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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.

Billionaire Entrepreneur Mark Cuban Invests in Polygon,Driving it to Surge by 12645% on a Year-to-Date Basis

Mark Cuban, an American billionaire entrepreneur, expressed his support for the Polygon network.

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

The announcement seems to endorse Mark Cuban’s investment portfolio based on Polygon, a protocol that focused on Ethereum expansion and infrastructure development, strives to expand the adoption of its Layer 2 proof-of-stake sidechain platform.

Formerly known as MATIC, Polygon 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.

Polygon has been integrated with multiple Decentralized Finance (DeFi) and non-fungible token (NFT) related projects.

Mark Cuban also revealed that Polygon would also be integrated into Lazy.com, a Cuban portfolio platform focused on non-fungible tokens, to ensure a competitive advantage with faster transactions and lower fees to be maintained.

Polygon’s token MATIC recently surged by 2600% on a year-to-date basis as the adoption of Layer 2 accelerates before April 24.

With the endorsement of billionaire Mark Cuban, Matic has increased by 39.18% in the past 24 hours, according to Coinmarketcap. The MATIC token was trading at $2.27, with a total increase of 12,645% since the beginning of 2021 of around $0.01781.

Source:DEFI PULSE

According to DeFi Pulse data, Polygon itself ranks as the 4th largest DeFi protocol (previously ranked 17th), with a total locked value(TVL) of $7.127 billion, reaching its highest value of TVL.

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.

Decentralized Lending Platform Cream Finance Announces Integration with Polygon Network

Decentralized lending platform Cream Finance officially announced that it would combine with Polygon to launch its money markets on the Ethereum layer 2 scaling solution Polygon network.

The integration with Polygon will help Cream Finance users to enter and trade in different markets with faster transaction speed and lower gas fees.

According to official reports, users will be able to lend and borrow the following ten tokens in the smart contract currency market of Cream Finance, including digital assets USDC, USDT, DAI, WMATIC, WETH, WBTC, LINK, SUSHI, CRV, QUICK.

Cream Finance is a blockchain-agnostic and decentralized peer-to-peer lending platform based on the Ethereum network by providing an algorithmic money market for underserved assets through a fork of Compound Finance Cream liquidity bridge.

According to DeFi Pulse data, Cream Finance ranks as the 15th largest DeFi protocol, with a total locked value of $658.4 million.

Cream Finance is not the only Defi Protocols cooperating with Polygon. As early as June of this year, 0x Project officially announced 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.

Polygon Launches New Division Polygon Studios, Focusing on Blockchain Games and NFT Fields

Ethereum layer 2 scaling solution Polygon today announced launching a new division of Polygon Studios on Tuesday, July 20, which will focus on blockchain games and non-fungible tokens (NFT).

The new studio, Polygon Studios, is divided into two projects: Polygon Gaming Studio and a marketing integrated platform; the former project focuses on providing developers and game creators with decentralised game creation.

Polygon said on Monday:

“With the launch of Polygon Studios, games get 360-degree building support, big brands and much loved franchises can launch on Polygon, and gamers can enjoy a whole new world of play to opportunities and decentralised gaming.”

In addition, another project is called Polygon NFT Studio, which is dedicated to helping brands, and intellectual property owners develop customised NFT models and markets.

Two projects achieving Polygon’s core goal are to consolidate Polygon’s current leading position as the de-facto platform for NFTs and games.

Polygon tweeted that:

“We’re thrilled to work on this mission to serve as a gateway bridging Web 2.0 and Web 3.0 and we aim to further strengthen our dominant position as the de-facto platform for Decentralized Play to Earn and Blockchain Gaming.”

Polygon uses a customised version of the Plasma framework built on proof-of-stake (PoS) 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.

There are currently more than 100,000 gamers and more than 500 decentralised applications, including game projects such as Aavegotichi, Decentraland, and Skyweaver, and the NFT market OpenSea.

Largest DeFi Hack Recorded on Poly Network with $610M Stolen

The largest hack in decentralised finance (DeFi) history was unveiled when Poly Network, an interoperable blockchain protocol, announced compromised its platform.

As a platform that supports the trio of Binance Smart Chain (BSC), Ethereum and Polygon, these blockchain networks were breached simultaneously, with the total assets lost summing up to about $610 million.

The Poly Network team has called the hacker to refund the stolen funds, with the open letter shared on the platform’s official Twitter address.

The letter reads:

“Dear Hacker, we want to establish communication with you and urge you to return the hacked assets. The amount of money you hacked is the biggest one in DeFi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution.”

The three addresses in which the funds were sent have been marked as shown in the screenshot below.

Crypto Community Pledges Support

The hack involving these DeFi protocols is quite different from those have seen from centralised exchanges with related hack cases in the past. No one controls the three compromised protocols as they are smart contracts with customer’s funds. The procedure to track the stolen funds solely entails the hacker moving the money to an easily tracked address. Should the hacker leave the tokens in the addresses, the effort to recover the funds may be stiffened a bit more.

However, industry leaders, including Binance exchange’s CEO, Changpeng Zhao, have revealed that efforts are ongoing to coordinate “with all our security partners to help proactively” recover the funds.

Polygon Network Contemplating the Idea of Creating DAOs

Polygon Network, a blockchain startup focusing on developing Ethereum scalability solutions, has expressed its willingness to create a Decentralized Autonomous Organization (DAO) model of harmonising communications amongst its growing community.

As revealed in a blog post, the protocol is seeking comments from its community members on the right option for the protocol as it looks to make decentralise its decision-making system for the benefit of all.

Polygon said the model of communication or proposing changes in a DeFi protocol that is typically controlled by smart contracts takes two forms. One, by forming a committee or council members as in the case of Synthetix Network Token (SNX), MakerDAO, and IndexCoop amongst others, and two, by a DAO in which all token holders are involved in the decision making process. Top protocols that explore this option includes Compound, Badger, BarnBridge.

The proposal from Polygon may draw on both models, in which committees will be created to bring about a unifying discourse on projects built atop the blockchain with common interests. These committees will be placed on a short tenure and will be tasked with proposing at least a major change, failure of which can lead to the member’s expulsion. There will be rewards for the serving members of this committee.

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the platform

Per the proposal, the broader community with staked network or governance tokens will be tasked with voting the community members to guarantee fairness via decentralisation.

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the project. “Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO token holders.”

The idea of DAOs is becoming commonplace in the cryptocurrency ecosystem today. While the framework is not fully developed to bolster their proliferation, projects have been getting much backing from investors and the broader cryptocurrency ecosystem. There has also been a growing clamour for regulations to extend to these new offshoots of blockchain technology.