The initial proposal from Morpho Labs and Allez Labs sought to capture a 7% yield from stablecoins held in Polygon’s proof-of-stake bridge.
Polygon, one of the largest Ethereum layer-2 networks, has accused the DeFi lending platform Aave of adopting monopolistic practices. This dispute arises from a proposal to allocate locked bridge funds to yield-generating strategies, which Aave opposes. Tension escalated after the lending protocol threatened to withdraw its deployment from Polygon’s network. The controversial proposal has been […]
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The Aave community is evaluating a proposal to withdraw the lending protocol from Polygon’s Proof-of-Stake (PoS) chain. In the Dec. 16 proposal, Marc Zeller, founder of Aave Chan, highlighted potential risks tied to Polygon’s plans to rehypothecate its stablecoin reserves while suggesting Aave should adjust risk parameters for its V2 and V3 deployments on the […]
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Aave founder Marc Zeller has proposed new risk parameters on Polygon in response to plans to farm over $1 billion in stablecoin reserves.
According to Morpho Labs co-founder Merlin Egalite, Polygon could collect a 7% yield on its stablecoin holdings at current rates.
The plan uses Morpho Labs' vaults to manage USDC and USDT, targeting a conservative 7% annual return using various strategies.
Also: An Ethereum dev's defection to Solana; Polygon's big proving-system flex; crypto's most influential
MATIC price is showing positive signs from the $0.580 zone. Polygon is rising and might gain bullish momentum above the $0.70 resistance. MATIC price started a fresh increase above the $0.620 level against the US dollar. The price is trading above $0.650 and the 100-hour simple moving average. There was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.680 and $0.700 resistance levels. Polygon Price Aims Higher After forming a base above the $0.5750 level, Polygon’s price started a fresh increase above the $0.600 pivot level. MATIC is moving higher above the $0.620 level, like Ethereum and Bitcoin. There was a move above the $0.650 level. Besides, there was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair. The pair tested the $0.680 resistance zone. It is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. MATIC is trading above $0.650 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.680 zone. The first major resistance is near the $0.70 level. If there is an upside break above the $0.70 resistance level, the price could continue to rise. The next major resistance is near $0.750. A clear move above the $0.750 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.780 level or $0.80. Another Dip In MATIC? If MATIC’s price fails to rise above the $0.680 resistance level, it could start another decline. Immediate support on the downside is near the $0.650 level. The main support is near the $0.6250 level or the 50% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. A downside break below the $0.6250 level could open the doors for a fresh decline toward $0.60. The next major support is near the $0.5750 level. Technical Indicators Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.6500 and $0.6250. Major Resistance Levels – $0.6800 and $0.7000.
Polygon (POL) hit its four-month high today following its 11% daily surge. The cryptocurrency surpassed the $0.60 mark before retracing, sparking a bullish sentiment among investors and market watchers. As a result, a renowned crypto analyst predicted a massive 2,500% rally for POL in the coming months. Related Reading: Toncoin (TON) Rebounds Above $6: Is A Sustainable Rally In Sight? Polygon On-Chain Metrics Turn Bullish Polygon has seen a remarkable performance over the past three weeks, rising around 107% since the November 5 market pump. POL, previously MATIC, has seen its price move from below the $0.30 mark to a four-month high of $0.61. This performance has been fueled by several factors, which have propelled the token’s price by nearly 40% in the last seven days and could stage “one of the most hated rallies,” as Ali Martinez shared on X. The analyst explained that Polygon has been experiencing an “important spike in on-chain metrics” over the last week, which could drive POL’s price to a “wild” price action in the future. Martinez noted that a lot of investors hold Polygon from the previous cycle, where the project’s token hit its all-time high (ATH) of $2.92. However, most of them record losses since only 15.11% of Polygon holders are in the green. Per the post, this is a positive sign for POL’s price action, as most of its investors won’t sell for profit at the current price ranges. The analyst added that on-chain data suggests a new wave of investors are positioning