Polygon (MATIC), the popular Ethereum scaling solution, has made significant strides in its Q2 2024 strategy with a new partnership and notable milestones in NFT transactions and stablecoin usage.
The platform’s growing influence in the blockchain industry has been further solidified by Ernst & Young’s (EY) adoption of the Polygon network for its innovative contract management solution.
TLDR
Polygon (MATIC) has formed a partnership with Robinhood Wallet to enable cross-chain swaps using Polygon’s proof-of-stake (PoS) network.
The integration, which utilizes technology from LI.FI and 0x Project, is expected to increase user engagement on both platforms.
Despite a 26% price drop in the last 30 days, MATIC’s price has increased by 6% in the last 24 hours, but selling pressure remains high.
Polygon has emerged as the leading Ethereum Virtual Machine blockchain for NFT transactions and has reported a milestone in stablecoin usage with 1.9 million on-chain users.
Ernst & Young (EY) has deployed its OpsChain Contract Manager on the Polygon network, marking a significant step in enterprise contract management using public blockchain technology.
Polygon has forged a partnership with Robinhood Wallet to enable cross-chain swaps using Polygon’s proof-of-stake (PoS) network. Announced on April 27, 2024, the integration leverages technology from LI.FI and 0x Project, allowing Robinhood’s 23 million users to seamlessly swap tokens across different blockchain networks.
Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.
???????? enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT
— Polygon | Aggregated (@0xPolygon) April 26, 2024
This collaboration not only enhances trading capabilities for Robinhood users but also highlights Polygon’s growing influence in the blockchain space.
Despite a 26% price drop in the last 30 days, MATIC, the native token of the Polygon network, has shown signs of recovery with a 6% increase in the last 24 hours.
However, selling pressure on the token remains high, as evidenced by increased exchange inflows and a rise in the supply of MATIC on exchanges. This has led to concerns about the sustainability of the token’s recent bull rally, with some analysts suggesting that a price correction may be imminent.
To fully recover from its losses, MATIC would need to break above the $0.77 resistance level, which could trigger a significant bull run.
However, indicators such as the Bollinger Bands, Money Flow Index (MFI), and Chaikin Money Flow (CMF) remain bearish, suggesting that the current rally may be short-lived. Additionally, data from Hyblock Capital reveals that MATIC’s liquidation would rise sharply near the $0.76 mark, further increasing the chances of a price correction.
Despite the challenges faced by MATIC, Polygon has made impressive strides in other areas. The platform has emerged as the leading Ethereum Virtual Machine blockchain for NFT transactions over the past month, reflecting its growing dominance in the NFT sector.
This achievement aligns with the increased activity and interest in NFTs within the crypto community, with Polygon’s network facilitating these transactions efficiently.
Polygon has reported a milestone in stablecoin usage, with 1.9 million on-chain stablecoin users registered on the network, surpassing the 1.4 million users each on Ethereum and Arbitrum.
This achievement underscores Polygon’s robust infrastructure and user trust, attracting a larger user base for stablecoins, which are critical for reducing volatility in cryptocurrency transactions.
In another significant development, Ernst & Young (EY) has deployed its OpsChain Contract Manager on the Polygon network, marking a critical evolution in blockchain’s role in enterprise solutions.
The platform allows clients to publish contracts to a public blockchain while maintaining privacy through sophisticated zero-knowledge circuits. EY’s adoption of Polygon for this solution highlights the network’s potential in enterprise-level applications.
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