The Ethereum scaling platform known as Polygon (MATIC), which makes transactions faster, cheaper, and friendlier to the environment, is having a banner week as a result of a number of significant updates made on the platform. This has led to increased interest in the platform.
The market value of the cryptocurrency has increased by more than 7 percent as a direct result of the platform’s recent announcement of a number of new partnerships.
In contrast, the price of Ethereum has only climbed by 17 percent over the course of the previous week, while the price of MATIC has increased by 26 percent to around $0.59 per token.
Polygon completed a handful of significant milestones during the previous hours, which contributed to the price making a break above the consolidated trend. The system was merged with Robinhood, and at the same time, Reddit announced the launch of a marketplace for NFTs on Polygon. Because of these variables, a substantial bullish momentum was generated, which was then fed by positive market attitudes.
The week before last, Facebook said that it will support Polygon NFTs, and then the week after that, Reddit revealed that its NFT avatars would run on Polygon. Both of these announcements were made in the same week.
This week, Polygon also made an announcement on a partnership with the smartphone manufacturer Nothing in an effort to make a big push toward Web3 mobile.
The fact that brands are putting their money on scaling solutions based on Ethereum is working to MATIC’s advantage.
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