous month. 

When we look at the token’s all-time high, Polygon (MATIC) had a value of $2.92 on December 27, 2021. Here, we can see that at its ATH, the token was $1.98 higher in value, or by 210%.

However, when we take a look at its performance throughout the previous month, Polygon (MATIC) had its highest point of value on April 2 at $1.72, while its lowest point was on April 30 at $1.08.

Here, we can see that the token decreased in value by $0.64 or by 37%.

With this in mind, we can see that Polygon (MATIC) can increase in value to 1.6 by the end of May 2022, after this feature has been fully implemented and utilized by the users of Instagram.

The post What the Instagram partnership means for the future of Polygon appeared first on Invezz.

View Details

How far can MATIC climb after Polygon commits to going carbon neutral?

Polygon MATIC/USD is a Layer-2 scaling solution specifically developed to run alongside the Ethereum blockchain network, which enables quick transactions and low fees.

The native cryptocurrency token that powers this solution is known as MATIC, and it is used for fees, staking, and more within the network.

On April 12, 2022, Polygon made an official announcement where they unveiled the Green Manifesto, which is a smart contract with Planet Earth.

In other words, Polygon pledged $20 million to offset carbon footprints and buy extra credits to become carbon negative.

Additionally, they are also contributing towards community initiatives such as encouraging ecosystem partners to make the pledge as well and will provide resources for the ecosystem partners that aim to offset their carbon footprints, alongside making donations easy for NGOs that are fighting climate change.

They will also make this part of the Polygon DAO.

Polygon aims to achieve the goal of becoming carbon neutral by the end of 2022, and when the goal is achieved, it will work on becoming the first blockchain to be climate positive.

This announcement could lead to an increase in the value of the MATIC token.

On April 13, 2022, Polygon (MATIC) had a value of $1.42.

To truly see what this value point of $1.42 represents for the MATIC token, we will be going over its ATH point of value and its performance in March.

Looking at the token’s all-time high, Polygon (MATIC) had a value of $2.92 on December 27, 2021. Here we can see that the token was $1.5 higher in value or by 105%.

When we go over the token’s performance throughout the previous month, Polygon (MATIC) had its lowest point on March 15 at $1.34.

However, the token’s highest point was on March 31, when it reached a value of $1.74. This gives us an indication that the token increased in value by $0.4 or by 30%. With all of this in mind, we can expect MATIC to climb to $2.2 by the end of April 2022.

The post How far can MATIC climb after Polygon commits to going carbon neutral? appeared first on Invezz.

View Details

Polygon (MATIC) commits $20M to offset its carbon footprint

The Polygon network has announced plans to be carbon neutral by the end of this year. The network has released a “Green Manifesto: A Smart Contract with Planet Earth” outlining its plans to be climate positive.

The move is expected to contribute positively to the growth of the network, given there has been debate over the impact of blockchain technology on the environment.

Besides making the commitment to be carbon neutral, the layer two Ethereum scaling solution has also made a $20 million pledge to offset its carbon footprint. It will also allow people to purchase extra credit to become carbon negative.

Polygon’s plans include promoting a sustainable future by offering resources to ecosystem partners that want to reduce their carbon footprint. The network is also planning to offer the infrastructure and finances needed for the ecosystem partners that want to offset their carbon footprint. The network is also planning to support NGOs that want to donate towards eradicating climate change.

The Green Manifesto is also placing freedom “at the centre of the Web3 ethos.” Climate change is ranked as the biggest threat to Web3 development, but Polygon’s recent initiative can promote the creation and use of digital assets.

The NFT minting process, token bridging and decentralized finance trades made on the Polygon network will be accounted for, and the environmental effects of these processes will be offset. According to the Polygon network, the vision is to become the first climate-positive blockchain.

Polygon is also partnering with KlimaDAO to offer an on-chain carbon offsetting technology. It will also work with Offsetra to offer Polygon analytics tools that will measure the carbon intensity of the network.

