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Binance Futures to Introduce USDC-Margined BOME, TIA, and MATIC Perpetual Contracts with Up to 75x Leverage

In an announcement made on the Binance Support Center, Binance Futures revealed that the BOMEUSDC Perpetual Contract will be launched on April 25, 2024, at 07:00 (UTC) with up to 50x leverage. Additionally, the TIAUSDC Perpetual Contract will be introduced at 07:15 (UTC) with the same leverage, followed by the MATICUSDC Perpetual Contract at 07:30 (UTC) with up to 75x leverage.

The underlying assets for these contracts are the BOOK OF MEME (BOME), Celestia (TIA), and Polygon (MATIC) cryptocurrencies, with settlement in USDC. The tick size for BOMEUSDC is 0.000001, for TIAUSDC it is 0.0001, and for MATICUSDC it is 0.0001.

Funding rates for these perpetual contracts will be capped at +2.0000% / -2.0000% for BOMEUSDC and TIAUSDC, and +0.4500% / -0.4500% for MATICUSDC. Funding fee settlements will occur every four hours for BOMEUSDC and TIAUSDC, and every eight hours for MATICUSDC.

Traders can enjoy trading these perpetual contracts 24/7, and the Multi-Assets Mode is supported, allowing users to trade across multiple margin assets, subject to applicable haircuts. Binance has also announced that starting from April 3, 2024, users will benefit from zero maker fees and a 0.017% taker fee for all trades on USDC-margined futures contracts.

It’s important to note that Binance may adjust the specifications of these futures contracts, including funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements, based on market risk conditions. Traders are advised to refer to the Binance Terms of Use and the Binance Futures Service Agreement for more information on the perpetual contracts.

With this new offering, Binance continues to expand its range of trading options, providing users with increased flexibility and opportunities to trade various cryptocurrencies with leverage. Traders can access the Binance Futures platform via the Binance website or the Binance mobile app.

Image source: Shutterstock

Indian Tech Giant Infosys and Matic Network to Reinvigorate Dapp User Experience

Partnerships in the blockchain ecosystem are becoming commonplace in a bid to build tech synergy. Blockchain-powered fintechs are striving for more rapid adoption of the decade-old technology based on new product offerings and enhanced user experiences. In a recent move to deepen these novel tech ties, Indian tech giant – Infosys has joined Matic as one of its pioneering transaction validators.

What the New Partnership is Offering

The Matic Network is a blockchain centric company that is focused on reinvigorate decentralized applications (DApps). The company hopes to change the slow, complex, and expensive nature of decentralized transactions. In achieving this objective, it hopes to leverage a combination of blockchain scaling, developer tools, and great user experience. Since inception, the company has helped DApps including BankIT, Plentix, and others to scale their transactions.

The partnership with Infosys, one of India’s top tech companies will afford the firm to have access to a stronger technological infrastructure to power a stronger blockchain ecosystem. Infosys will bring in their long-standing experience in the tech world since its inception in 1981. The digital transformation tech giant will be deploying the needed technologies to validate transactions on Matic’s DApps. These value additions will also help keep DApps safer for users.

The partnership between Matic and Infosys may also help Matic to attract new investors with cross-functional decentralized product offerings.

Key Takehomes for Blockchain Enthusiasts

DApps are the next big trend in the cryptosphere as its network enables more efficient transactions, prevents internet censorship, and stirs increased trust in the system. The Infosys-Matic partnership should be considered a big win as it will enable the onboarding of more DApps. This will also translate to a better image for the entire blockchain network which will further boost its adoption. Every innovation to bolster the importance of Dapps are currently been celebrated as users in the blockchain ecosystem patiently await the launch of Ethereum 2.0

Image via Shutterstock

Polygon Surges by 2600% on a Year-to-Date Basis as Adoption of Layer 2 Accelerates

Matic Network provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake (PoS) network to solve the pain points of slow block confirmation and high gas fees, thereby simplifying the interaction between users and the decentralized world.

Due to the high transaction fees on the Ethereum network, more and more Ethereum-based projects are seeking network integration with faster transactions and lower fees to ensure to maintain a competitive advantage.

Therefore, the market is now paying increasing attention to layer 2 solutions, which can help Ethereum keep up with the competition as it continues to convert to proof-of-stake.

