Recently layer 1 solutions like the Solana (SOL) and Cosmos (ATOM) have grown in prominence thanks to each network’s faster transaction times and lower fees when compared to the Ethereum network. An even greater focus has fallen on layer 2 solutions that can help Ethereum keep up with the competition as it continues its process of switching to proof-of-stake.
One project that has seen a steady rise in user activity and transactions over the past 2 months is Polygon (MATIC), a platform for Ethereum scaling and infrastructure development.
Data from Cointelegraph Markets and TradingView shows that since hitting a low of $0.26 as the market sold off on April 18, MATIC price has climbed 50% to $0.39 as adoption of this expanding L2 platform begins to ramp up.
Popular projects migrate to Polygon
Following the early February announcement that the Matic Network would be rebrand to Polygon as part of its effort to become the go-to L2 aggregator for the Ethereum network, the protocol has seen a significant increase in user and project adoption.
Polygon, the top #ethereum layer 2 is going nuts!
Integrations with Aave, Pooltogether, Sushiswap, Open Sea, Curve Finance, Decentraland, and loads of other big #defi applications.
TVL on Aave on Polygon nearing 1 billion. $matic undervalued
— Lark Davis (@TheCryptoLark) April 25, 2021
Since the rebrand, multiple decentralized finance (DeFi) and nonfungible token-related projects have made the decision to integrate with Polygon to take advantage of its fast, low fee environment.
Some of the more significant DeFi integrations include the decentralized exchange SushiSwap (SUSHI) and Curve Finance (CRV), while OpenSea, Decentraland (MANA) and Aavegotchi (GHST) are large NFT communities that now utilize the Polygon network.
On March 31, the popular DeFi lending platform AAVE announced that it was exploring “new scalability frontiers” with Polygon, and the subsequent launch of AAVE on the L2 solution rapidly grew to $1 billion worth of liquidy and more than 7,200 users just 10 days after launch.
A big day for @0xPolygon and the whole Ethereum ecosystem!
$1 BILLION in liquidity and 7.2k USERS on a single application, 10 DAYS after the launch!
Huge thanks to the amazing @AaveAave team and the whole Ethereum community!
This is just the beginning, stay tuned! pic.twitter.com/wqvoOLgNbT
— Mihailo Bjelic (@MihailoBjelic) April 24, 2021
DEX volume increases
Popular decentralized exchanges like Uniswap and SushiSwap were a major catalyzing force for the growth of DeFi and the cryptocurrency sector as a whole over the past year, demonstrating the importance of a properly functioning DEX for the growth of the ecosystem.
While SushiSwap is one protocol that has made integrations with the Polygon network along with numerous other blockchains, the QuickSwap DEX is a project that is solely focused on increasing available liquidity for the Polygon ecosystem.
As seen in the charts above, liquidity and trading volume on QuickSwap saw rapid gains beginning in late February and this trend continued throughout March. Over the past two weeks, there has been a noticeable uptick in volume on the platform and this corresponds with the recent Polygon adoptions.
Increased activity on decentralized exchanges is partially due to the growing list of projects now available on Polygon. A quick scroll through the project’s Twitter feed shows a long list of recent integrations including IoTeX (IOTX), Everipedia (IQ), Gelato Network (GELATO), Just Bet (WINR) and Umbrella Network (UMB), to name a few.
Going forward, it’s likely that a growing number of Ethereum-based projects will look for a faster, low-fee environment that also allows them to stay on the top smart contract platform. If they shift to Polygon, there is a chance of significant upside potential and the current growth in MATIC price and the rising TVL of QuickSwap both serve as proof that the protocol is a strong layer-2 contender.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Shiba Inu (SHIB) Mania, Dogecoin, Tesla’s Bitcoin Halt and Crypto Market Volatility: The Weekly Recap
To say that last week was eventful would be an understatement. The entire market went through extreme volatility. Many altcoins charted new all-time highs and went through serious declines as well.
Let’s start with Bitcoin. The cryptocurrency is currently down about 10% on the weekly – last Friday, it was trading at around $57K. Unfortunately, it was all downhill from there, with the exception of the first few days as on Monday, BTC had an unsuccessful attempt at the coveted $60K mark.
