Tag: Matic Network

Polygon Daily Transactions Tank 50% After Gas Fee Hike

by Cryptobriefing

Key Takeaways

  • Daily transactions on Polygon have dropped by 50%.

  • The sudden decline in network activity is correlated to an increase in gas prices.

  • MATIC is yet to react to the new on-chain dynamics. It’s consolidating in a tight range.




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Polygon has increased transaction fees to avoid spam attacks on the network. However, the community has not welcomed the update. MATIC is at risk of a steep correction.

Polygon Network Activity Drops

On-chain activity on Polygon is plummeting.

The average daily transaction count on the network has dropped by nearly 50% over the last few days. Roughly six million transactions were made on Oct. 3, while on Oct. 11 only three million transactions were recorded.


The considerable decline in network activity appears to be correlated to the recent spike in gas prices.

Polygon’s co-founder Sandeep Nailwal proposed to increase the transaction fees on the network from 1 gwei to 30 gwei in an attempt to curb spam transactions on the blockchain. The move sparked criticism among the community over how “decentralized” the network is. However, rather than a default upgrade, the change was more of a “recommendation.” Nailwal said:

“This change has been recommended to reduce the spam transactions in the network. As it is a client-level configuration, you are free to run your node with old/different settings as per your wish.”

Polygon MATIC transactions
Source: PolygonScan

While the spike in transaction fees aims to make spam attacks more difficult, it also discourages developers from building new applications on top of the Polygon network. Get Protocol developer kasperk said their project was considering moving to other networks after the cost of minting NFT tickets suddenly increased by a factor of 30.

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MATIC Edges Closer to Volatility

Polygon’s MATIC token does not appear to have reacted to the gas price increase yet. It’s currently consolidating, making a series of lower highs and higher lows, which has led to the formation of a symmetrical triangle on its daily chart.

As MATIC edges closer towards the triangle’s apex, the odds for a substantial spike in volatility increase. A daily candlestick close outside of the $1.40 to $1.10 price pocket should determine where the asset is heading next.

Polygon MATIC Us dollar price chart
Source: TradingView

MATIC could rise by more than 84% to retest the mid-May all all-time high of $2.70 after overcoming the overhead resistance. Still, a spike in selling pressure that pushes below the $1.10 support level could result in a steep correction to $0.62.

This news was brought to you by Phemex, our preferred Derivatives Partner.

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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ZED RUN Gets In-Game Ethereum to Polygon Bridge

ZED RUN has integrated a native bridge with Biconomy to transfer assets between Polygon and Ethereum. ZED RUN Integrated Biconomy Bridge Virtually Human Studio, the creators of the popular NFT-based…

Polygon Users Overtake Ethereum Amid Crypto Gaming Mania 

Daily active addresses on Polygon have overtaken Ethereum after a surge in users from the upcoming mobile gaming app Arc8. Polygon Users Hit All-time High The number of Polygon users…

Panther and Polygon are Taking Privacy to New Heights in DeFi

Panther Protocol has announced a strategic partnership with the leading Layer 2 scaling solution Polygon. Panther and Polygon Tackle Privacy Panther Protocol, who is building their MVP on Polygon, aims…

What is Impermanent Loss and How can you avoid it?

DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…



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Polygon’s MATIC Token Breaks Out Targeting $2.60

by Cryptobriefing

Key Takeaways

  • MATIC is down by more than 14% in the past two days.

  • The downswing could be part of a bear trap. 

  • Technical analysis points to an incoming 62% breakout. 




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Polygon’s MATIC token prepares to revisit previous all-time highs after breaking out of a bullish continuation pattern. 

MATIC Retraces Before Skyrocketing

Polygon’s MATIC token has broken out of an inverse head-and-shoulders formation that has been developing since early July on its daily chart. After moving past the pattern’s neckline at $1.63, the altcoin surged by more than 10% to hit a high of $1.80.

A further increase in buying pressure around the current price levels could push MATIC’s price by another 46% towards $2.64. This target is determined by measuring the inverse head-and-shoulders’ widest range and adding that distance upward from the breakout point.


MATIC US dollar price chart
Source: TradingView

While the odds seem to favor the bulls, it is imperative to note that assets breaking out of inverse head-and-shoulders patterns tend to retest the neckline or breakout point before advancing further. Such downswings help shake out some of the so-called “weak hands” and provide an opportunity for side-lined investors to re-enter the market. 

