Polygon (MATIC) appears to be establishing an uptrend after bearish divergence. Polygon had been stealing the limelight as the cryptocurrency began showing bullish momentum as other cryptocurrencies were crashing. However, the bullish momentum could not be sustained and MATIC crypto once again. At the time of writing, the MATIC coin stands at a price level of $1.69. The price of cryptocurrency has increased by 10% in the past twenty-four hours while the daily trading volume is also growing.
What is going at Polygon’s network?
Polygon (MATIC) is a network for Ethereum scaling. Through Polygon’s network, the blockchain of Ethereum can be transformed into a multi-chain network like Polkadot with various capabilities all the while retaining the advantages of Ethereum.
Polygon has had astounding growth in the past few months. The total value locked in the network grew by a staggering 1,102% in May. During the same month, address activity has increased by four times. Polygon is a strong competitor of Ethereum with many DeFi projects migrating from Ethereum to Polygon.
Okcoin – a crypto trading platform – has integrated with Polygon Bridge. OKcoin is the first US-based exchange to do so. The bridge will now allow Okcoin to support direct withdrawals of ERC-20 tokens from Okcoin wallet to Polygon’s sidechain. The bridge will help Ethereum users save transaction fees while increasing the efficiency of deploying assets on Polygon. Okcoin currently has 12 ERC-20 tokens listed while Polygon’s MATIC will be added soon. The COO of Okcoin has also expressed their interest in helping Polygon to grow at the astonishing rate it has been growing.
All is not well on Polygon’s network. As more and more DeFi projects launch on Polygon, the incidents of rug pulls have been increasing on Polygon. Rug pulls are malicious projects with the aim to be abandoned by the team along with users’ liquidity. Another pull rug by the name of PolyButterfly vanished along with over $1.5 million in users’ liquidity. The increase in rug pulls may bring Polygon under the spotlight but not under a positive light.