Značka: Polygon

Kyber Network (KNC) bucks the market-wide downtrend with a 57% gain in January

In the crypto market volatility continues to reign supreme, and fear, uncertainty and doubt (FUD) run rampant. This makes it challenging for any project to rise above the noise and post positive price gains but there are a few projects that are showing strength during the current downturn. Kyber Network (KNC) is a multi-chain decentralized exchange (DEX) and aggregation platform designed to provide decentralized finance (DeFi) applications and their users with access to liquidity pools that provide the best rates. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a bottom of $1.18 on Jan. 6, the price of KNC has rallied 57% to a daily high at $1.87 on Jan. 27 despite the wider weakness in the crypto market. KNC/USD 4-hour chart. Source: TradingViewThree reasons for the strong showing from KNC include the release of Kyber 3.0, which included a rebrand to KyberSwap, the expanding list of DEXs integrated with the Kyber ecosystem and the widespread availability of KNC on centralized and decentralized exchanges. The release of Kyber 3.0The most significant development driving momentum for the Kyber Network was the release of Kyber 3.0. The launch included a rebrand of the platform’s exchange interface to KyberSwap and an integration with six blockchain networks, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Cronos. We’re excited to announce Kyber 3.0 transitioning Kyber from a single protocol to a hub of purpose-driven liquidity protocols catered to various DeFi use cases. This is the biggest change to Kyber’s architecture incl. the new DMM & a KNC Migration proposal https://t.co/pgffnUKjsx— Kyber Network (@KyberNetwork) January 21, 2021On top of the integration of multiple popular blockchain networks, the Kyber 3.0 upgrade was also designed to address some of the biggest limitations in DeFi, like high gas fees and the limited access some projects get by only being available on one exchange. Kyber has achieved its new functionality through the implementation of dynamic market makers (DMM), which allows adjustments to be made to the key parameters of a liquidity pool based on recent fee data and trade volume. This approach helps improve concerns that have been raised about automated market makers (AMM), including reducing capital requirement, preventing front-running and mitigating impermanent loss. Integration of new DEXsAnother for the bullish momentum driving KNC higher has been the continued integration of new decentralized exchange protocols into the Kyber Network ecosystem. Most recently, KyberSwap integrated pools from multiple DEX protocols including ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap. The new additions mean that the KyberSwap protocol now supports more than 40 DEXs and 31,000 liquidity pools across six major blockchain networks. The developers at KyberSwap have also indicated that the support and integration of additional blockchain networks and decentralized exchanges is currently underway. Related: Kyber plans to become a hub for DeFi with massive DEX upgradeWidespread availability of KNC on exchangesKNC also has widespread availability on exchanges across the cryptocurrency ecosystem. Top-11 DEX tokens by presence on Exchanges. Source: TwitterAs shown in the graphic above which was posted on Twitter by pseudonymous user ‘Cryptolaxy’, KNC is the second-ranked DEX token by the presence on exchanges and it is currently available on 80 separate exchanges. The only other projects with similar availability are ZRX with 105 exchange listings and Uniswap at 76. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KNC on Jan. 22, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. KNC price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KNC climbed into the green and hit a high of 79 on Jan. 22, around 35 hours before the price increased 44% over the next three days.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync

On Thursday, a proposal to fund decentralized autonomous organization zkDAO passed via treasury protocol BitDAO with close to 200 million votes cast. The proposal was authored by Matter Labs — the organization behind Ethereum scaling protocol zkSync — and Mirana Ventures.Utilizing zk-Rollups, zkSync and its family of technologies will build layer-2 infrastructure capable of returning succinct proofs to the Ethereum network without sending the entire data. The result, if implemented, would mean a vastly speedier network. Zero-knowledge-based solutions have attracted much attention in recent months due to recurrently high levels of congestion on Ethereum, as well as exuberant gas fees. For example, Polygon is committing $1 billion to zero-knowledge tech firms and protocols. Aside from scaling, zero-knowledge proofs can also be used to obscure transactions and enhance individual privacy, such as via the Panther protocol.As for BitDAO, it is currently one of the largest decentralized treasuries, with a balance of over $2.5 billion. In November 2021, the entity allocated $500 million to a decentralized blockchain gaming proposal. Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, gave the following remarks regarding the development:“This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain.”

