Polygon (MATIC) Rallies 15% Defying the Broader Crypto Market Slowdown, Here’s Why

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MATIC, the native cryptocurrency of Ethereum’s Layer-2 scaling solution Polygon, has shown a strong move recently despite the broader crypto market moving sideways. In the last 24-hours, the MATIC price has rallied 15% moving all the way to $2.20.

With this move, MATIC has also extended its weekly gains to more than 20%. The recent price rally in Polygon (MATIC) comes on the backdrop of a multitude of different factors.

21Shares To Issue Polygon ETP

21Shares, a cryptocurrency exchange-traded product (ETP) issuer announced on Wednesday, December 1, announced that it will be launching a Polygon ETP on Euronext exchanges in Paris and Amsterdam.

The ETP will track the performance of Polygon’s native cryptocurrency MATIC. As of now, 21Shares boasts 20-crypto ETPs. Earlier this year, it also announced a crypto ETP tracking the performance of Ethereum-killer Solana (SOL).

For the launch of its Polygon (MATIC) ETP, the firm has partnered with U.K.-based infrastructure provider Copper who will be offering custodial and staking requirements.

IDEX to Launch Hybrid Liquidity DEX on Polygon

San Francisco-based decentralized exchange IDEX will be launching a new v3 Hybrid Liquidity DEX on Polygon. This hybrid model will merge the traditional order book functionality along with other automated market makers’ (AMM) liquidity pools.

This will help in introducing typical investing tools such as stop losses, limit orders, and real-time execution. Besides, it will also bring in higher financial returns for liquidity providers.

IDEX said that the major reason for choosing Polygon is its lower transaction costs. It noted that the transaction cost on Polygon is typically “10,000–100,000 times cheaper” than on Layer 1 Ethereum blockchain. Speaking of this development, IDEX CEO Alex Wearn said:

“DeFi has been hamstrung by issues like gas prices, front-running and slippage since its inception, yet few solutions have truly offered answers to these problems. The novel Hybrid Liquidity design protects users from these pain points, while simultaneously generating higher returns for liquidity providers to boost the scalability of the wider decentralized economy.”

Furthermore, Polygon also announced that it will be hosting the “zk Summit” next week on December 9. It added: “Polygon is focusing on ZK cryptography as the most promising solution for scaling #Ethereum. Witness the live demos of this technology during the action-packed summit”.

The post Polygon (MATIC) Rallies 15% Defying the Broader Crypto Market Slowdown, Here’s Why appeared first on Coingape.

Publication date: 
12/02/2021 - 05:53
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