On Thursday, Tesla announced that they would no longer support bitcoin payments for their vehicles, citing environmental concerns with BTC mining. This sent the entire market into a steep downturn, where the primary cryptocurrency crashed all the way to $45,700. Most altcoins followed.
Ethereum charted a fresh all-time high at around $4,400, but it was also affected by the downturn and crashed to $3,500 as a consequence. The same can be said for Binance Coin, Cardano, Ripple, and so forth.
Propelled by the sky-high increase in the price for DOGE, other cryptocurrencies with similar meme appeal, such as SHIB, Shiba Pup, Akita, and so forth, also took for the skies. Most of them shared one common trait – the developers had sent 50% of their total supply to the wallet of Vitalik Buterin as a “proof of burn.”
In a move that many didn’t see coming, however, Buterin started disposing of the billions worth of free money he had received. He donated large sums to charities in India, as well as to research facilities. This showed everyone that he doesn’t intend to keep these clone coins in a move that many considered a “rug.”
While a lot of these meme-inspired cryptocurrencies crashed and burned, some still brought massive gains to their investors. At the time of this writing, SHIB is up over 1500% over the past seven days.
All in all, it’s safe to say that it was a very exciting week in the cryptocurrency market. It’s interesting to see what the next week has in store.
Market Cap: 2369$B | 24H Vol: 245B | BTC Dominance: 40.5%
BTC: $51,336 (-10.27%) | ETH: $4,139 (+18.36%) | XRP: $1.42 (-13.12%)
This Week’s Headlines You Better Not Miss
Vitalik Buterin Sells Off Dogecoin Clones: SHIB, AKITA, and Others Face Massive Dump. In a move that shocked many, Vitalik Buterin sold a lot of the meme-inspired Dogecoin clones that he received. This sold most of them in a severe downturn, though a lot are still performing very well over a seven-day period.
Tesla Stops Accepting Bitcoin: Price Slumps $3,000 In Response. The giant electric vehicle manufacturer, Tesla, has decided to halt payments using BTC for its cars. The company cited environmental concerns as the primary reason for the decision and stated that it would continue to hold bitcoin on its balance sheet.
MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Brick-and-Mortar Locations. One of the world’s leading money transfer companies, MoneyGram, will allow its users to buy and withdraw cryptocurrency for cash at traditional brick-and-mortar locations in the United States.
US Investment Bank Cowen to Offer Crypto Custody Services. More banks are getting involved in cryptocurrencies. Cowen Inc., a large multinational investment bank based in the US, announced plans to hold digital assets for hedge funds and asset managers.
Crypto Is the Solution to the Problem Created By the Federal Reserve: Stan Druckenmiller. Stan Druckenmiller thinks that the US Dollar could lose its status as the global reserve currency. This is because of the ongoing policy of the US Federal Reserve. He also believes that a ledger-based system can be the replacement.
eBay Now Allows the Sale of NFTs on its Platform. One of the leading online marketplaces, eBay, has become the first in its industry to jump aboard the non-fungible tokens (NFTs) bandwagon, as the company now allows the sale of NFTs on its platform.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Uniswap – click here for the full price analysis.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
RARI, GHST and MATIC trading starts May 17 – Deposit Now
Ethereum remains a driving force behind cryptocurrency innovation. In the last year, it has played host to an explosion in digital art and created a multi-billion dollar market. This has underlined the need for effective scaling solutions.
To that end, Kraken is supporting three new assets: Rarible (RARI), Aavegotchi (GHST), and Polygon (MATIC).
- Deposits for all three assets are available starting now.
- Trading will begin on May 17 at approximately 15:30 UTC for all assets.
Effective today, trading is also now live for MKR, REN and ZRX. Kraken now offers trading on more than 60 digital assets.
Note: Trading for these tokens is not available to residents of the USA, Canada, Australia and Japan.
Here’s a rundown of the new assets available for deposit on Kraken today.
Rarible (RARI) – The Rarible platform allows digital artists and creators to issue and sell NFTs. Rarible’s marketplace links sellers with buyers interested in purchasing these assets. By owning RARI tokens, Rarible’s native cryptocurrency, holders can vote on the proposals that affect the platform, moderate creators, and curate featured artwork.
