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Cardano Has Rough Week While Polygon Continues Its Growth This Week

Date:

  • US Fed officials believe that interest rate hikes need to be slowed down.
  • Polygon has enrolled several multi-billion dollar brands into the ecosystem.
  • Two Cardano projects are halted due to funding constraints.

Yesterday, the crypto market rallied as the US Fed minutes revealed that officials thought they should slow down interest rate hikes. This comes after a 75 basis point hike earlier this month. It is now forecasted that an interest rate hike of 50 basis points will occur this December.

One project that is standing out in this crypto bear market is Polygon (MATIC), which has consistently demonstrated that it can still enroll large brands despite a significant crypto market downturn.

Brands that have been added to the MATIC ecosystem include Nike which has announced plans to roll out digital apparel NFTs; Starbucks is launching an NFT-driven loyalty rewards program; and Reddit is minting unique NFT avatars.

Meta will also be partnering with Polygon to allow Instagram users to mint NFTs, and Disney will be entering into an NFT collectible partnership with Polygon.

Cardano has, however, had a rough week as two projects have suddenly halted development and one was dumped shortly after launching. First is Orbis, which is a project that was building a Layer-2 ZK-rollup on Cardano.

The project promoted an NFT mint a week ago, then announced that 50% of the NFTs were sold out, but then announced that its public NFT sale would be halted and would resume soon. However, two days ago, they announced that the Orbis project has reached a constraint in funding and that the project will have to be halted until they are able to access funding.

Ardana also halted its development yesterday as it also had issues with funding. Lastly, Indigo’s launch didn’t go as planned as a single wallet dumped around 35,000 of the project’s native token, causing its price to plummet shortly after public sales went live.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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