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Polygon (MATIC) sees a strong oversold bounce after $250B crypto market rebound

Polygon (MATIC) emerged as one of the best performers among high-ranking cryptocurrencies on Jan. 26 as the price rose nearly 17% to reach an intraday high at $1.825.The gains surfaced amid a synchronous rebound across the crypto market that started on Jan. 24. In detail, investors and traders poured in over $250 billion across digital assets, benefiting Bitcoin (BTC), Ether (ETH) and many others in the process.Performance of the top-fifteen cryptocurrencies in the last 15 days. Source: TradingViewPolygon, a secondary scaling solution for the Ethereum blockchain, also cashed in on the crypto market rebound. The valuation of its native token, MATIC, rose from as low as $9.77 billion on Jan.24 to as high as $13.58 billion two days later.Meanwhile, its price jumped from $1.312 to $1.825 in the same period — that’s nearly a 40% gain in just three days.Fed meeting and high-profile hiringThe latest bout of buying in the Polygon market appeared ahead of a Federal Reserve announcement about its interest rate increase scheduled to come on the afternoon of Jan. 26. In detail, cryptocurrencies have also been through several whipsaws in recent months over expectations that the U.S. central bank would embark on a series of interest rate hikes to fight inflation. Similarly, stock markets have suffered because of the prospect of the Fed’s shrinking balance sheet and higher rates.According to Luca Paolini, the chief strategist at Pictet Asset Management, people may have expectations that the recent turmoil in the stock market and a rising rift between Ukraine and Russia that has drawn in NATO allies’ focus may have the Fed tone down its rate hike rhetorics.Waiting for the FED to speak today.— David Gokhshtein (@davidgokhshtein) January 26, 2022Nonetheless, Polygon managed to outperform top rivals like Bitcoin and Ethereum in terms of intraday gains, and it appears a high-profile hiring was the core reason behind it.As Cointelegraph reported on Jan. 25, YouTube’s head of gaming, Ryan Watts, left the streaming giant to join Polygon Studios, a gaming and nonfungible token (NFT), backed by the namesake layer-2 protocol’s $100 million fund. Related: Altcoins book 40% gain after Bitcoin and the crypto market enter a relief rallyThe news seemingly boosted investors’ appetite for MATIC, prompting it to do better than other large-cap cryptocurrencies.Huge news for $matic https://t.co/uNFO6MtddN— Lark Davis (@TheCryptoLark) January 25, 2022

Key support levels heldMATIC’s sharp rebound placed the price back above its 200-day exponential moving average (200-day EMA; the blue wave in the chart below), a level significant for its role in limiting the market’s downside bias.MATIC/USD daily price chart. Source: TradingViewOn Jan. 25, MATIC bulls attempted to reclaim the 200-day EMA as support almost a week after losing it. The drop-and-bounce around the blue wave looked very similar to the price action in the July–August period last year, wherein closing above it had led to a 200%-plus price rally.The fractal shows strong buying sentiment among MATIC traders near the 200-day EMA. Therefore, should the price stay above the support, its likelihood of continuing its uptrend appears higher. Nonetheless, the bullish momentum risks exhaustion near MATIC’s descending trendline resistance, as shown in the chart above.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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YouTube head of gaming Ryan Wyatt to resign and join Polygon Studios as CEO

On Tuesday, Ryan Wyatt, head of gaming at YouTube, announced he would be leaving the video-sharing platform in February. Partly due to his leadership, YouTube Gaming sees over 250 million daily logged users per day with hundreds of billions of watch time each year. Wyatt cited his passion for blockchain and Web 3.0 development in explaining his resignation. H will soon join Polygon Studios as its CEO.Polygon Studios is the gaming and non-fungible tokens, or NFTs, arm of the namesake layer two Ethereum (ETH) scaling network (MATIC). Polygon plans to commit $100 million to projects led by its subsidiary studio, which debuted last July. The firm’s objectives are to develop decentralized gaming; attract blockchain enthusiasts to its NFT tokens ecosystem, and establish Polygon as a competent blockchain for the Web 3.0 transition. Regarding his new role, Wyatt said:”I will be focusing on growing the developer ecosystem through investment, marketing, and developer support and bridging the gap between Web 2.0 and 3.0. I’ll be leading the Polygon Studios organization across gaming, entertainment, fashion, news, sports, and more.”It is bittersweet news to share that I am leaving @YouTube.I have loved every minute of my time here, but it is time for my next endeavor.I am elated to announce that I will be joining @0xPolygon ($MATIC) as their CEO of Polygon Studios.Thank you for the memories! ❤️ pic.twitter.com/VhQxpqDbFO— Ryan Wyatt (fwiz.eth) (@Fwiz) January 25, 2022In his departure statement, Wyatt described fond memories of his first day at Google’s Mountain View, California headquarters in 2014. He also expressed his gratitude to CEO Susan Wojcicki and CBO Robert Kyncl for hiring him eight years back. Meanwhile, Polygon Studios gave Wyatt a warm welcome to his new role.Please welcome our new CEO to Polygon StudiosWelcome @Fwiz to the PS family! Ryan is the former Head of Gaming @YouTube and we are all looking forward to working with him https://t.co/NQgLqUBLPi— Polygon Studios (@_PolygonStudios) January 25, 2022