Polygon, a protocol focused on Ethereum expansion and infrastructure development, strives to expand the adoption of its Layer 2 proof-of-stake sidechain platform that runs alongside Ethereum’s main network. As one of the top choices of preferred L2 aggregator, Polygon (previously known as Matic Network) has been integrated with multiple Decentralized Finance (DeFi) and non-fungible token-related projects.

These include some Decentralized Exchanges (DEXes) such as SushiSwap (SUSHI) and Curve Finance (CRV), as well as non-fungible token (NFT) trading platforms such as OpenSea and Decentraland (MANA).

On March 31, the DeFi lending platform AAVE announced that it was exploring a new DeFi service with Polygon, and subsequently launched AAVE on the L2 solution to escape Ethereum’s high fees.

According to DeFi Pulse data, Polygon itself ranks as the 17th largest DeFi protocol, with a total locked value of $755.9 million. Polygon’s lock-up amount reached close to its highest value of $760.584 million on April 17.

Polygon (MATIC) Price Analysis

Source: MATIC/USDT Daily via TradingView

So far, Polygon’s rate of return is very impressive, rising by more than 2600% from $0.0178 to $0.468 since the beginning of 2021. At the time of writing, Polygon (MATIC) is trading at $0.468.

Polygon has regained its upward momentum. MATIC’s price has been particularly bullish, with the altcoin breaking through the previous consolidation phase.

Both the upward sloping moving average and the formed bullish crossover MACD index indicate that the bulls are currently dominating the market.

Relative Strength Index is stepping upward approaching the 70 mark of the overbought zone. This indicates that the altcoin may experience a wave of bullish momentum and surge.

If the bulls can push the decisive closing price above the resistance level of $0.4674 by the end of the day, then bullish momentum may prompt MATIC to hit its all-time high of $0.54.

QuickSwap Breaches $1,000 for the First Time amid Increasing Adoption of Polygon

QuickSwap is a decentralized trading platform that leverages the Polygon Layer 2 (L2) network. It aims to provide customers with close-to-zero gas fees and lightning-fast speed for cryptocurrency transactions.

As Polygon’s L2 network attracts new liquidity, Polygon has become the preferred second-layer solution for decentralized financial projects and traders.

The transaction volume of Polygon (MATIC) has recently shown explosive growth due to the liquidity brought by Layer 2. Both transaction volume and price have shown explosive growth. So far, Polygon’s rate of return is very impressive, rising by more than 2600% from $0.0178 to $0.468 since the beginning of 2021.

Various types of decentralized finance projects including OpenSea and Decentraland have migrated to the Polygon ecosystem. This reflects the growing bullish sentiment of investors towards Polygon.

Such bullish conditions and the revival of the Decentralized finance (DeFi) market have caused the price of Quickswap to soar.

Source:QuickSwap

QuickSwap’s liquidity hit a record high today, increasing by 17.95% to record $319,307716 in market capitalization. At the same time, the 24-hour trading volume of QuickSwap also showed exponential growth. The transaction volume reached 218 million yesterday.

Source: QUICK/USD via Coinmarketcap

QuickSwap has a token called QUICK. According to data from Coinmarketcap, QUICK broke the psychological barrier of $1,000 today. At the time of writing, QUICK/USD is experiencing slight retracements and is trading at $829.91. The price has risen by 12.60% in 24 hours.

As a cryptocurrency that has just been listed for less than 3 months, Quickswap has undergone a very impressive rate of return with an increase of 91% since its first trading day on February 24, where it began trading at $430.78.

Aave and MATIC Surge to New ATHs as On-Chain Transactions Rises

The global cryptocurrency market is just beginning to recover from the steep correction witnessed over the weekend, a situation that was sparked by Tesla’s rejection of Bitcoin as a mode of payment.

While some cryptocurrencies are still battling to regain their base, decentralized finance (DeFi) protocols, Aave (AAVE), and Polygon (MATIC) are soaring past their previous best performances to new highs.

At the time of writing, Aave is exchanging hands at $657.24, up 18.01% in the past 24 hours. This price point is just 2.01% from its All-Time High (ATH) set a little more than an hour ago. MATIC is also seeing the best of its days, soaring by over 31% to hit a new high of $2.19. This recent run has placed MATIC as the 17th largest cryptocurrency with a market capitalization of $13.27 billion.

