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Polygon (MATIC)

Polygon is raising Gas price to counter spam transactions

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  • Polygon is increasing the minimum gas fee from one Gwei to 30 Gwei. 
  • The new development comes as part of the measure to reduce spam activities on the network. 

Leading Ethereum-based scalability network, Polygon is planning to increase the minimum gas price as a measure to counter against pointless transactions on the network. The announcement comes as active users and network activities on the network continue to increase, with transactions surpassing that of the base blockchain Ethereum. 

Polygon to increase gas fee to 30Gwei

Following the announcement made by Software Engineering Lead Sandeep Sreenath, the minimum gas fee for transactions on the Polygon Network will be increased from 1Gwei to 30Gwei, to reduce the number of spam transactions logged on the network.

Recall in June, Polygon dealt with a spam attack where the attacker(s) flooded the network with lots of empty transactions, which the attackers sent to themselves. Thus, raising the minimum gas fee could be just an extra layer of security needed to prevent more of those spam activities since it will become more expensive to perform. 

Even at 30Gwei, the dollar value of the fee is still cheaper compared to that of Ethereum and it should keep the network relatively clean as it prepares for a new wave of adoption, especially from the non-fungible token (NFT) market. 

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Polygon adoption

Formerly known as Matic Network, Polygon has become the most popular scalability solution on the Ethereum blockchain. Amid its faster and cheaper transactions, lots of Ethereum protocols and users have migrated to the network to save resources. Recently, the number of unique daily addresses on the network surpassed that of Ethereum, which has now become expensive for small transactions.

Leading NFT marketplace OpenSea is one of the recent projects to join the network. Due to the low transaction fees, Opensea is able to offer free transactions. In September alone, about 49% of transactions on OpenSea were made through the scalability network. 

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Polygon (MATIC)

Crypto Asset Manager Bitwise Launches Polygon (MATIC) Fund

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The leading digital asset manager with over $1.3 billion in AUM has launched a Fund for Polygon’s MATIC.

San Francisco-based digital asset management firm – Bitwise Asset Management – has announced the launch of its Bitwise Polygon (MATIC) Fund.

According to an official press release shared with CryptoPotato, the Fund will serve as a professionally managed investment vehicle that will give Bitwise’s wealthy clients access to MATIC, the Polygon network native cryptocurrency.

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The firm noted that only accredited Bitwise clients can qualify for private placement subscriptions to the new product, with a minimum investment of $10,000 and weekly redemptions.

A Rising Star

Commenting on the development, Matt Hougan, the Chief Investment Officer at Bitwise, said the firm chose to launch a Fund for MATIC because of Polygon’s breakthrough in solving Ethereum’s inability to single-handedly cater for all the most promising use cases of cryptocurrencies, including DeFi and NFTs.

“For years, the excitement around crypto’s most promising use cases, including DeFi and NFTs, has been muted by the fact that Ethereum simply isn’t built to handle it all yet. Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency.

Investors have been asking about this rising star. With the new Bitwise Polygon Fund launching today, we’re excited to continue helping investors gain access to the expanding set of opportunities emerging in crypto.”

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As the network continues to grow, Polygon has welcomed top DeFi and NFT projects, including OpenSea and Aave, to its ecosystem. The exorbitant gas fees and scalability issues faced by the Ethereum blockchain have prompted these protocols to make the move.

Polygon’s co-founder, Sandeep Nailwal, also commented on the milestone, saying:

“We’re thrilled that a broader range of accredited and institutional investors will now be able to gain exposure to the MATIC token and help encourage greater development of the Polygon ecosystem. Polygon has become one of the most vital building blocks of Web3. Inclusion within Bitwise’s suite of funds serves as a great indicator of our work and progress so far.”

Taking MATIC Public

Bitwise is also looking forward to taking the Polygon Fund public under the ticket “OTCQX” when and if it is eligible. Additionally, Coinbase Custody Trust Company, LLC, will act as a custodian of the Bitwise Polygon Fund.

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The asset manager currently has over $1.5 billion in assets under management (AUM) and had released several other Funds earlier this year, including the Bitwise Uniswap Fund, the Bitwise DeFi Crypto Index Fund, and more.

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Polygon (MATIC)

DraftKings Marketplace Chooses Polygon for Mainstream NFT Adoption

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DraftKings Marketplace and Polygon have joined forces to promote the global adoption of non-fungible tokens.