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Here’s 5 altcoins to study as crypto prices drop close to a 1-year low

The pain trade has been an unwelcome sight across the cryptocurrency market since the start of 2022 and over the past 24 days Bitcoin (BTC) and the altcoin prices have drifted, leading some analysts to suggest that a bear market is at hand.Despite traders’ concern that another extended crypto winter could be starting, it times like these when investors can capitalize on great opportunities to pick up fundamentally sound cryptocurrencies at a discount.Crypto Fear & Greed Index. Source: Alternative.meIn that vein, here’s a closer look at several projects with strong fundamentals and a proven use case that could be good candidates for accumulation during the current market correction. Polygon (MATIC)The Ethereum (ETH) layer-two scaling solution Polygon (MATIC) is currently down 50.76% from its all-time high of $2.92 which was established on Dec. 27, 2021. MATIC/USDT 1-day chart. Source: TradingViewPolygon saw a tremendous amount of growth and adoption over the course of 2021 because its compatibility with Ethereum and low transaction costs made it a destination for users and protocols that were looking for a way to remain on the Ethereum network and avoid the high cost of transactions. Total MATIC wallets over time. Source: Dune AnalyticsThe network is capable of hosting all manner of decentralized applications including lending protocols like AAVE, decentralized exchanges like Uniswap or gaming and nonfungible token projects like Aavegotchi. With the capabilities and final date for the rollout of Eth2 still unknown, layer2 solutions like Polygon are likely to continue to see increased engagement as users seek lower-fee transactions. Fantom (FTM)Fantom (FTM) is a layer-one blockchain protocol that also rose in prominence over 2021 as its low fee environment and Ethereum Virtual Machine (EVM) Compatibility helped attract new users and protocols to the network. FTM/USDT 1-day chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView shows that the price of FTM is currently down 36.3% from its December highs and trading at a price of $2.15 at the time of writing. The bullish case for FTM is backed by the continued rise total value locked (TVL) on the Fantom network despite the market-wide pullback, with data from Defi Llama showing that the Fantom TVL is currently at an all-time high of $12.07 billion. Total value locked on Fantom. Source: Defi LlamaWhen compared to competing networks such as Solana (SOL) which has a TVL of $7.62 billion, Fantom holds more value and has not experienced any major network disruptions like Solana,  yet it trades at a significant discount when compared to the price of SOL. TVL of #Fantom and #Solana are nearly the same now (10.67B vs 10.31B)Buy $FTM now like buy $SOL at 23$#fantomseason #solanawinter #fantomnews pic.twitter.com/eeUop6biZJ— Fantom News (@fantomnews) January 15, 2022With the current price of SOL standing at roughly $90, the price of FTM would need to be $18.10 to have a matching market cap, suggesting that Fantom is undervalued relative to its layer-one competitors and has the potential to close that gap as 2022 progresses. Polkadot (DOT)Another token that could potentially be in a good accumulation zone is Polkadot (DOT), a sharded multi-chain protocol whose goal is to facilitate the cross-chain transfer of any data or asset types across multiple blockchain networks. Data from Cointelegraph Markets Pro and TradingView shows that the price of DOT has been on the decline since early November 2021 as the token underperformed its cohort of layer-one projects possibly due to the lack of a functioning bridge to Ethereum.DOT/USDT 1-day chart. Source: TradingViewThis all changed on Jan. 11 when Polkadot’s Moonbeam (GLMR) parachain officially launched and established the first cross-chain bridge for the Polkadot network. As of Jan. 24, Moonbeam has processed more than 1,329,000 transactions and supports more than 700 ERC-20 tokens. As other parachains officially launch on Polkadot in the months ahead, DOT has the potential to see a rise in demand and token price as users look to get involved with the Polkadot network. Polkadot ecosystem. Source: PolkaProjectCurve (CRV)When it comes to the increasing importance of the stablecoins in the crypto market, Curve DAO token has emerged as one of the most sought-after tokens by investors and protocols who have been vying for control of governance on the platform. CRV/USDT 1-day chart. Source: TradingViewAfter hitting a record high of $6.80 on Jan. 4, the price of CRV has fallen 60% and now trades at $2.76 according to data from TradingView. Even with the drop in CRV price, the ongoing ‘Curve Wars’ suggest that demand for the token is likely to rise once the current weakness in the market subsides as decentralized finance projects attempt to accumulate governance powers over the Curve ecosystem.At the time of writing, a total of 49% of the circulating supply of CRV is locked in veCRV, the voting token for the Curve protocol. Percentage of CRV tokens locked on Curve. Source: Dune AnalyticsRelated: Does a Fed digital dollar leave any room for crypto stablecoins?Frax Share (FXS)Another protocol that looks to play a larger role in the stablecoin sector is Frax Share (FXS), the first fractional-algorithmic stablecoin system in the crypto sector that began to gain traction near the end of 2021. FXS/USDT 4-hour chart. Source: TradingViewThe protocol’s FRAX stablecoin has emerged as a fan favorite of the DeFi crowd in large part thanks to its decentralized nature in a field dominated by centralized projects like Tether (USDT) and USD Coin (USDC). As a result of its adoption, the total volume of FRAX transacted has risen over the past six months and is currently at an all time high of $6.3 billion. FRAX monthly volume. Source: Dune AnalyticsFXS’s bullish momentum is backed by a steadily increasing total value locked, which increased by 30.53% over the past week and 86.9% over the last month to hit a record high of $2.28 billion on Jan. 24. This climb to a record TVL comes even as the prices of nearly every other asset fell across the crypto market.Total value locked on Frax Share. Source: Defi LlamaWith FRAX now being adopted across DeFi by users looking for more decentralized stablecoin options, FXS could likewise see an increase in demand and token price as the importance of reliable stablecoin protocols intensifies. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Opera announces beta of its new Web3 focused 'Crypto Browser'

