The Polygon ecosystem has important updates every week. Accordingly, Altcoin Buzz covers some updates from the fourth week in May to keep readers informed.
This week, Tether launched its token on Polygon. We also take a look at the top gainers in the Polygon ecosystem.
1 – Tether (USD₮) is Now on Polygon
Tether, the company behind Tether tokens ($USD₮) has announced the launch of its token on Polygon (former MATIC), a popular blockchain development system.
Notably, Tether ($USD₮) joining the Polygon ecosystem is an impressive milestone. It offers Tether the opportunity to work with over 8,000 teams building on Polygon.
Besides, Tether will be actively involved in Polygon’s DeFi ecosystem. It will eliminate the possible adverse effects in relation to market volatility by providing a stable currency for users to generate yield, and to enter and exit the network.
Tether $USD₮ launches #onPolygon https://t.co/hcFTiSXCy4
— Polygon – MATIC (@0xPolygon) May 27, 2022
2 – Price Performance in The Polygon Ecosystem
During the week, CoinGecko, a crypto data platform, revealed projects’ price performance (top gainers) in the ecosystem. The report also analyzed a 24-hour time frame on the 27th of May:
- UniLend Finance ($UFT), a multichain protocol for lending & borrowing all ERC20 tokens permissionlessly has the most gain. It had a 32.4% rate of increase in price performance.
- Augur ($REP), a decentralized prediction market platform has the second-most gain. It also had a 9.8% rate of increase in price performance.
- Lido ($LDO), liquid staking for Polygon holds the third-most gain within the specified timeframe. It had a 3.7% rate of increase in price performance.
- Curve Finance ($CRV), on-chain liquidity that uses advanced bonding curves is in fourth place. It had a 2.7% rate of increase in price performance.
Price Performance of Polygon Tokens Last 24H$UFT @UniLend_Finance$REP @AugurProject$LDO @lidofinance$CRV @curvefinance$CTSI @cartesiproject$GRT @graphprotocol$SNX @synthetix_io$SUSHI @SushiSwap$ANKR @ankr
$1INCH @inchaggregator#Polygon $MATIC pic.twitter.com/jT1K4I4s0A
— Polygon Daily (@PolygonDaily) May 27, 2022
3 – Polygon Release ‘Uncapped’ Fund to Help Terra Projects
Following the recent collapse of the Terra ecosystem, Polygon will be helping developers with projects on the Terra blockchain.
According to reports, Polygon has released a relatively ‘uncapped’ multimillion-dollar fund that will help Terra projects move to its blockchain. Besides, the fund will comprise $450 million generated by Polygon, a $100 million ecosystem fund, and funds from their treasury. They are also ready to provide more capital if the need arises.
What happened with Terra is so unfortunate and has significant second order effects on great projects, developers, founders and innovators.
Whether you’re at Polygon or the greater web3 ecosystem — you want to figure out how to help these folks.
— Jacquelyn Melinek (@jacqmelinek) May 25, 2022
4 – Trading Volume of Polygon Ecosystem Projects
Finally, dapp, a one-stop platform for decentralized applications (dApps) reported the trading performance of Polygon-based dApps. Besides, the report covers a seven-day timeframe:
- Solo.top, a single-asset mining aggregator amassed the most trading volume. It also had $77.01 million in trading volume within the seven-day timeframe.
- QuickSwap ($QUICK), a next-gen DEX for DeFi has the second-most trading volume. It recorded $30.22 million in trading volume.
- Arken Finance ($ARKEN), a trading view system that helps users discover assets from various decentralized exchanges is in third place. It also had 17.4 million in trading volume within the seven-day timeframe.
- Wormhole Polygon, an interoperability protocol comes in fourth place. It had $7.24 million in trading volume within the seven-day timeframe.
- Connext Polygon, a fast, trustless link between chains and rollups closely follows in fifth place. It also recorded $6.77 million in trading volume within the seven-day timeframe.
Top Polygon Dapps with Highest Weekly Volumes@solo_top$QUICK @QuickswapDEX$ARKEN @ArkenFinance@wormholecrypto@connextnetwork$OOE @OpenOceanGlobal$FISH @PolycatFinance$XY @xyfinance$BOG @boggedfinance$WPC @wepiggydotcom#POLYGON #MATIC $MATIC pic.twitter.com/HXn1c1j4EU
— Polygon Daily (@PolygonDaily) May 20, 2022
$MATIC Price Outlook
As of the time of publication, Polygon’s price was $0.584231 with a 24-hour trading volume of $571,604,938. MATIC price also dropped by 4.3% over the last 24 hours. Besides, it has a circulating supply of 6.9 Billion MATIC coins and a total supply of 10 Billion.
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