In the recent report, Polygon released an analysis of the carbon emissions, saying that 99% of Polygon emissions came from checkpoints and bridges to the Ethereum mainnet.

Polygon also continues with its commitment to achieving scalability. The network secured $450M in a funding round led by Sequoia Capital. The network aims at boosting scalability to boost the adoption of Web3 applications.

The post Polygon (MATIC) commits $20M to offset its carbon footprint appeared first on Invezz.

View Details

Polygon introduces first identity privacy platform

The Polygon (MATIC/USD) network announced the launch of Web3 ID, the first zero-knowledge cryptography powered platform that keeps personal details private, Invezz learned from a press release. The cutting-edge blockchain scaling technology will be ready before the end of the year.

The blockchain-based ID for self-sovereign and decentralized models is scalable and features private on-chain verification to boost DeFi and dApps, has zero-knowledge native protocols for ultimate user privacy, and is open to current and future standards and ecosystems.

Polygon’s Web3 ID uses the Iden3 protocol and Circom ZK toolkit. In the future, Polygon will sponsor both these projects. At the same time, the network will continue to provide open-source protocols and tools to the broader ecosystem of developers in keeping with the original spirit of community initiatives.

Mihailo Bjelic, Polygon’s co-founder commented:

Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes. It is also a great showcase for how zero-knowledge proofs can help us create a better world.

Businesses and other organizations are expected to use Polygon ID for identity and trust management purposes such as digital wallets and KYC (Know Your Customer). It will allow people to verify their ID to blockchain-based applications without having to provide passwords or personal details to every single one they use.

The network will also make it possible to create new features, such as a decentralized credit score and social payments in DeFi, voting power, decentralized Sybil score, and domain-expertise reputation for DAOs.

This will allow for new governance and decision-making models, private and censorship-resistant P2P communication and social app interactions, and player reputation profile for Web3 games.

Polygon announced that the proof-of-concept (PoC) is ready. The Polygon ID platform will be fully functional in the third quarter of this year.

The post Polygon introduces first identity privacy platform appeared first on Invezz.

View Details

Polygon launches mobile burning capabilities for MATIC tokens

Polygon has unveiled two new features for its ecosystem. Polygon (MATIC/USD), a layer-two scaling network built on top of the Ethereum mainnet, is launching significant developments that are aiding in the growth of its ecosystem and facilitating the price gains for MATIC.

The two new features launched on the Polygon network include mobile burning capabilities for MATIC tokens and a new Token List service.

The MATIC burn console will be available for the mobile wallet suite of Polygon. It will offer a new interface that will provide seamless and intuitive experiences to users. The Polygon community has eagerly expected these two features, as the blockchain has teased its users about these products before.

The Polygon network is also making plans to offer a multichain system. This multichain system will allow users on the network to interact with other blockchains, which achieves growth for the entire blockchain sector.

The Polygon network has been committed to achieving growth by launching various upgrades. In January, the network integrated the Ethereum London hard firm on its mainnet. This upgrade seeks to lower the supply of MATIC tokens and boost the value of these tokens.

Since this burning mechanism was adopted, data from Polygon Burn Tracker shows that around 607,121 MATIC tokens have been burned.

The largest digital asset management firm globally, Grayscale, recently announced a new cryptocurrency fund to support smart contract platforms apart from Ethereum. The launch of this fund will boost the growth of investments in the network.

Grayscale’s 18th investment product, dubbed the Ex-Ethereum Fund under the ticker GSCPxE, will provide exposure to seven smart contract networks such as Polygon MATIC. Polygon carries a 9.65% weighting on this investment product. Another notable development is on Polygon Studios, the gaming division on the Polygon network. The division recently announced that Bulgari, a luxury fashion brand, had launched an NFT collection on the network. Bulgari also announced the release of the BVLGARI Singularity NFT, also minted on the Polygon network.

