Polygon: Is Robinhood the savior that MATIC was on the lookout for
Polygon [MATIC] has been one of many better-performing cryptocurrencies within the final three months. One of many causes for its robust efficiency is that Polygon has been constructing an id of its personal.
The community has to this point managed to be greater than only a Layer-2 scaling resolution. It has been making main offers that strengthen MATIC’s place and potential within the crypto market. Its newest partnership is perhaps a recreation changer, particularly for MATIC’s demand throughout the subsequent main bull run.
Polygon not too long ago introduced a partnership with Robinhood, which is among the hottest retail investing apps. In keeping with the official announcement, Robinhood will use the Polygon community to allow MATIC deposits and withdrawals. Polygon in its official blog acknowledged,
“As we speak, we’re thrilled to announce that Robinhood, the favored inventory and crypto investing app within the US, has launched assist for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain.”
Opening the flood gates
The collaboration will make MATIC out there to thousands and thousands of merchants who use the Robinhood buying and selling app. This may unlock a wave of liquidity into the MATIC token, giving it a leg-up when the market embarks on the subsequent bullish part.
The event may additionally increase Polygon’s community progress. The latter is presently down by a big margin in comparison with its four-week highs.
Supply: Santiment
Polygon registered a spike in transaction volumes within the final 24 hours. Greater than 18 million MATIC was transferred throughout this time. Its community progress and transaction volumes stand to realize from the Robinhood collaboration.
It is because the deal will even create natural demand and utility for the reason that Polygon community will underpin all of the MATIC transactions on Robinhood.
Moreover, Robinhood will possible pave the best way to strong progress for MATIC addresses. MATIC’s whole addresses grew persistently in August and peaked at 1.45 million addresses.
Supply: Glassnode
The tempo of latest addresses slowed down within the second half of August, possible because of the bearish situations. The brand new improvement stands to extend the tempo of latest addresses and assist extra progress within the whole addresses sooner or later.
MATIC stands to realize when it comes to value efficiency in the long run. It traded at $0.84 at press time after a 1.45% rally.