Opera, the Norway-based company behind the popular internet browser, has released the beta version of its new Crypto Browser Project. This crypto browser aims to facilitate the user experience of browsing DApps, games and metaverse platforms by offering direct access to Web3 services for Windows, Mac and Android users. The current Opera browser boasts a no-login VPN, and native ad & tracker blocker that help to make it secure. According to a release shared with Cointelegraph, the new crypto browser will maintain these security features, while integrating direct access to decentralized exchanges, NFTs and gaming DApps, as well as Telegram and Twitter support. Jorgen Arnesen, EVP Mobile at Opera, stated that the main goal of the project is to help crypto and Web3 become more mainstream:“Opera’s Crypto Browser Project promises a simpler, faster, more private Web3 experience for users. It simplifies Web3 user experience that is often bewildering for mainstream users. Opera believes Web3 has to be easy to use for the decentralized web to reach its full potential.”A built-in non-custodial wallet will support Ethereum in beta, and thanks to recent partnerships, will soon extend to Polygon, Solana, Nervos, Celo, and naming systems like Unstoppable Domains, Handshake and ENS. Opera’s integration with Polygon (MATIC) is expected to go live in the first quarter of 2022.The wallet supports both fungible ERC-20 standards as well as non-fungible ERC-721 standards, with ERC-1155 coming in Q1 2022. Users will also be able to purchase crypto via a built-in fiat-to-crypto on-ramp, complete crypto-to-crypto swaps and even access a built-in NFT gallery.Related: Ramp expands presence in US with FinCEN regulationAccording to the company, Opera expects to receive feedback from the crypto community on their beta in order to implement any developments “together.” 