The post Polygon launches mobile burning capabilities for MATIC tokens appeared first on Invezz.

View Details

LunaFi introduces betting protocol with universal liquidity

The gambling space has a lot of potential in terms of applying crypto because it can solve its plethora of problems with fiat money deposits and lack of transparency.

As is, the house always has the edge. It is a centralized entity operating on its own turf with little in the way of accountability.

LunaFi, a decentralized betting protocol partnering with Polygon (MATIC/USD), aims to change all that. Anyone can provide liquidity on this protocol and get a portion of the funds from the betting activity.

Wagers are programmed with decentralized oracles and open smart contracts to report each event’s outcome. Each wager has maximum transparency with respect to pay-outs.

Bettors and liquidity providers can make deposits in Bitcoin (BTC/USD), Ethereum (ETH/USD), USD Coin, and LFI, the LunaFi token. The bet is the only element that carries risk.

The house edge is initially removed with value in LFT, which rewards gamblers and enhances liquidity. 1.5% of the betting turnover is collected by the treasury contract and converted on the DEX into LFI automatically. Then, some of the LFT is burnt.

In LunaFi’s fair and gamified launch of a liquidity generation event/IDO, players can earn LFI in exchange for ether. Called “LunaFi Crash,” the crypto-native game showcases the betting platform. You bet on when a rising rocket will crash, which happens through provably random smart contracts.

The project was launched by George Porchester, previously known as Lord Porchester. He is a former professional gambler and serial entrepreneur who put together a highly qualified team to develop LunaFi, leveraging his multiple contacts and extensive knowledge in the industry. He described the purpose of the project:

With LunaFi, we want to bring our experience in traditional gambling platforms to the crypto world whilst removing the incentive problems you face with a centralized house. The most important thing is that players now have a chance to own part of the ecosystem they are involved in, much like the spirit of DeFi. This is why we enable anyone to become the house and have a passive way of earning income.

The post LunaFi introduces betting protocol with universal liquidity appeared first on Invezz.

View Details

Data Mynt integrates with Polygon to enable rapid payments

Leading provider of cryptocurrency payment solutions Data Mynt integrated with the Polygon (MATIC/USD) full-stack scaling solution, Invezz learned from a press release on PR News Wire.

Data Mynt and its retailers, merchants, and other partners will benefit from this development as Polygon, an Ethereum (ETH/USD) scaling solution, enables swift blockchain payments and an average processing time of 2.1 seconds as well as gas or transaction fees of just 1?.

Polygon will enable Data Mynt to become part of its widespread network and user base as an Ethereum secondary scaling solution. Polygon hosts more than 3,000 applications and has processed over a billion transactions. Moreover, it has assets worth more than $5 billion and over 100 million unique user addresses.

Data Mynt’s soon-to-be-patented technology enables enterprises and merchants to expand their partners and customers’ payment options while allowing parties to retain much more crypto assets when transacting on public blockchains. At the same time, Data Mynt eliminates issues like crypto price volatility and chargebacks while lowering payment processing costs.

Data Mynt CEO Alex Christian commented:

The speed, flexibility and scalability of the Polygon network were key for us. We can now tell retailers that Data Mynt is ready to service Polygon network users and transaction speed, which is more aligned with current in-person checkout expectations.

Polygon Co-Founder and CEO Jaynti Kanani added:

This is the power of public blockchains. Consumers and merchants engaged in a ‘pure’ transaction. That’s how Data Mynt and Polygon empowers everyone.

The dedicated global sales team began to roll out Data Mynt’s payment platform in the first quarter of this year.

About Data Mynt

Data Mynt is the leading crypto payment processor. Its wallet, asset and blockchain-agnostic suite of solutions offer partners and merchants an omnichannel approach to accepting on-chain crypto payments free from volatility along with the risks and costs of traditional payment methods. The Data Mynt crypto payment platform is designed to streamline implementation via API, branded web page, iFrame and merchant app, while consistently delivering a seamless customer experience. DataMynt.com       

The post Data Mynt integrates with Polygon to enable rapid payments  appeared first on Invezz.

