Polygon's zkEVM Segment Drives Impressive TVL Growth
Polygon's impressive TVL growth can be attributed to the success of its zkEVM, which offers lower costs and better scalability. This has attracted investors and led to a significant increase in TVL from $1.5 million to $14 million in a short period. MATIC may also be benefiting from this growth, as it has seen a bullish trend in the last five days. However, on-chain metrics suggest that MATIC's momentum may be slowing down due to selling pressure and a decrease in daily active addresses.
Caste Certificates Based on Polygon Acknowledged by Indian Policy Think Tank
India's public policy think tank, NITI Aayog, has recognized the use of blockchain technology for issuing caste certificates in the Gadchiroli district of Maharashtra. The acknowledgement was made in a joint report with the United Nations Development Programme (UNDP) that highlights 75 best practices and policies for sustainable development goals. The use of blockchain-based certificates can help in easy verification, reduction of fraudulent claims, and improving privacy. This recognition has brought hope to the Indian crypto community for blockchain mass adoption despite the country's strict stance towards crypto.
The Cross-Chain Bridge zkBridge Under Polyhedra Has Been Integrated Into Polygon
On May 29th, Polyhedra Network, a ZK infrastructure startup, announced that its cross-chain bridge, zkBridge, has been integrated into the Polygon network, allowing users to use interoperability supported by zkBridge on Polygon.
Polygon Co-Founder Says Reddit Has "Cracked the Code" on NFT Adoption
During a recent Reddit AMA session, the co-founder of Polygon praised the social media platform for successfully introducing NFTs to its community through free airdrops and early sales of digital collectibles. He stated that Reddit is the only well-known Big Tech company that has "cracked the NFT code" and has been able to drive a lot of engagement with Reddit NFTs, resulting in the onboarding of 9.7 million users to Reddit's NFT platform. The co-founder also positioned Polygon as a business layer and stated that their long-term vision is to become the "value layer of the Internet" and act as a "business or application layer for crypto." Polygon has also partnered with brands such as Nike, Starbucks, and Sotheby's for NFT collections.
QuickSwap has launched QuickPerps, a decentralized perpetual contract exchange based on Polygon's zkEVM technology.
QuickSwap's new product, QuickPerps, is a decentralized perpetual contract exchange.
ClubRare and Polygon Collaborate to Launch Groundbreaking Social Commerce Platform for Phygital Goods Collectors and Creators
Polygon has announced a partnership with ClubRare, a Web3 social commerce platform for physical goods, to launch a social e-commerce platform for collectors and creators of "phygital" goods.
Austria’s GreenRock Energy Is Issuing a Tokenized Green Bond Worth €25 Million ($27M) on the Public Polygon Blockchain
Austria's GreenRock Energy is issuing a tokenized green bond worth €25 million ($27m) on the public Polygon blockchain, with the funds to be invested in solar panel businesses and installations. The issuance of the tokens is approved by Germany's BaFin, Austria's FMA and Italy's CONSOB.
Co-founder of Polygon believes Web3 gaming will drive crypto adoption
Sandeep Nailwal, Co-founder of Polygon, believes that Web3 gaming will be a major factor in driving widespread adoption of cryptocurrency. During a Reddit Ask Me Anything (AMA) session, Nailwal stated that gaming is the largest scale opportunity for crypto and highlighted the upcoming debut of some notable games on Web3.
Polygon Daily Address Creation Hits 2-Year High; Bullish for MATIC?
Despite recent declines in the cryptocurrency market, Polygon (MATIC) has seen a surge in the number of new addresses created daily on its Layer 2 blockchain, which aims to help Ethereum with its scalability.
Cardano Struggles with Delays in Swaps, Causing Users to Consider Competitors such as Polygon and Solana
Cardano, a popular smart contract network known for its high transaction speeds and scalability, has been experiencing delays in token swaps on some of its decentralized exchanges. These delays have put a dent in the network's integrity and given its competitors an edge.
Polygon's zkEVM Optimizations Expected to Reduce Fees by 20% and Attract New Users, MATIC Price Increases by 2% in Last 24 Hours
Polygon [MATIC] has announced that it will be reducing fees by approximately 20% in the coming weeks through optimizations to zkEVM. This move is expected to attract new users to the platform. While the fee reduction will take some time, Polygon has suggested a few methods that users can use to reduce fees now, such as tracking Ethereum's trading price and monitoring network activity.