Aavegotchi (GHST) – Aavegotchi is a crypto collectibles game where participants can create their very own ghost avatars as NFTs and interact with the Aavegotchi digital universe. The value of an Aavegotchis is determined by its specific physical traits, their accessories, and how many tokens were staked to create them. As the governance and utility token of the Aavegotchi metaverse, GHST enables holders to purchase digital items, including wearables for their avatars, or use them to vote and participate in the game’s development.
Polygon (MATIC) – Polygon is a Layer 2 scaling solution for Ethereum that aims to improve the speed, and reduce the cost and complexities of transactions on its network. MATIC is the utility token of the Polygon network and is used for securing the chain through staking, participating in network governance and as a unit of payment for transaction fees on the network.
What time will funding and trading start?
- Funding: Already available – you can deposit RARI, GHST and MATIC now!
- Trading: Starts May 17 at approximately 15:30 UTC (Kraken will enable order entry and execution at this time)
- Updates will be posted on the status page near launch time
Trading Pairs for RARI, GHST and MATIC
Each new asset will be available for trading in the following quote currencies: USD, EUR, GBP and BTC.
How to deposit
- Navigate to “Funding” > Select the asset. You can find the asset either by ticking “Show all assets” or by searching (e.g for “RARI” or “MATIC”).
- Click “Deposit” next to the asset and follow the on-screen instructions.
Confirmations required before deposits credit
- RARI: 20 (about 5 minutes)
- GHST: 20 (about 5 minutes)
- MATIC: 20 (about 5 minutes)
- 0.3 RARI
- 5 GHST
- 20 MATIC
Fees and funding minimums
Which services will be available for RARI, GHST and MATIC?
Not (yet) available
Will Kraken list more assets?
Yes! But our policy is to never reveal any details until shortly before launch – not even about which assets we are considering. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.
Trade with caution
Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).
Invest with caution
Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.
Grayscale Ethereum Trust (ETHE) Premium Sets All-Time-Low at -14.3%
Grayscale Ethereum Trust (ETHE), the institutional crypto investment fund for the second-largest cryptocurrency registered a negative 14.3% premium reaching its lowest since listing. Grayscale being the world’s largest crypto asset manager offers a range of crypto-based trust funds to invest, in absence of a regulated ETF in the United States.
These private investment funds have also turned into an important market indicator and institutional interest and a rising premium suggests higher demand and vice versa. The Grayscale Ethereum trust fund currently holds $13 billion worth of assets out of which nearly $1.28 billion has flowed in this year.
A similar trend was seen with its highly popular GBTC fund which for the majority of its trading period has had a positive high premium rate, but over the past month the GBTC premium has come down significantly and even fell to negative during the last month’s 20% Bitcoin price correction.
ETH Price Recover After Yesterday’s Fall
Ether’s price has bounced back above $4,100 from yesterday’s crash to $3,549 and currently trading with a 9% surge at $,133. Yesterday saw another crypto blood bath with the majority of tokens falling by over 10%, but the markets rebounded sharply today, and even Dogecoin which was down over 30% has risen above $0.54 to register a 28% gain.
ETH is on a highly bullish momentum and price discovery mode where it has registered a new ATH every other day in the past couple of weeks. The aggressive price gains by ETH have helped it leap over Bitcoin in terms of year-to-date returns as well. The recent surge in price is being attributed to declining market supply as the balance of Ether on centralized exchanges reached a two-year low, and growing institutional demand, where the likes of JP Morgan has lauded the depth of the ETH market that has helped it recover from large correction quite quickly when compared against Bitcoin.
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Justin Sun Offers $50M Dogecoin For TRX And BTT SpaceX Satellite Launch
Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries
Decentralized Storage Project ColdStack Becomes First IDO on SuperStarter Launchpad
Billionaire Druckenmiller says ledger-based system could replace USD worldwide
Matic is nearly wiped off of exchanges! What is the effect on the price?
The rise of crypto charities: Elongate and Munch raise millions for various causes
Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading
Post the SNL bloodbath, here’s a ‘Dogecoin strategy’ that could work
XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?
Globe announces the upcoming Balancer Liquidity Bootstrapping Pool for GDT
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Raze Network Kicks Off Testnet Phase With UI Community Voting
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