View Details

Polygon (MATIC) network focuses on the growth of its layer two networks

The price of Polygon (MATIC/USD) could be performing poorly from the recession across the broader cryptocurrency market, but the Polygon network continues to register significant growth in its pursuit of developing a sustainable layer-two network.

Polygon is a layer-two network based on the Ethereum blockchain. The network provides high speeds and low fees to achieve scalability.

One of the major developments on the Polygon network is the recently closed $450 million funding round. The funding round was completed on February 7, and it was supported by some of the leading players in the blockchain space, such as Sequoia Capital.

This week, the Polygon network saw a major development after Ankr announced the development of a bridge between the Ethereum and Polygon networks. Through this bridge, users have a chance to earn additional rewards on DeFi platforms.

The Polygon network provides scaling and support to the infrastructure provided by the Ethereum Virtual machine (EVM). The network has gained adoption because despite being based on Ethereum, it allows its users to benefit from low transaction costs and high speeds.

However, the Polygon network has faced increased competition from scalable layer one networks. These networks have been working to be Ethereum killers, and this has been reflected in the launch of DeFi and non-fungible tokens (NFTs) on the platform.

Data from DeFiLlama shows that Polygon is ranking as the eighth-largest blockchain by total value locked. Its TVL stands at $3.62 billion. Between July and December last year, this TVL increased by 340%.

Despite these developments around the Polygon network, the price of the MATIC token has been on a notable decline. The token has declined by around 50% from its all-time high of $2.92 created in December last year. MATIC was trading at $1.44, with a market cap of $9.92 billion at the time of writing.

In comparison, MATIC’s competitors are ranking among the top ten largest cryptocurrencies by market cap. Terra LUNA’s market cap stands at $36 billion, while Solana and Avalanche’s stands at $26B and $20B, respectively. These coins rank among the top ten largest cryptocurrencies.

The post Polygon (MATIC) network focuses on the growth of its layer two networks appeared first on Invezz.

View Details

Lugano to accept Bitcoin and Tether

Polygon (MATIC/USD) and stablecoin Tether are supporting Swiss city Lugano’s aims to become the blockchain capital of Europe. People can pay parking tickets, taxes, tuition fees and utility costs in Bitcoin (BTC/USD), Tether and LVGA, Lugano’s stablecoin, Invezz learned from a press release.

Lugano Mayor Michele Foletti and Tether CTO Paolo Ardoino made the announcement live.

Lugano will be aided by Polygon, whose blockchain will support the stablecoins. Polygon is one the fastest growing blockchains with low gas fees and high speed. It runs in parallel with Ethereum (ETH/USD) network to promote infrastructure development and improve functionality.

Over the past year, Lugano has taken measures to realize its plans, such as launching a loyalty program for LVGA points and a digital wallet. It also created the blockchain 3Achain, which is EVM-compatible and uses Proof of Authority consensus.

Lugano also plans to set up a 100 million Swiss francs ($109 million) fund to support blockchain-based start-ups. It will create specialized start-ups and hub hosting companies and invest another 3 million francs to accelerate crypto adoption by local businesses.

Sandeep Nailwal, Co-Founder of Polygon, said:

Combining the stability of stablecoin technology with Polygon’s low-cost infrastructure provides Lugano with a rapid, and non-volatile means of transacting. We’re delighted the City of Lugano has selected Polygon to provide this critical infrastructure for their stablecoin.

Among the dApps Polygon has attracted are Sushiswap (SUSHI/USD), OpenSea, Aave (AAVE/USD), and Mark Cuban’s NFT platform Lazy.com. Polygon’s team is working on scaling solutions such as Polygon Edge, PoS and Avail. The ecosystem is investing in the latest zero-knowledge technology, which will play a critical role in onboarding Ethereum’s next billion users.

