Cryptocurrency

Polygon: Is Robinhood the savior that MATIC was on the lookout for

Polygon [MATIC] has been one in every of the better-performing cryptocurrencies in the final three months. One of the causes for its sturdy 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 answer. It has been making main offers that strengthen MATIC’s place and potential in 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 one in every of the hottest retail investing apps. According to the official announcement, Robinhood will use the Polygon community to allow MATIC deposits and withdrawals. Polygon in its official blog said,

“Today, we’re thrilled to announce that Robinhood, the popular stock and crypto investing app in the US, has launched support 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 section.

The growth may also increase Polygon’s community development. The latter is at the moment down by a major margin in comparison with its four-week highs.

Source: Santiment

Polygon registered a spike in transaction volumes in the final 24 hours. More than 18 million MATIC was transferred throughout this time. Its community development and transaction volumes stand to achieve from the Robinhood collaboration.

This is as a result of the deal may also create natural demand and utility since the Polygon community will underpin all the MATIC transactions on Robinhood.

Furthermore, Robinhood will possible pave the method to strong development for MATIC addresses. MATIC’s whole addresses grew persistently in August and peaked at 1.45 million addresses.

1662104288 293 Polygon Is Robinhood the savior that MATIC was on the

Source: Glassnode

The tempo of recent addresses slowed down in the second half of August, possible resulting from the bearish situations. The new growth stands to extend the tempo of recent addresses and help extra development in the whole addresses in the future.

MATIC stands to achieve when it comes to value efficiency in the long run. It traded at $0.84 at press time after a 1.45% rally.

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