themselves for the rally’s second leg. This was signaled by the recent increase in daily active addresses, transaction volume, and whale activity. POL’s daily trading volume has recorded a 190% increase in the last week, jumping from the $250 million mark to $736 million. Additionally, whales bought over 140 million POL, now worth around nearly $80 million, in the last week and a half, with large-scale purchases significantly increasing since November 5. POL To Hit $15 This Cycle? Martinez suggested that with the whales’ buying spree and the reduced selling pressure, the POL “technicals look very good.” To him, the cryptocurrency is nearing a breakout from a multi-year descending triangle. The analyst explained that Polygon has been consolidating in a descending triangle formation since hitting its ATH almost three years ago. Nearly a week ago, the token “bounced off the triangle’s x-axis,” and had its Moving average convergence/divergence (MACD) “on the verge of a bullish crossover.” This suggested that while sentiment remains overall bearish, “bullish signals are piling up,” indicating a potential rally toward a new ATH. Related Reading: Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance Based on this, Martinez predicted that POL’s breakout could potentially lead to a 2,500% rally in the coming months. A weekly close above $0.7973 could spark a rally to $15.27, he detailed, adding that it could also ignite a 6,200% jump to $36.17. The analyst added that the most important support wall for POL was between the $0.375 and $0.386 price range, broken over a week ago, with little resistance in the higher levels. As of this writing, POL is trading at $0.58, a 75% increase in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Polygon Labs CEO Marc Boiron has attributed the network’s struggles with broader adoption in the space to racial prejudice against its co-founder, Sandeep Nailwal. In a Nov. 25 post on X, Boiron suggested that Nailwal’s Indian heritage has led to biases that hinder Polygon’s recognition despite its substantial usage across the blockchain industry. He wrote: […]
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Far from making zero-knowledge rollups obsolete, the Beam Chain would make them work better, says Polygon. zkSync builder Matter Labs is also bullish.
Sandeep Nailwal, the Ethereum layer-2 network Polygon co-founder, has voiced concerns that the growing trend of memecoin scams could attract regulatory scrutiny. Nailwal highlighted these risks in a Nov. 21 post on X, pointing to recent incidents as potential triggers for government intervention in the crypto space. QUANT controversy Nailwal’s remarks were prompted by a […]
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BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has expanded its reach to multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon, according to a Nov. 13 statement. This expansion is part of BlackRock’s strategy to strengthen its tokenization efforts, transforming BUIDL into a multi-chain asset. It enables users and applications within these blockchain ecosystems to […]
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The tokenized money market fund will launch on nearly half a dozen new blockchain networks.
AUSD now powers AggLayer on Polygon, optimizing crosschain liquidity and eliminating token bridges.
With the altcoins rising, the Polygon (POL) price is below $0.30. As the buying pressure surges, the altcoin teases a trend reversal with a breakout rally. Will the uptrend in Polygon cross the $0.50 psychological mark as the broader market recovers? Let’s find out more in Coinpedia’s Polygon price analysis. Polygon Price Analysis With a …
Newton will allow for wallet solutions to plug into the AggLayer, which is a Polygon-backed effort to connect affiliated chains and allow tokens to freely move between them. Magic Labs claims its the first dedicated network for wallet solutions and chain unification.
With the altcoins rising, the Polygon (POL) price is below $0.30. As the buying pressure surges, the altcoin teases a trend reversal with a breakout rally. Will the uptrend in Polygon cross the $0.50 psychological mark as the broader market recovers? Let’s find out more in Coinpedia’s Polygon price analysis. Will Polygon Give A Channel …
Polymarket dominates with around $3.3 billion in betting volumes tied to the outcome of the US presidential race.
Blockchains are stuck in silos, fragmenting liquidity and making for a clunky user experience. It's time to tear down the walls.
One of the major breakout successes this year for the team behind layer-2 blockchain Polygon is Polymarket. But according to data, Polymarket has only brought in about $27,000 of transaction fees for Polygon PoS in 2024.