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Ethereum EIP-1559 upgrade launches on Polygon to burn MATIC

The Ethereum upgrade that introduced a partial network fee burning mechanism in August last year has launched on the layer-two scaling network Polygon. Ethereum’s EIP-1559 upgrade shipped with its London hard fork last summer and has been a success in terms of gas price predictability and network fee burning. The upgrade has now launched on the layer-two scaling network Polygon in an effort to improve “fee visibility”. It went live about an hour ago at block 23850000.The Polygon team announced the upgrade date on Jan. 17, following its successful deployment on the Mumbai testnet. The EIP-1559 upgrade introduces the same fee-burning mechanism to Polygon resulting in the destruction of MATIC tokens. It also removes the first-price auction method for calculating network fees which leads to better cost estimations but goes not reduce gas prices.“The burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network.”The team stated that, just like Ethereum, the supply of MATIC is likely to become deflationary with 0.27% of the total supply being burnt every year according to estimations. There is a fixed supply of 10 billion MATIC tokens with 6.8 billion currently in circulation.“Deflationary pressure will benefit both validators and delegators because their rewards for processing transactions are denominated in MATIC,” it added before stating that the upgrade would also reduce spam and network congestion.Despite being a layer-two network, Polygon has suffered from its own gas crisis recently. Earlier this month, Polygon gas fees skyrocketed according to Dune Analytics resulting in some validators failing to submit blocks. The surge in demand was due to a DeFi yield farming game called Sunflower Land which rewarded early adopters before the degens lost interest. Related: Here’s how Polygon is challenging the limitations of EthereumSince going live on Ethereum around six months ago, the upgrade has resulted in the burning of 1.54 million ETH to date according to the burn tracker. At current ETH prices, this works out at around $5 billion. The tracker also predicts that Ethereum issuance will become deflationary by -2.5% per year once “the merge” happens and proof-of-stake becomes the primary consensus mechanism for the network.MATIC prices have dumped 9% on the day in a fall to $2.22 at the time of writing according to CoinGecko.

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Ascending channel pattern sets Polygon (MATIC) up for a potential 30% rally

Polygon prices look poised to rise by at least 30% in the wake of a key Jan. 18 upgrade that would push a considerable portion of its native MATIC token out of circulation.Dubbed EIP-1559, the improvement proposal originally came to light as part of Ethereum’s so-called London Hard Fork upgrade on Aug. 5. The proposal effectively started destroying, or “burning,” a part of the fees paid to miners via Ether (ETH).Traders and investors raised their bids for Ether before and after the EIP-1559 upgrade, noting that it made Ether a deflationary asset for the first time in history. For example, a model created by Ethereum co-founder Justin Drake claimed that EIP-1559 would reduce Ether’s annual supply by 1.6 million ETH.MATIC looks for new record highsPolygon, which acts as a layer-2 protocol built to scale Ethereum’s prevailing scalability issues, rolled out a testing implementation of EIP-1559 on Dec. 14, 2021. After the test net launch, MATIC price rallied by almost 30% to $2.35, which includes a brief run-up to its record high near $3.MATIC/USD daily price chart. Source: TradingViewIn theory, a lower supply against a rising demand would make the asset more valuable in the eyes of its bidder. This classic economic reference has assisted in boosting demand for cryptocurrencies like Bitcoin (BTC) before. Issuance would be halved every four years against a limited supply cap of 21 million units. This begs the question, could the MATIC price rally in the same way? Mineplex co-founder Alexander Mamasidikov thinks yes.Mamasidikov told Cointelegraph that EIP-1559 would impact MATIC price positively, adding that it could easily rally toward its current record high following the technical upgrade.”In periods of price recovery, investors are often on the lookout for both technical and fundamental features to hang onto in order to back a coin, and Polygon brandishes both,” he said, adding: “While Polygon remains a better version of Ethereum in terms of lower transaction costs, it is also the delight of retail investors with respect to its low price at this time when compared with Ethereum or other smart contract networks.”What do Polygon’s technicals say?MATIC has been trending higher inside an ascending channel pattern since July 2021, confirmed by at least two reactive highs and two reactive lows.The token recently retested the channel’s lower trendline around $1.89 as support, a move that was followed up with a bullish retracement toward $2.50. It now acting as resistance and the $2.50 level also turned out to be near the 1.00 Fib line near $2.44.MATIC/USD daily price chart featuring ascending channel pattern. Source: TradingViewThat being said, MATIC may attempt a break above the $2.44-resistance around the EIP-1559 upgrade on Jan. 18. The move would set itself on a course to test its interim upside target near $3, which is approximately a 30% jump.Related: Polygon network activity spikes as NFT sales reach new heightMeanwhile, if the EIP-1559 factor plays out any longer than anticipated, MATIC price may even attempt an extended run-up toward the 1.618 Fib line around $3.52. Conversely, a rejection at $2.44 could have Polygon retest the ascending channel support for a negative breakout.Such a move would risk invalidating the bullish setup, as discussed above. All of this is in conjunction with exposing MATIC to a correction toward $1.77 or lower.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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