About Polygon

Polygon’s growing suite of products offers developers easy access to prominent scaling and infrastructure solutions like sidechains, ZK and Optimistic rollups, stand-alone and enterprise chains, hybrid solutions, and data availability solutions.  

The protocol’s scaling solutions host more than 7,000 applications and 100 million unique user addresses. They secure assets worth over $5 billion.

The post Lugano to accept Bitcoin and Tether appeared first on Invezz.

View Details

TreeTrunk and Polygon introduce fair royalty payment system

Blockchain tech incubator ConsenSys Mesh announced the launch of TreeTrunk, a new NFT marketplace that solves a major issue NFT artists face, at ETHDenver, according to a Medium post.

Centralized NFT marketplaces and platforms have been reported to not pay royalties to artists from secondary sales. Some have even postponed payments indefinitely, providing little to no explanation to the artists on when they can expect to get the money.

To address this problem, innovative new marketplace TreeTrunk has created smart contracts that collect and distribute royalty payments from secondary NFT sales. The payments are collected safely and immediately on the Polygon (MATIC/USD) blockchain and then sent to the artist’s wallet.

Polygon Studios expressed excitement about partnering with the NFT platform as they make their service publicly available.

TreeTrunk coded this process in their smart contracts, so artists can now be sure they’ll be paid in a timely manner. Artists can trust TreeTrunk’s payment model and more and more of them are turning to NFTs as an income source.

Collectors of NFT art works can also take advantage of TreeTrunk’s payout model. Those who sell authorized digital pieces of art will also receive royalty payments. This payout model is not unlike a “family tree”, where you make NFT copies and first and second generation holders earn a passive income.

TreeTrunk uses a technological approach known as crypto lithography, which establishes the copies connected to the original NFT. The original work remains protected through this technique. You can only buy verified prints.

About Polygon

Polygon is the leading platform for Ethereum (ETH/USD) scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions.

These include L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more.

About Polygon Studios

Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming and NFT industry and bridging the gap between Web 2 and Web 3 through investment, marketing, and developer support.

The post TreeTrunk and Polygon introduce fair royalty payment system appeared first on Invezz.

View Details

New ETH addresses grow, whales and active ones drop

While Ethereum (ETH/USD) addresses increased consistently last year, daily transactions on the Mainnet and the number of whales both declined. Last year, the Ethereum Mainnet added 18.36 million addresses with a positive balance, but Polygon (MATIC/USD) is giving it a run for its money, CoinTelegraph wrote.

Glassnode data shows whale wallets, defined as those with at least 1,000 ether, have reached a 4-year low of 6,226. Even though ether hit two new all-time highs in 2021, correlation between new addresses and price increase was lacking.

The share of active addresses on the Ethereum Mainnet has dropped too. On January 1 of last year, they were just over 1% of the total number of addresses. They increased to 1.66% at the end of April, but were down to just 0.86% on February 15, 2022.  

Daily transactions have stagnated at 1.2 million since the end of 2021. The main reasons for this are high transaction and gas fees according to experts. What’s more, there are more and more alternatives to the Ethereum blockchain, which include faster and cheaper level 2 solutions such as Polygon.  

Polygon is an L2 blockchain, which means it’s built on top of an existing chain – Ethereum. Ethereum is a level 1 legacy chain with lower performance capabilities. Polygon can be seen as analogical to Bitcoin’s Lighting, an L2 built on Bitcoin (BTC/USD). L2 solutions allow for cheaper and faster transactions than L1 solutions.

Polygon’s advantages have not gone unnoticed by experts such as QuickSwap creator Sameep Singhania, who has supported Polygon since becoming familiar with it when it launched, justifying his decision to build the DEX on Polygon.

Polygon has twice the daily transaction volume of Ethereum. 3 million transactions take place on Polygon every day. However, Ethereum Mainnet still leads by TVL (total value locked) with $124.24 billion, DeFi Llama data show. Terra (LUNA/USD) comes next in TVL with just over $15 billion.