Polymarket, the predictions market on Polygon, is drawing global attention. Not only is it among the most active dapps without their token, but it is also closely being monitored by pollsters tracking the ongoing presidential campaign in the United States. In the hotly contested campaign, the current vice president, Kamala Harris, is battling with Donald […]
According to the latest Binance Research report, the Ethereum (ETH) issuance rate continued to rise in September 2024, raising concerns about the digital asset’s “ultrasound money” claim. Ethereum Issuance Rate Continues To Surge In its October 2024 Monthly Market Insights report, Binance Research highlighted that the ETH issuance rate continued its ascent in September, moving away from its previously deflationary status. Related Reading: Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally The second largest digital asset by reported market cap had a 30-day annualized inflation rate of approximately 0.74%, a level not observed in the last two years. The sharp uptick in ETH supply inflation has questioned its “ultrasound money” positioning. Interestingly, the term “ultrasound money” draws inspiration from Bitcoin’s (BTC) “sound money” narrative. While BTC’s supply is capped at 21 million, ETH’s supply can become deflationary, theoretically increasing scarcity and protecting it from inflation-driven erosion of purchasing power. Ethereum’s high issuance rate could be attributed to several factors, including low mainnet on-chain activity, leading to a low transaction fee and, consequently, lower ETH burn rates. In 2021, Ethereum core developers implemented EIP-1559, which introduced a fee-burning mechanism that aimed to reduce ETH’s circulating supply, thereby creating deflationary pressure on the token. However, with declining mainnet activity, the amount of ETH being burned is lagging behind the ETH issuance rate, leading to a net inflationary trend. Notably, September 2024 experienced one of the lowest ETH burn rates since the highly anticipated Merge event, when Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Ethereum Layer-2 Solutions To Blame For Low ETH Burn Rate? The report points to March 2024 as the starting point of Ethereum’s inflationary trend, following the implementation of EIP-4844 or the Dencun upgrade, which reduced transaction costs on layer-2 scaling platforms such as Optimism (OP), Arbitrum (ARB), Base, and Polygon (MATIC). The report adds: As L2s cannibalized network activity throughout the year – further impacted by broader market conditions – transaction fees and, consequently, burned fees on Ethereum declined, with September recording one of the lowest levels since the Merge. This has prevented ETH from decreasing in supply to remain deflationary, leading to the net positive daily supply changes we now see. Recent trends corroborate the assertion above, as network activity on layer-2 solutions grows across different metrics. For instance, a report in July 2024 noted that daily active addresses and transaction volume on Polygon had soared significantly. Related Reading: Ethereum Solo Staking Made Easier? Vitalik Buterin Supports Lower Entry Requirements Similarly, decentralized finance (DeFi) activity on Arbitrum increased earlier this year when decentralized exchange (DEX) Uniswap surpassed $150 billion in total swap volume on the network. Another report found that over 48% of digital assets bridged from the Ethereum network end up on Arbitrum, indicating users’ high trust in the layer-2 network’s robust security and reliability. ETH trades at $2,385 at press time, up 1.7% in the past 24 hours. Featured image from Unsplash, charts from Binance Research and Tradingview.com
Assetera will use Ethereum scaling network Polygon to secure transactions and utilize stablecoins for purchase, clearing and settlement to ensure the process is fast and efficient.
According to Colin Butler, financial institutions that don't embrace blockchain technology will lose their relevancy and competitive edge.
The purchase is part of a deal with hardware maker Fabric, that is also producing custom zero-knowledge chips for Polygon's AggLayer.
Telefónica Tech is integrating with Polygon’s Privado ID to advance its digital identity solutions as Europe moves toward digital ID implementation.
According to the CEO of Polygon Labs, POL has evolved into a “hyperproductive” token, enabling the community to engage more effectively in the network’s growth.
The migration from POL to MATIC will also bring in some tokenomics changes with a new emission rate of 2%.
Justin Bons, the founder and chief investment officer of European cryptocurrency fund Cyber Capital, has once again criticized the operations of Ethereum L2 solutions. In a recent X post on Saturday, Bons tagged these blockchain platforms designed to improve the scalability of the Ethereum network as dangerous with the capacity to cart away users’ funds […]