+ 4.33
+ 1.27%

What's Going On With Polygon (MATIC) Crypto Today?

April 28, 2021 1:05 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
What's Going On With Polygon (MATIC) Crypto Today?

Polygon (MATIC) was the top gainer among the list of cryptocurrencies arranged by market capitalization by CoinMarketCap in a 24-hour period leading up to press time.

What Happened: MATIC traded 34.49% higher at $0.756 at press time and has risen 120.04% on a seven-day trailing basis.

Since the beginning of the year, MATIC has skyrocketed 4,188.14% — beating the 259.7% and 90.27% year-to-date returns of Bitcoin (BTC) and Ethereum (ETH). 

BTC traded 1.95% at $54,861.99 at press time, while ETH traded 4.80% higher at $2,637.28.

Polygon was previously called the Matic Network and is a platform for Ethereum scaling and infrastructure development. It describes itself as a Layer 2 scaling solution and is focused on reducing the complexity involved in scaling blockchains.

See also: How to Buy Cryptocurrency

Why It Matters: Polygon has witnessed a “10x rise in the number of transactions since the start of the year,” according to Alex Svanevik, CEO of Nansen, a blockchain data firm, CoinDesk reported.

Ethereum’s network congestion and high transaction costs this year have also led to the rise in demand for Polygon recently with multiple decentralized finance or DeFi projects announcing integration with it.

Lark Davis, a market analyst tweeted earlier on the development.

On Tuesday, DeFi yield protocol mStable announced it was embracing the layer-two scaling solutions provided by Polygon.

The integration between AAVE (AAVE) and Polygon, announced at the end of last month, has already ushered in $1 billion in liquidity into the AAVE protocol, according to Polygon co-founder Mihailo Bjelic.

AAVE’s total value locked is touching nearly $8.2 billion as of press time, a rise of 15.79% over 24-hours, according to DeFi Pulse. AAVE traded 13.96% higher at $453.27 at press time.

Read Next: Ellen Too Late On NFT Scene? 'Woman With Stick Cat' Underwhelms Despite Dogecoin Appearance On Showbit

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

Related Articles

Bitcoin, Ethereum, Dogecoin Slip Further As Theta Fuel Extends 2021 Gains

Major cryptocurrencies exhibited weakness on Thursday night with the global cryptocurrency market capitalization declining 2.06% to $1.57 trillion, however, Theta Fuel (TFUEL), the gas token of Theta Network, struck major gains. read more

The Coming Weeks Could Be Crunch Time For Bitcoin

Bitcoin (CRYPTO: BTC) still holds its No. 1 spot as the highest market cap cryptocurrency. Below Bitcoin sits Ethereum (CRYPTO: ETH) as the second-highest market cap in the crypto market. read more

Could Mattel Shares Race Higher With Hot Wheels NFT Launch?

The latest public company to tackle the non-fungible token market is Mattel with a planned launch centered on its Hot Wheels brand. What Happened: Three NFTs from the Hot Wheels NFT Garage Series will go up for auction starting on June 22. read more

Spacelens: Leveraging Blockchain In E-Commerce

Many industries are gradually embracing blockchain technology and cryptocurrency to adapt to the rapidly changing world. Spacelens, a decentralized e-commerce platform, is one of the leading companies championing blockchain integration in e-commerce. These companies like Spacelens are leveraging blockchain technology to offer new shopping experiences to their customers. read more