Day: March 31, 2021

Aave Will Build on Matic’s Scalable Layer 2 Platform

by Cryptobriefing

Key Takeaways

  • Aave, a decentralized lending and borrowing protocol, has announced it will build a new DeFi service on Polygon.

  • As an Ethereum sidechain, Polygon will help to reduce the exorbitant gas fees that Aave currently pays.

  • The team will soon build a smart contract bridge that will allow Aave users to port their assets to Polygon using Metamask.


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Decentralized lending platform Aave says that it will scale its DeFi platform beyond the Ethereum blockchain by putting its platform on a number of sidechains, including Polygon. 

Aave Explores Polygon

According to Aave, Ethereum’s exorbitant gas fees are a problem. Though it acknowledges high fees are a feature of “a successful public blockchain” because they indicate users are willing to pay the price of its services, alternative solutions are needed.

In light of that issue, the team will port its platform to Polygon, a layer 2 proof-of-stake sidechain that runs alongside Ethereum’s main network. The sidechain allows users to send back and forth tokens through a bridge protocol, thereby offering lower transaction costs than Ethereum itself provides. 


Aave says that once its platform is available on Polygon, it will add its native asset (MATIC) to the list of collateral. At launch, the assets that will be used as collateral on Polygon-based Aave markets include MATIC, USDC, USDT, DAI, WETH, AAVE, and WBTC.

The team will also build a smart contract bridge that will allow Aave users to port their assets to Polygon using Metamask.

Polygon Is a Top Choice for NFTs

Aave is the third largest DeFi platform in operation, boasting over $5 billion in total value locked, making it the most significant DeFi platform to become available on Polygon.

SIMETRI Research
Sorare

Polygon has additionally onboarded several other projects. It has attracted the NFT game Aavegotchi, the prediction market Polymarket, the betting platforms Decentral Games and SportX, the DeFi platform EasyFi, and the blockchain RPG game Neon District.

Polygon itself is the 27th largest DeFi protocol, with a total locked value of $175 million. It was previously known as Matic Network.

Disclaimer: At the time of writing this author held Cosmos (ATOM).

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Focus on NFTs and interoperability push Icon (ICX), Ark and Axie Infinity higher

by Cointelegraph

High levels of excitement continue to surround all things NFT-related as nonfungible art, collectibles and new business models built on the nascent sector attract a diverse array of investors. 

In addition to the development of lucrative secondary markets for NFT listings and sales, crypto projects that are focused on NFTs, DeFi and cross-chain interoperability have also seen their native tokens rally significantly.

Three projects that fit in this category are Axie Infinity (AXS), Icon (ICX) and Ark (ARK).

AXS/USDT

Axie Infinity is a blockchain-based trading and battling game inspired by games like Pokémon and Tamagotchi that allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.

According to data provided by the project, the month of March was one of the fastest periods of growth for the Axie community with more than 250,000 active users engaging with the protocol.

AXS/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of AXS has surged 515% over the past month, going from a low of $1.27 on Feb. 28 to a new all-time high of $7.33 on March 30 as excitement for the release of Battle v2 lures new players and investors to the protocol.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS has been in the green for some time and it began to pick up on March 24 when it registered a high of 80 before dropping into the light green zone. As AXS price began to increase on March 25, the VORTECS™ Score began to rise as well and reached a high of 87 on March 28, roughly 20 hours before the price increased 70% over the next two days.

ICX/USDT

Icon is a decentralized blockchain network that has taken a focus on cross-chain interoperability through the creation of its blockchain transmission protocol (BTP).

The project released the most recent update for the (BTP) on March 24, which kicked off the latest price rally for ICX as investors anticipate further activity once interoperability with the Bitcoin (BTC) and Ethereum (ETH) network becomes a reality.

ICX/USDT 4-hour chart. Source: TradingView

Following the initial spike after the release of the update on March 24, the price of ICX dropped back to a low of $1.69 on March 26 before rallying 70% to a high of $2.88 on March 30 as the possibility of interoperability has helped increase token adoption.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on March 24, prior to the recent price rise.

VORTECS™ Score (green) vs. ICX price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for ICX began increasing on March 24 and registered a high of 69 on March 25, roughly 5 hours before the price began to increase 70% over the next five days.

ARK/USDT

Ark is a cryptocurrency and blockchain development platform designed to offer solutions that allow anyone to create their own fully customizable and interoperable blockchain.

Excitement for the project has been building recently thanks to the pending beta launch of MarketSquare, a “social platform that allows users to discover and connect with Blockchain-powered projects, businesses, applications, node operators, and more.”

A scroll through the MarketSquare and Ark Twitter feeds shows a host of significant partnerships for the upcoming marketplace, including integrations with Axie Infinity, Now Payments and Uphold.

The price of Ark has rallied 200% since hitting a low of $1.15 on Feb. 28, reaching a high of $3.50 on March 30, which is its highest level in nearly three years.

ARK/USDT 4-hour chart. Source: TradingView

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ARK on March 24, prior to the recent price rise.

VORTECS™ Score (green) vs. ARK price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ARK first turned green on March 24 and reached a high of 75 before pulling back into the yellow. The score oscillated between the yellow and green range over the next two days before reaching a high of 70 on March 26, roughly 24 hours before the price increased 100% over the next three days.

Recent developments like the ability of U.S. residents to pay with Bitcoin using Paypal and the launch of micro BTC futures by the Chicago Mercantile Exchange (CME) signal that mainstream crypto adoption is just getting started. 

Projects that are focused on interoperability and NFTs are well-positioned to capitalize on the future growth of the cryptocurrency ecosystem. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.