Polygon Partners with De.Fi to Integrate Web3 Antivirus for Enhanced Security Against Hacks and Exploits
Polygon, the Ethereum layer-2 chain, has partnered with De.Fi to incorporate its antivirus into the ecosystem. The collaboration aims to enhance the safety and security of transactions on the Polygon network by offering users a DeFi suite of security tools.
Polygon's zkEVM Activity Lower Than Competitors, MATIC Market Cap and Usage Remain Uncoupled
Polygon's zkEVM activity has been trailing behind other protocols like StarkNet and zkSync Era, which could have an impact on the protocol's future growth. However, despite this, Polygon's usage and MATIC market cap have not been affected. Messari's data shows that the relationship between Polygon's cumulative market capitalization and user base can be categorized into three distinct phases: Growth, Deviation, and Maturation. Recently, MATIC's price has experienced a significant drop, with its RSI indicating that momentum is currently with MATIC sellers.
Mangrove Launches Decentralized Exchange Protocol on Polygon Testnet with Programmable Order Book and Enhanced Limit Order Flexibility
Decentralized exchange protocol Mangrove has launched on the Polygon Testnet, providing a secure and efficient blockchain infrastructure for traders. The launch includes a programmable order book that can improve user trading experiences. Mangrove's mainnet launch is expected soon, along with a new brand logo and assets that represent the company's core values and principles.
Mangrove Launches Decentralized Exchange on Polygon Testnet with Programmable Order Book
Mangrove, a decentralized exchange (DEX), has launched on Polygon's testnet with a programmable order book. The Paris-based firm has raised around $10 million and is supported by major trading and market making players like Wintermute and Cumberland. The company plans to launch on mainnet at the beginning of next month. Mangrove's "advanced limit order" innovation allows traders to propose selling digital assets at a given price while depositing those assets as collateral on a lending platform and generating passive yield. This more flexible version of a limit order allows traders to have a savings account and sell at a certain exit price.
Bug in Aave V2 on Polygon Network Prevents Users from Accessing Over $100M in Assets
A bug in Aave V2, a decentralized finance (DeFi) lending protocol on the Polygon network, has caused users to be unable to interact with around $110 million worth of assets on the platform. The issue is due to an incompatible upgrade to the ReserveInterestRateStrategy contract deployed on Polygon.
Polygon, Solana, Algorand Collaborate on $50M Cross-Chain Investment Fund
Algorand, Solana, and Polygon have collaborated to create a $50 million cross-chain investment fund, the Cross-Chain Ecosystem Investment Fund, managed by Borderless Capital. The fund will invest in startups that utilize the Wormhole cross-chain messaging protocol. The Algorand Foundation, Solana Foundation, and Polygon Ventures are among the participants in the fund, along with other investors. Wormhole is a popular cross-chain messaging protocol that connects liquidity and users across more than 20 blockchain networks. The fund's creation provides more incentive for crypto developers to address Wormhole's cross-chain security challenges.
Elon Musk’s Recent Tweet About Milday NFT Caused a Spike in Its Value
Elon Musk's recent tweet about Milday NFT caused a spike in its value, similar to what happened with Dogecoin after Musk endorsed it. While established blockchain providers Solana and Polygon are facing challenges, TMS Network is thriving, having increased by 1700% since its presale event.
Web3 Reinvented: Polygon Labs, Sequence Join Forces To Transform Infrastructure
Horizon, the creators of Sequence, have announced a partnership aimed at redefining Web3 infrastructure, which has had a significant impact on Polygon's governance token MATIC, with an increase of nearly 3% in the past 24 hours. The partnership will bolster the infrastructure and signify a positive step forward for the Web3 ecosystem. The seamless integration of Sequence's smart wallet and infrastructure stack on Polygon Supernets will pull business enterprises into the ecosystem. Both Polygon and Sequence will offer credits to incentivize developers to build on the platform, which will have a strong effect on how quickly the Web3 infrastructure will improve.
Earn Alliance Integrates Chainlink VRF for Fair and Transparent NFT Minting in Last Remains Game on Polygon Mainnet
Earn Alliance, a Web3 gaming community and service provider, has integrated Chainlink's Verifiable Random Function (VRF) on Polygon's mainnet to ensure a fair Genesis NFT mint for their battle royale game, Last Remains. This integration provides a secure and verifiable source of randomness. Earn Alliance offers a range of services to Web3 games, including community building, marketing NFT launches, and player onboarding. Their commitment to fair play, transparency, and user experience is evident in their selection of Chainlink VRF and future plans to offer a comprehensive smart contract-free mint service. This partnership sets new standards in the Web3 gaming industry.
