These Tokens Get a Boost from Polygon’s Network
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Altcoin trading keeps looking robust despite the recent market corrections. In the third quarter, most assets are trying to push upward from their lows. But for a specific list of altcoins, there is a uniting factor that brings easier access and higher activity.
Tokens compatible with the Polygon network are one of the biggest daily gainers, quick to recover after multiple price drops. The tokens expand on the general trend of DeFi and NFT issuance, powered by the scaling and small fees on the Polygon (MATIC) network.
Polygon Drives Social Engagement
Most of the prominent projects on Polygon were already established on the Ethereum network. But high ETH fees hampered engagement and price growth. At one point, participating in a liquidity pool was prohibitive to smaller investors.
Polygon itself remains among the projects with the highest social engagement, competing even with high-profile meme coins. MATIC has been mentioned for weeks as one of the tokens in the top 10 of social media engagement, showing a trend in popularity and potential adoption.
All related projects benefit from the exposure, with big daily movers taken from the Polygon ecosystem.
Polygon Ecosystem Draws In $36B
The tokens listed as compatible with Polygon now have a valuation of $36B. Most of that value is locked in the leading assets, including MATIC itself. Other recently prominent projects include Aave (AAVE) and The Graph (GRT), which also broke out in the past few days. AAVE is driving the new wave of growth in DeFi trading and passive income, as it gathers more value locked in comparison to previous DeFi leaders Maker DAO and Compound.
Sushi (SUSHI), the native token of the SushiSwap decentralized exchange, also allows for easier access on the Polygon network.
Chainlink (LINK) is also highly active on the Polygon network and one of the most prominent tokens based on market capitalization. LINK benefits both from its own grassroots community of investors, and from the more recent Polygon exposure. LINK trades at $20.84, still far from its previous bid to expand above $50 and into triple-digit valuations.
Token in Focus: Decentraland (MANA)
Decentraland (MANA) was a project dedicated to digital property and virtual worlds, and was years ahead of the NFT curve. MANA continues to gain popularity, and is breaking out in the past few weeks.
MANA is on track to double its price since the recent bottom where it slid close to $0.40. The asset grew to $0.79 in the past day, adding more than 18% to its price.
MANA has the advantage of both being a trending asset and having a long history of previous listings and trading. MANA is spread to most large exchanges, with a balanced concentration of activity. The project is accessible for EU-based traders through the Kraken exchange, while also being popular on Asian exchanges like Huobi, OKEx and Bithumb.
MANA may be somewhat misleading as a large part of its trading volumes are in the MANA/KRW pair. Korean Won trading is limited to international buyers, and MANA has a separate price discovery process on Bithumb.
Decentraland Gains Value from NFTs
MANA does not only get its value from speculative trading. Decentraland, its core product, is the largest virtual reality marketplace built on the Ethereum network.
One of the active trading venues is the auction for Decentraland names, featuring rare names including “Bitcoin”. The name is among the most expensive NFTs, being on offer for 100,000 MANA.
MANA has a circulating supply of 1.69B tokens, while still commanding a relatively low price. The token was meant for wide-scale circulation to serve the Decentraland marketplace and offer access for all virtual goods price ranges.
Telcoin to Add Boost to MATIC
Telcoin (TEL) was one of the assets that also chose the scaling solution of Polygon. TEL will soon launch its V3 network on Polygon, allowing for fast and cheap transfers. Telcoin was a digital asset project aiming to serve the large market of telecom-based fintech wallets, by adding a true digital token.
TEL is still in a price discovery mode, moving between a peak near $0.05 and current levels of $0.02. The asset has been listed on Coinbase and most large exchange operators, despite its recent launch.
What is the Future for MATIC
MATIC was one of the best performers in the second quarter of 2021, growing by more than 200% net.
MATIC currently trades around $1, with no new breakout, after peaking at $2.45 during the first quarter bull market. Some targets for MATIC envision prices reaching $5 on increased network usage.
The future of MATIC hinges on the performance of the DeFi sector, as the Polygon protocol has built an easier gateway to participate in both passive income pools and decentralized trading liquidity pools.
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