DraftKings Marketplace has partnered with Ethereum-based scaling platform Polygon to expand its blockchain capabilities and foster mainstream adoption of customized NFTs. At the same time, the unique addresses on the Polygon network have gone to a new record above 100 million.

DraftKings Gains Access to Polygon

Following the partnership, DraftKings now has access to a scalable and eco-friendly blockchain solution, the firm noted in a recent announcement.

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Paul Liberman, co-founder and president of global products and technology at DraftKings, noted that scalability and sustainability seem to be the greatest challenge of most blockchain networks, which is why his firm has focused on Polygon.

“[However,] as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable,” Liberman said.

By tapping Polygon’s technology, DraftKings will improve the capabilities of its NFT marketplace, giving users an enhanced experience, including access to exclusive non-fungible token collections, Sandeep Nailwal, co-founder at Polygon said.

In August 2021, DraftKings Marketplace was established in partnership with Tom Brady’s NFT platform Autograph. It offers users the opportunity to buy and sell sports collectibles from some of the most popular athletes such as Usa

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DraftKings Marketplace and Polygon have joined forces to promote the global adoption of non-fungible tokens.

DraftKings Marketplace has partnered with Ethereum-based scaling platform Polygon to expand its blockchain capabilities and foster mainstream adoption of customized NFTs. At the same time, the unique addresses on the Polygon network have gone to a new record above 100 million.

DraftKings Gains Access to Polygon

Following the partnership, DraftKings now has access to a scalable and eco-friendly blockchain solution, the firm noted in a recent announcement.

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Paul Liberman, co-founder and president of global products and technology at DraftKings, noted that scalability and sustainability seem to be the greatest challenge of most blockchain networks, which is why his firm has focused on Polygon.

“[However,] as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable,” Liberman said.

By tapping Polygon’s technology, DraftKings will improve the capabilities of its NFT marketplace, giving users an enhanced experience, including access to exclusive non-fungible token collections, Sandeep Nailwal, co-founder at Polygon said.

In August 2021, DraftKings Marketplace was established in partnership with Tom Brady’s NFT platform Autograph. It offers users the opportunity to buy and sell sports collectibles from some of the most popular athletes such as Usain Bolt and Simon Biles, the U.S. gymnast.

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in Bolt and Simon Biles, the U.S. gymnast.

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MATIC price rally hits the pause button while Polygon bulls still eye $2.50

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  • MATIC price has been trying to break $1.75 to the upside. 
  • Polygon bulls tried to get price action above the orange ascending trend line but failed. 
  • Expect to see another attempt for a breakout soon, after this rally takes a breather and new buyers get into Polygon. 

Polygon (MATIC) price has seen bulls trying to break above the orange ascending trend line, but the attempt got rejected at $1.75. Since then, MATIC price action came off the boil a little bit and offered some profit-taking at the higher levels, providing now some entry points at $1.40. 

Expect momentum to build further in favor of bulls with a break and consolidation above the orange ascending trend line and next to the break above $1.75. 

MATIC price sees RSI pointing to the next phase of the rally

MATIC price saw a bullish breakout and rejection at $1.75. Bulls tried to break above the orange ascending trend line and a historical resistance level, but the price started to fade during the days after that. Bulls took profit at $1.75 but are impatient to lift MATIC price another leg higher, as the Relative Strength Index already shows that buyers are coming back in again after barely hitting the oversold barrier. 

MATIC price will see price action continue to evolve in favor of the bulls further. The next attempt will be one where the price will consolidate above the orange ascending trend line and thus build further volume to break the $1.75 resistance level. Once that breaks, expect more bulls to be added to the rally, as MATIC price proves to finally break out of the resistance that has kept MATIC price action muted since the beginning of June.

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MATIC/USD daily chart



MATIC/USD daily chart

MATIC price will be lifted higher by the new buyers coming in on the break above $1.75 and the favorable tailwind currently present in cryptocurrencies. The recovery in the stock markets last week has also helped lift investors sentiment back towards riskier assets. Faithful bulls could see profits running up towards $2.50, or a 45% return, depending on their entry. 

Should market sentiment turn for the worse and tailwinds in cryptocurrencies start to fade, expect more bears to come in. The RSI would show some heavy profit-taking in MATIC price, and a quick break towards $1.06 would be the expected outcome. Should bears be able to consolidate even below the 200-day Simple Moving Average (SMA), expect a retest of the low of July, at $0.62.

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