The upsurge in the prices of Aave and Polygon is an aftermath of the growing embrace of functional, decentralized finance platforms. While Aave is a lending protocol built on the Ethereum blockchain, Polygon uses a customized version of the Plasma framework which is built on proof-of-stake checkpoints that run through the Ethereum main-chain. MATIC are ERC-20 tokens, however, the sidechains of Polygon are designed to support various DeFi protocols that run on the Ethereum blockchain.

Per on-chain data as published by Glassnode, Aave transaction volume per a 7-day Moving Average attained an ATH of $25,065,323.18. MATIC also recorded a bullish uptick in its transaction volume in the past 24 hours which came in at $4.45 billion.

The ecosystem around Ethereum is bullish, and apparently, it is seeping down to every Ethereum-linked blockchain infrastructure. Besides the growing number of Ethereum HODLers taking to Google to search for the cryptocurrency, the broader crypto space are seeking to decouple from the influence of Elon Musk, and to an extent, the cryptocurrencies he supports.

Altcoins Making the Biggest Moves in the Market Today: XLM, MATIC, and HNT

The global cryptocurrency market is gradually back on its feet after almost a week-long continuous downtrend. The major price correction was marked by the plunge of the crypto market cap to $1.45 trillion, from its high peak of over $2.4 trillion a few weeks ago. While Bitcoin (BTC) took the hardest hit with its market capitalization dipping almost by half, other altcoins also went on a freefall.

However, Monday seems to be heralding a profitable week ahead, with most cryptocurrencies parring off their losses. Here is a brief look into the three altcoins making the biggest moves in the market today.

Stellar (XLM)

Stellar is an open-source blockchain network that allows for the easy movement of money on a peer-2-peer level. The network’s native cryptocurrency, the XLM, showed massive revival on Monday after plunging from a 7-day high of $0.7 to a low of $0.3035. The coin’s current price of $0.4308 represents a 15.48% growth that perhaps a sign of a good time for the digital currency. Stellar is 53.82% below its All-time High (ATH) of $0.9381 set three years ago at the time of writing.

Polygon (MATIC)

Polygon is a user-friendly platform for Ethereum scaling and infrastructure development. Its native token, MATIC, an ERC-20 token witnessed a short-lived runup to become one of the most valuable digital currencies by market cap. The token was increased by 40.08% on Monday at $1.46. At this current rate of growth, MATIC may soon retest its ATH of $2.68, which established about a week ago, according to data from CoinMarketCap.

Helium (HNT)

Helium and its native cryptocurrency, the HNT, is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. At a current price of $14.70 and a 34.03% group over the past 24 hours, the coin is leading a new market revival, having plunged to an intraday low of $8.42. HNT is down by 31.34% from its ATH price of $21.17 set about two months ago. This ATH represents a new price discovery target should the current upsurge be sustained.

Hope for Consistent Market Recovery

The global cryptocurrency industry is experiencing a phase where it needs to redefine the centralization of power related to mining in China and the influence being wielded by such market movers as Elon Musk. A more steady and consistent market recovery will be ushered in when the market decouples from these forces. However, in the short term, crypto fundamentals will aid the recovery of Bitcoin and the hoard of altcoins out there.

Polygon Announces the Launch of a Direct Bridge by Ren Protocol

Polygon announced Thursday to launch a direct bridge to Polygon by Ren open protocol, citing its official Twitter.

The launch of the new Polygon x RenVM Bridge will support users in moving other virtual currency assets such as BTC directly to Polygon Network, previously known as Matic Network, in a more efficient and lower-cost way.

Ren is an open protocol that enables the movement of value between blockchains. Investors can mint and burn BTC, BCH, DOGE, LUNA, and ZEC on Ethereum & BSC through RenBridge.

According to official documents, Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred on the Polygon network through the new Polygon x RenVM Bridge, which only needs to pay minimal gas fees without running on Ethereum network.

At present, four types of assets, including BTC, ZEC, BCH, and DOGE, have been integrated, and the remaining three cryptocurrencies integration will also be launched shortly.

Source: DEFI PULSE

According to DeFi Pulse data, RenVM ranks as the 21st largest DeFi protocol with a total locked value (TVL) of $421.1 million.

At the same time, Polygon has recently become TVL’s leading second-layer scaling solution and the largest Defi payment protocol. The total value of assets held on the network is currently approximately $10.3 billion. Its native token, MATIC, has become the 14th largest cryptocurrency asset by market capitalization with a market cap of $13,642,837,186, according to Coinmarketcap.

