Polygon Updates and Recent Partnerships You Must Know About
Following the sellers' reaction to the peaks, the whole cryptocurrency market is in a decline mode. This decline might be seen as either further profit-taking or a retracement by the purchasers. Bitcoin has been losing ground recently, and Ethereum is following suit as a slacker. The rest of the cryptocurrencies are struggling to hold the market at their recent highs, even if the bulls have had the steam during the bull run.
Although the prices of the blockchain-based digital assets are being hammered, improvements on the technological and fundamental front do not appear to be slowing down.
Ethereum Layer-2 Solutions in the Demand
Ethereum Layer-2 systems, which are solutions stacked on the Ethereum blockchain to control transactions beyond the Ethereum blockchain network, have been on the upswing as designers try to enhance Ethereum's scalability. And Polygon has to be is one of the greatest examples in this field. This project has acquired a lot of attention in recent years due to the use proposition it provides in terms of trying to scale the Ethereum network. Polygon has established itself as a no-brainer layer-2 solution by efficiently addressing ETH scalability challenges.
Polygon Attempts Further to Improve Ethereum Scalability
Polygon Miden is a Layer 2 Ethereum scaling architecture that uses advanced zero-knowledge encryption to increase Polygon's and Ethereum's scalability. The technology also works on improving the security and privacy of the networks.
Essentially, Polygon Midenan is an EVM-compatible scaling solution that uses zero-knowledge scalable, transparent argument of knowledge (ZK-STARK) technology to reduce the amount of data transferred among users and enable operations to be validated faster.
Polygon has made a $1 billion commitment to ZK-related projects. Two of its ZK-based scaling solutions are Polygon Hermez and Polygon Nightfall, an open, confidentiality rollup.
Polygon, a project founded in India, has seen fast growth in tandem with the introduction of DeFi, NFTs, and games. According to DeFi Llama figures, the total value locked (TVL) in protocols on Polygon is currently over $4.8 billion.
Infura Partners With Polygon
ITX, or Infura Transactions, lets users conduct transfers without needing to retain any ETH tokens. ITX transactions encapsulate the complexity of gas management that devs confront and ensure that operations are submitted safely. This results in less micromanaging and a more efficient process for users. ITX will now rely on the Polygon project to ensure that its apps run smoothly.
Infura offers a critical utility to the Ethereum blockchain development community. MakerDAO and Uniswap are two of the most popular DeFi solution suppliers. Infura also works with well-known digital wallets like MetaMask. Infura also supports NFTs like Sorare and Async Art.
According to Infura, 350,000 developers have already started using the ITX apps to create web 3.0 applications. ITX is automatically active for each project once it is incorporated. If developers wish to cease utilizing ITX, they'll have to manually go into settings and disable it.
Polygon and SX Network Announce Integration
Polygon Network and SX Network established cooperation just a few days ago. Both companies have also revealed intentions to develop the Polygon SDK blockchain, which will be the first of its kind.
Portal Undergoes Partnership with Polygon Network
According to a press statement, Polygon and a Self-hosted wallet and Bitcoin-based cross-chain Layer-2 DEX Portal formed a strategic agreement to increase Bitcoin use in the DeFi ecosystem.
Portal provides atomic transfers between Bitcoin and other cryptocurrencies assets that are private, safe, and fast. Both Portal and Polygon have pledged to their users that their assets would be transferred easily and at the lowest feasible cost across the DeFi ecosystem.
Polygon will operate a terminal on the Portal DEX to offer continuing liquidity for atomic swaps between Bitcoin and WBTC, POS-WBTC, and other assets. At the same time, Portal will support WBTC/BTC and POS-WBTC to BTC trades on their DEX.
Polygon Plunges to Test Demand Levels
Year-round, the price of Polygon crypto has been quite erratic. This token, like its other altcoin peers, reached its historical high in May 2021.
As the market quickly retraced, the purchasers were left with little choice. The sellers arrived in the shape of lower lows and lower highs. The demand zone near $1, on the other hand, attracted higher timeframe buyers back into the market.
At $1.8, one of the most historic lower highs was challenged, which resulted in a higher low. This was the first clue that the major purchasers had arrived.
Consequently, the market found support above $1 on the second attempt and soared to a new high of $1.74. The market, however, failed to hold at the support level when the pullback from the recent record high rolled in.
Polygon Price Chart on the Weekly Timeframe on KuCoin | Source: MATIC/USDT
As of this time, the sellers are driving the market southward, bringing it closer to the support turned resistance at $1.69. It is the buyers' momentum that will determine the level of demand that will be sustained.
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Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
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