- Polygon (MATIC) has outperformed the top 20 cryptos after a 22% surge in the last 7 days as it breaks above $1.
- Some key developments in the Polygon DeFi ecosystem have bolstered the network and helped drive MATIC prices.
Polygon (MATIC) has been one of the best performers in the crypto market. After a 7% surge in the last 24 hours, the altcoin has managed to break above the $1 resistance. This pushes its weekly gains above 22%, with a market cap of over $9.3 billion.
In addition to the general market optimism sweeping the crypto market, some key developments in the Polygon DeFi ecosystem have bolstered the network and helped drive prices higher.
Here are five key developments:
Curve Finance integrates CrvUSD on Polygon PoS – This will see Curve Finance bring its innovative CDP stablecoin to Polygon PoS.
crvUSD on @0xPolygon https://t.co/BUO7NRIL9K
— Curve Finance (@CurveFinance) February 4, 2024
REX Protocol launches REX Exchange on Polygon zkEVM – Leveraging API3DAO, the platform will offer fee-free trading, limit orders, margin, and shorting spot assets.
1) How @REXProtocol leverages @API3DAO and @0xPolygon zkEVM to create REX Exchange, a DEX that offers fee-free trading, limit orders, margin, and shorting spot assets! A thread: pic.twitter.com/8MoWoBCBoZ
— REX Protocol (@REXProtocol) January 12, 2024
Sweep Protocol deploys on Polygon PoS – This integration will allow users to save and swap with one coin on Balancer.
.@SweeprFi is now deployed on @0xPolygon #POS
– Save and swap with one coin on @balancer @uniswap
– Bring funding for #DeFi and #RWAsWe are embedding tech such as CDK and Aggregation layer in our multichain architecture.
Learn more at https://t.co/Vdww3fmBbO pic.twitter.com/l0ZbgeDAl8— Sweep Protocol (@SweeprFi) February 1, 2024
Panoptic beta platform goes live on Polygon PoS – The beta platform for crypto options has gone live on Polygon PoS. Users will be able to trade any token, any strike and any size perpetually.
Panoptic\'s beta platform is live on @0xPolygon!
Discover Panoptic: a permissionless platform for crypto options. Trade any token, any strike, any size — perpetually.
Beta testers are invited to explore the platform and leave feedback.
Learn more: https://t.co/Ii7iArFBWO pic.twitter.com/yKU4uB9m16
— Panoptic (@Panoptic_xyz) February 15, 2024
Uphold integrates USDC and MATIC on Polygon PoS – This collaboration will allow users the flexibility of moving their USDC and MATIC to their external Polygon wallet. This could bolster adoption for users.
🟩 We’re bringing you $USDC and $MATIC on @0xPolygon!
Enjoy the flexibility of moving your USDC and MATIC to your external #Polygon wallet! 🧑💻⛓️
Learn about Polygon: https://t.co/mps1dy5fg3 pic.twitter.com/0Ui2b7JY7J
— Uphold (@UpholdInc) February 15, 2024
These developments will boost the network, increasing adoption and bolstering MATIC in the crypto space. With adoption on the rise, Polygon Scan data reveals that active addresses stand at 881,000.
Furthermore, as confirmed a few days ago, the latest upgrade to Polygon zkEVM is now live on the mainnet. The team adds that the Etrog upgrade brings support for four additional precompiled smart contracts—a major step towards becoming a full Type 2 ZK-EVM. With the Etrog upgrade, Polygon zkEVM took a significant step towards becoming a full-fledged Type 2 ZK-EVM by adding support for more pre-compiled smart contracts.
Crypto experts are optimistic that MATIC can maintain its upward trajectory. Earlier this month, crypto analyst Crypto Rover, told his 668,000 X followers that he expects MATIC to gain by 5x-10x making it one of the best performers in the market.
I think that $MATIC will be a safe 5-10x for the next bull run.
I\'m holdings lots of it. pic.twitter.com/7q4h99OaMN
— Crypto Rover (@rovercrc) February 6, 2024
Late last year, renowned analyst Ali Martinez predicted a bullish run due to the formation of a symmetrical triangle pattern in its weekly price chart. He observed that the pattern was hovering around the $0.96 point, and aligning with the 50% Fibonacci retracement level. He predicted that a breakout above this level could send the price to $1.82.
Michaël van de Poppe has also made a bullish prediction, and while he was conservative, he noted that MATIC is headed toward the $1.25-$1.50 region