The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Here’s how Polygon boosting utility can impact MATIC’s rally

by Miki 10/14/2021
by Miki 10/14/2021 0 comment

The market has had high hopes from the Polygon network, more so, after it overshadowed the Ethereum network as the former’s active addresses briefly flipped ETH’s.

While the network’s growth has been commendable, the layer-2 solution that connects Ethereum to other blockchains, saw considerable roadblocks after the network’s validators recommended raising transaction fees to tackle the spike in spam transactions. 

What changes?

After Polygon’s co-founder Sandeep Nailwal, made the recommendation, the network saw a drastic decline in its on-chain activity. Daily average transaction volume on Polygon dropped from over 6 million to under 3 million, an over 50% fall. 

Source: Polygonscan

Nonetheless, Polygon still captured the highest share of total value locked on Ethereum bridges. In the last week, the number of wallets on Polygon increased sharply and reached about 97.7 million wallets, which caused the gap with Binance Smart Chain to plummet to about 695,000 wallets.

Source: Coin98 analytics

In fact, Polygon has maintained its dominance over Arbitrum and Optimism in terms of TVL in Ethereum bridges despite the decline. However, Polygon’s Total Value Locked had fallen by 8.3% to $4.46 billion over the last week. The main reason came from DEXs when TVL decreased significantly from the beginning of September.

Source: Coin98 analytics

However, all in all, since the network maintained its dominance as daily transactions fell, traders still expected a bullish impact on MATIC’s price. 

Price still on crossroads 

After three recent fakeouts for a breakout since September, MATIC seemed to be underperforming price-wise. After reaching a multi-month high of $1.79 on September 5, the alt made lower lows while teasing the market with a potential breakout. 

Nonetheless, the asset has maintained above the crucial $1.2 level all through October. In fact, MATIC had 5.76% daily gains at the time of writing but was down 1.54% weekly. While on the price front, MATIC didn’t seem to be making any big moves, the network strengthening utility could boost price action. 

Network strengthening utility 

Recently, Polygon Studios, the gaming, and development arm of Polygon, partnered with Unicly (UNIC), a protocol that combines, fractionalizes, and facilitates NFT trading. This partnership is expected to enable NFT projects built on Polygon to be eligible for whitelisting and receive incentives through UNIC rewards. 

Amid the NFT boom, one striking trend was the high social anticipation around protocols that added a utility layer to NFTs. With this partnership, Polygon also looks set to boost the network’s utility. In fact, Unicly could further provide solutions to Ethereum’s gas fee problem which again pumps the network. 

Based on these developments it could be anticipated that MATIC might break out especially, after consolidating for over a week. However, MATIC’s low trade volumes and low social anticipation amid growing network developments still acted as a roadblock. 

Source link

Views: 5
boostingHeresimpactMATICsPolygonRallyUtility
Share
0
FacebookTwitterPinterestEmail
previous post
Bitwise Re-Files for Bitcoin ETF, Here’s Why the Firm Believes it will Secure Approval this time
next post
Studio 54 Reveals Never-Before-Seen Photograph and Pixel Art NFTs of the Famed Disco Club – Blockchain Bitcoin News

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Bitcoin (BTC) Hits New Weekly Lows, Brace for Volatility Ahead in September

  • Ripple’s Brad Garlinghouse Maintains SEC Chair’s Stance on Crypto is Not Clear

  • Bitcoin Entities in Profit Skyrocket to 94.3% as Open Interest Soars

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$28,512.00-3.78%
  • ethereumEthereum(ETH)$1,739.84-7.27%
  • tetherTether(USDT)$1.000.25%
  • usd-coinUSD Coin(USDC)$1.000.01%
  • binancecoinBNB(BNB)$299.23-5.35%
  • rippleXRP(XRP)$0.384200-3.23%
  • Binance USDBinance USD(BUSD)$1.000.06%
  • cardanoCardano(ADA)$0.454728-7.90%
  • SolanaSolana(SOL)$41.32-9.79%
  • dogecoinDogecoin(DOGE)$0.0809271.40%
  • polkadotPolkadot(DOT)$9.33-0.47%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,478.00-3.70%
  • tronTRON(TRX)$0.079624-6.18%
  • Lido Staked EtherLido Staked Ether(STETH)$1,696.51-7.71%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.000.24%
  • AvalancheAvalanche(AVAX)$22.16-11.73%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • Shiba InuShiba Inu(SHIB)$0.000010-5.80%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.87-0.53%
  • litecoinLitecoin(LTC)$61.79-4.79%
  • CronosCronos(CRO)$0.167136-5.88%
  • HederaHedera(HBAR)$0.389473-3.44%
  • matic-networkPolygon(MATIC)$0.58-7.23%
  • RareRare(RARE)$0.0461220.00%
  • FTX TokenFTX Token(FTT)$26.64-5.51%
  • NEAR ProtocolNEAR Protocol(NEAR)$4.82-11.38%
  • moneroMonero(XMR)$185.86-5.00%
  • bitcoin-cashBitcoin Cash(BCH)$173.28-7.31%