The post New ETH addresses grow, whales and active ones drop appeared first on Invezz.

View Details

Polygon in historic partnership with NFL

The National Football League is launching a new NFT collection highlighting Super Bowl LVI and past Super Bowls that took place in LA. The NFL announced each visitor of the Super Bowl LVI would get a free NFT to commemorate their experience, Benzinga wrote.

The collection is the product of a partnership with Ticketmaster. Each NFT given will be unique and show the section, row and seat from the actual ticket.

The NFTs will be hosted on the Polygon (MATIC/USD) blockchain. The NFL is also launching a series of historical commemorative NFTs. The seven NFTs reflect Super Bowls previously held in Los Angeles (Super Bowl I, VII, XI, XIV, XVII, XXI, XXVII).

Starting on February 6, the new NFTs will be released once per day. The release will continue for one week. They released new club specific NFTs for the Los Angeles Rams and Cincinnati Bengals on Wednesday, February 2.

Bobby Gallo of NFL SVP Club Business Development explained NFT developments:

We first began offering virtual commemorative ticker NFTs to fans during the regular season. We witnessed great success with this one-of-a-kind fan experience, which provided the momentum to continue this program throughout the postseason and ultimately at Super Bowl LVI in Los Angeles.

He added:

Collecting ticket stubs has always been something our fans love to do, especially the season’s biggest game, and offering customized Super Bowl NFTs allows us to enhance the gameday experience, while also enabling us to further evaluate the NFT space for future ticketing and event engagement opportunities.

The launch of Super Bowl ticket NFTs is an initiative following up on previous releases during the regular season. While the NFTs in the first collection sold for just $10 each, profits on the secondary market were quite impressive. The tickets are selling for hundreds of thousands and limited to 125 per team.

The partnership with Polygon highlights how the NFL is recognizing the opportunity in the NFT space and the benefits of item collectability. With it, NFL and Ticketmaster have a chance to probe demand from NFT and sports fans.   

The post Polygon in historic partnership with NFL appeared first on Invezz.

View Details

SAVAGE signs Paul Nicklen, leverages Polygon PoS

SAVAGE, a photography and video NFT marketplace, has signed legendary Canadian filmmaker, photographer, marine biologist, and videographer Paul Nicklen as project contributor and advisor, Invezz learned from a press release.

Paul Nicklen, one of the world’s most recognized polar specialists, has been documenting natural wonders for more than two decades. He is an advocate for conservation efforts, who lives a life of art, purpose, and adventure. He served as an assignment photographer for National Geographic magazine and Sony Artisan of Imagery.

The man who captured the imagination of a global audience with his creative work previously kept his distance from the NFT niche despite having petabytes of 8K video footage. That’s because NFTs’ negative environmental impact has been incompatible with his conservationist values and efforts to protect nature, especially the polar regions of the planet.

The NFT photo and video platform entered into a partnership with Polygon Studios (MATIC/USD), EnergyWeb, and the Crypto Climate Accord to create a decentralised app that doesn’t leave a carbon footprint.

SAVAGE used the power of Polygon’s Proof of Stake consensus blockchain to create the first carbon-neutral NFT marketplace for 8K video in the world. They also created the highest resolution photography from the best content creators across the globe. Both initiatives had the support and guidance of Crypto Climate Accord and EnergyWeb to manage carbon offsets.

Environmentalists the world over welcome a milestone such as SAVAGE’s dApp. Memo Atken research has shown that the carbon footprint of an average single-edition NFT is equivalent to driving a petrol car for 1,000 km.

Further research of a minted NFT collection revealed it had a carbon footprint of 260 megawatt hours over the span of 6 months, which was equivalent to powering an average home in the EU for 77 years.

The post SAVAGE signs Paul Nicklen, leverages Polygon PoS appeared first on Invezz.

View Details