Tech

Polygon (MATIC) resists the downtrend

11/16/2022
Bitcoin Ethereum News

Polygon, the second layer of Ethereum, with its native crypto MATIC is withstanding the general bearish trend that has touched cryptocurrencies over the past month. Not only that, its latest partnership with Bebop has led to a price pump. 

Polygon: MATIC is resilient to the general bearish trend over the past month

Looking at Polygon’s (MATIC) price chart, it appears that Ethereum’s second-layer crypto has not been carried away by the general bearish trend of the past month, especially after last week’s FTX crash. 

And indeed, at the time of writing MATIC is worth $0.92, up from $0.81 a month ago, touching a high at $1.27 last Monday, 7 November, and a low at $0.78 last Thursday, 10 November (due to the FTX collapse). 

This is something that has not happened to Ethereum, with ETH still not recovering from the price dump due to the FTX event, registering at the time of writing a price of $1254 versus $1307 a month ago. 

Somewhat worse than Ethereum is the performance of Bitcoin (BTC), which from its $19,240 last month, stands at the time of writing at $16,845. 

This scenario suggests that Polygon is uniquely withstanding the general bearish market that the entire crypto sector is experiencing. 

Polygon and the Bebop partnership: perhaps the lifeline?

During the same days that the deep crisis of crypto-exchange FTX was unfolding, Polygon announced its partnership with Bebop. 

“@bebop_dex launches a unique ‘One-To-Many’ ‘Many-To-One’ token trading platform #onPolygon! This new platform, incubated by DeFi powerhouse @wintermute_t, chose #Polygon to enable low fees and a best-in-class user experience.”

Bebop is a new decentralized trading platform that offers “One-To-Many” and “Many-To-One” digital asset exchanges with zero slippage. 

In essence, Bebop gives users an advantage in fast-moving markets by allowing them to enter or exit multiple positions at once while saving on network fees. The platform also boasts true zero slippage transactions, meaning there is no difference between the price the user expects to pay when placing an order and the price at which it is executed. 

With the implementation on Polygon, Bebop joins a vibrant ecosystem of tens of thousands of dApps that includes some of the largest Web3 projects, such as OpenSea, Aave, and Uniswap v3. 

The combination of the network’s technical capabilities and the core team’s commitment to sustainability has also led companies such as Starbucks, Robinhood, and Stripe to choose Polygon as their gateway to Web3.

In this regard, Hamzah Khan, head of DeFi and Labs at Polygon, said:

“Bebop is bringing new and sophisticated tools to Polygon’s DeFi sector that expand the user experience greatly and provide new options for experienced and novice traders alike. Bebop’s one-to-many trading will become an industry benchmark in years to come, and we’re delighted to help kickstart that journey.”

Nike also enters the second layer of Ethereum

Just today, Polygon announced that Nike has also joined its list of partners.  

“@Nike is building their web3 experiences exclusively #onPolygon.This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3.”

As a matter of fact, recently Nike launched Dot Swoosh, its new platform that allows users to buy, display and trade digital and virtual products, unlock access to events and products, and co-create products. 

A sort of home for Nike’s virtual creations including its famous NFT collections, it marks the beginning of what the US footwear and sportswear giant sees in Web3 experiences, notably involving Polygon.  

Instagram and Polygon for NFTs.

Recently, Meta’s image-based social network, Instagram, also decided to use Polygon’s blockchain for its NFTs. 

Basically, NFT creators will be able to choose whether to use the social network to sell their NFTs created on Polygon, meanwhile Instagram will surely collect fees. 

A new marketplace for the social network which will be active in the 100 countries where Instagram is already operating. 



Source: https://en.cryptonomist.ch/2022/11/16/polygon-matic-resists-downtrend/