Polygon’s officially announced Wednesday that polygon had been successfully listed on the Mark Cuban Companies website as one of his holdings.

0x Protocol's API is Live on Polygon Network

0x Project officially announced Tuesday that its API is officially integrated with Polygon (previously known as the Matic network). The launch of the DEX liquidity API aims to expand this vibrant ecosystem-polygon, which is based on the liquidity of aggregation of various DeFi protocols.

0x protocol is an open protocol that enables the peer-to-peer (P2P) exchange of assets on the Ethereum blockchain. 0x API is a professional liquidity aggregator. Through this API, developers can access the liquidity of the top Decentralized exchanges(DEXs) with the smart chain based on Ethereum and Binance network and provide support for the future of Decentralized Finance (DeFi) applications.

Polygon uses a customized version of the Plasma framework built on proof-of-stake checkpoints that run through the Ethereum main chain. The sidechains of Polygon are designed to support various DeFi protocols that run on the Ethereum blockchain.

In its official blog, it demonstrated that how to use 0x API to construct the polygon network, stating that:

“The 0x API is designed to make it easy for DeFi developers to tap into DEX liquidity in a fast, reliable, and easy to use way so you can focus on what matters: your product.”

According to the announcement, the 0x API on Polygon mainly aggregates Ethereum-based DEX liquidity channels, such as SushiSwap, Dfyn, Curve, and Dodo, mStable QuickSwap, and Cometh, thereby providing the most favourable price exchange tokens.

0x API has facilitated more than 1.5 million transactions by nearly 300,000 independent traders, and the total transaction volume of these transactions on the Ethereum and Binance smart chains exceeds $27 billion.

According to DeFi Pulse data, Polygon itself ranks as the 4th largest DeFi protocol, with a total locked value of $7.49 billion. It has been integrated with multiple Decentralized Finance (DeFi) non-fungible token-related projects.

On May 27, the inter-blockchain liquidity agreement Ren also established a Polygon x RenVM Bridge connection with Polygon. Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred on the Polygon network through the new Polygon x RenVM Bridge.

Polygon Raises $450M from Venture Capital Firms Led by Sequoia

Ethereum-based Layer-2 protocol, Polygon, has raised $450 million in a private token sale that marks the most significant funding round for the firm which was founded in 2017.

Polygon occupies a very pivotal position in the Ethereum and Web3.0 ecosystems. While Ethereum still ranks as the world’s most used blockchain network, transaction count and accompanying fees have skyrocketed over the years. With Polygon, these transactions can be carried out on Ethereum, scaled massively, and at a much lower fee.

As reported by the protocol, the Polygon funding was led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary.

With the new capital, Polygon will now be able to invest in its plans to further contribute to its Web3.0 emancipation. Additionally, the funds will also allow Polygon to continue investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Web3.

“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon co-founder Sandeep Nailwal. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”

Just as Polygon was favoured by investors, so also are other major players in the blockchain ecosystem. Specifically, 1INCH also raised about $175 million last December following a similar route as the Polygon-through token sale. With the way DeFi, NFT, and blockchain protocols have been securing funding in the past few years, the once-nascent industry can now be said to be prepared for the next wave of adopters set to enter the space.

Digital Currency Ecosystems Company BTCS Inc. Adds Ethereum Layer 2 Sidechain Polygon

An early mover in the blockchain and digital currency ecosystems BTCS Inc. announced the addition of Layer 2 Proof-of-Stake (PoS) sidechain Polygon (“MATIC”) to its blockchain infrastructure operations.

BTCS Inc. (“BTCS”) is the first “Pure Play” U.S. public company focused on blockchain technologies. The company secures the blockchain through their transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast-growing multi-billion dollar industry.

At present, BTCS has become the technical work of running Polygon validator nodes and has pledged 456,445 MATIC, allowing users to entangle the corresponding annual percentage income in the pledged tokens.

Polygon occupies a very pivotal position in the Ethereum and Web3.0 ecosystems.

Matic Network provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake network to solve the pain points of slow block confirmation and high gas fees.

Michael Prevoznik, CFO of BTCS said:

“While Polygon is focused on Ethereum at the moment, it plans to support other blockchains with its scalable technology and provide cross-chain interoperability between different protocols.”

While Ethereum still ranks as the world’s most used blockchain network, transaction count and accompanying fees have skyrocketed over the years. With Polygon, these transactions can be carried out on Ethereum, scaled massively, and at a much lower fee.