SEC's Lawsuits and Robinhood's Decision Cause Significant Drop in ADA, SOL, and MATIC Cryptocurrency Prices
The cryptocurrency market is facing uncertainty following the Securities and Exchange Commission's (SEC) recent action against assets that may be considered securities. This has resulted in a significant drop in the value of popular cryptocurrencies such as Cardano (ADA), Solana (SOL), and Polygon (MATIC), raising concerns about their long-term sustainability. In the past 24 hours, these three cryptocurrencies have seen an average decline of 23% in their value, with a collective capital outflow of $6.04 billion in just one day. The SEC's lawsuits against crypto exchanges Binance and Coinbase for listing unregistered securities have also contributed to the drop in asset prices.
Shiba Inu (SHIB) Survives Robinhood's Delisting of Cryptocurrencies
Robinhood, the American trading platform, has announced that it will delist Cardano, Solana, and Polygon from its platform by June 27, 2023. However, Shiba Inu (SHIB), the popular canine-themed cryptocurrency, will remain unaffected by this decision. The burn rate of SHIB tokens has increased significantly, potentially contributing to increased scarcity and value. The delisting decision may have been influenced by recent lawsuits involving major exchanges like Binance and Coinbase initiated by the United States Securities and Exchange Commission (SEC).
Robinhood to Delist Cardano, Polygon and Solana Following SEC Charges Against Crypto Exchanges
Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.
Kraken Launches NFT Marketplace Supporting Over 250 Tokens Across Ethereum, Solana, and Polygon Blockchains
Kraken, a cryptocurrency exchange, has officially launched its NFT marketplace after beta testing, offering support for over 250 NFTs across Ethereum, Solana, and Polygon blockchains.
Grill.chat Implements EVM Wallet Compatibility for Crypto Transactions and Ethereum Identities in Chat Rooms
Grill.chat, a chat app on the Subsocial network, has integrated Ethereum Virtual Machine (EVM) wallet compatibility, enabling users to chat using their Ethereum identities and send crypto via Polygon. The app offers over 70 chat rooms focused on crypto-related topics and aims to attract new Web3 projects to build their communities on the platform.
Taurus Partners with Polygon to Allow Banks to Tokenize Assets on Ethereum Scaling Solution
Swiss crypto platform Taurus has partnered with Polygon to allow banks to tokenize assets on the proof-of-stake network. This integration creates a link between the crypto industry and European banking, enabling traditional financial instruments to be reimagined on a modern, decentralized foundation. Taurus clients can now benefit from low fees and faster transactions for tokenization use cases such as equity, debt, structured products, funds, and NFTs. The partnership will create opportunities in the tokenization space and enable the automation of securities behavior, including dividend payments, coupon payments, stock splits, and compliance rules.
Polygon zkEVM Protocol Reports Significant Growth in Liquidity and Gas Optimization in May
Polygon's zkEVM protocol has released its key performance milestones for May, highlighting significant growth in liquidity and total assets locked exceeding $18 million. The protocol has also recorded gas optimizations, making it one of the cheapest Layer 2 outfits on Ethereum. Despite competition from other L2 protocols, Polygon zkEVM is working to beat its personal best and continue carving a niche for itself in the industry. The protocol reported breaking all-time highs in single-day transaction volume, processing over 25,000 transactions on May 25 on the Polygon zkEVM mainnet beta.
Polygon ($MATIC) Staking on the Rise: Can Price Reach $2?
Polygon's (MATIC) price has increased by 12% in the past week, but is struggling to break above the $1 support line. On-chain data suggests that the MATIC price could reach $2 in the long run if certain bullish signals remain in place. After Ethereum's Proof of Stake transition in April, MATIC initially suffered a contraction due to investors moving their staked assets to the Ethereum mainnet. However, the number of MATIC tokens locked up in smart contracts has increased significantly in May, which could lead to a prolonged bull rally if investors continue to stake assets on the Polygon network at this rate.
Crypto Trader Doubles Down on Short Positions for MATIC, SOL, AAVE, and More
Capo, a popular crypto trader who has been bearish on digital asset markets this year, is increasing his short position on Polygon (MATIC), an Ethereum scaling solution.
Deutsche Telekom Partners with Ethereum Layer-2 Scaling Platform Polygon for Staking and Validation Services
Telecommunications giant Deutsche Telekom has partnered with Polygon, a leading Ethereum Layer-2 scaling platform, to improve the security and efficiency of transactions and data transfer within the industry. As part of the partnership, Deutsche Telekom has become one of the 100 validators on the Polygon Proof-of-Stake network, contributing to the platform's security and decentralization. Additionally, Deutsche Telekom MMS, a subsidiary of Deutsche Telekom, will provide staking and validation services for both Polygon's PoS network and Supernet solutions. This partnership highlights Deutsche Telekom's commitment to improving the Ethereum ecosystem and marks a milestone for the Polygon network's recognition and adoption across industries, as they aim to create a scalable and sustainable infrastructure for future blockchain applications.