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that in the event of a downswing, the $1.58-$1.63 demand barrier would likely keep Polygon’s prices at bay. Here, more than 8,130 addresses had previously purchased nearly 40 million MATIC. 

Given the significant interest around the $1.61 support level, token holders would likely do anything to prevent their investments from going out of the money. They may even buy more tokens allowing prices to rebound and reach the head-and-shoulders’ target of $2.63. 

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MATIC Transaction History
Source: IntoTheBlock

It is worth noting that there are a few obstacles that Polygon would have to overcome to achieve its upside potential. Based on the IOMAP cohorts, the most crucial supply barrier sits at $1.70, where 5,380 addresses hold roughly 52 million MATIC.

Once this resistance level is breached, the next critical wall lies between $1.83 and $1.88 as 4,000 addresses bought 3.90 million MATIC around this price point. 

This news was brought to you by Phemex, our preferred Derivatives Partner.

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Polygon Acquires Layer 2 Blockchain Hermez for $250 Million

Polygon is acquiring Hermez Network in the first merger and acquisition deal involving two projects with tokens. Hermez To Become Polygon Hermez Formerly known as Matic network, Polygon has recently…

How Polygon and xDai Will Adopt EIP-1559

To maintain their compatibility with Ethereum, Polygon and xDai have also planned to implement the fee burning proposal used in EIP-1559 on their own networks. EIP-1559 on Sidechains Ethereum shipped…

Hop Protocol Cuts Polygon Withdrawal Times to Minutes

The Hop Protocol update allows for quick MATIC withdrawals from Polygon to Ethereum. New Bridge Update For Polygon Users Hop Protocol has announced a new cross-chain liquidity solution that lets…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…



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Polygon and 0x Announce $10M Fund to Onboard One Million Users

by CryptoPotato

Polygon has announced that it will be partnering with 0x to raise a total of $10.5 million that will be used to attract more users into choosing its platform and the Ethereum blockchain. 

According to a press release shared with CryptoPotato, the funds will be used to support projects and developers on the Polygon network, thus leading to the development of a secure and robust DeFi infrastructure. 

Polygon expects to attract at least one million users to its network and the Ethereum blockchain.

Also, the 0x API, which integrated Polygon late last month, is known for its easy-to-use functionality, eliminating the complexity of developing on-chain liquidity from scratch. 

With 0x API integration on Polygon, DeFi developers can easily connect to various DEX liquidity across all major liquidity sources, including Curve Finance, Dodo Finance, SushiSwap, Quickswap, etc., thus giving developers more time to focus on their product. 

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“We anticipate an influx of new DeFi projects onboarding into the 0x ecosystem seeking to combine their deep and easily accessed liquidity with Polygon’s fast and flexible architecture,” excerpt of the announcement reads. 

Polygon Confident About 0x Impressive Stats

Polygon’s dream of onboarding one million users in the near future will supposedly be made possible via its 0x integration. 

The liquidity aggregator has so far facilitated more than one million trades from over 300,000 unique traders, representing over $27 billion in trade volume across Binance Smart Chain (BSC) and Ethereum. 

Polygon’s Recent Boom Attracts 0x

0x launched a poll earlier last month asking its community to choose among Polygon, Solana, and Avalanche, where it should expand to next. 

The poll saw about 38% of the 21,444 respondents, which represents the majority, choosing Polygon ahead of the other networks. 

However, while announcing its expansion into the Polygon ecosystem, 0x noted that it chose Polygon because of its recent boom this year. 

Interestingly, in May alone, Polygon successfully processed nearly three times as many transactions as Ethereum, with 0x noting that the project is on the right track of surpassing BSC’s five million monthly transaction volume. 

In April, Polygon launched a $100 million DeFi fund as part of its effort to make the DeFi ecosystem more accessible to users within the next three years.

Last month, the project announced the launch of its SDK network that will allow developers to deploy chains connected to Ethereum.

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Polygon (MATIC) SDK Arrives: Developers Can Now Deploy Chains to Ethereum

by CryptoPotato

Polygon, the Ethereum layer-2 solution formerly known as Matic Network, has released the first version of its network enabling developers to deploy ETH-compatible chains using the Ethereum Virtual Machine. Dubbed Polygon SDK, it marks the start of Ethereum’s transition into a multi-chain ecosystem.

Polygon SDK Arrives

Ever since the protocol’s rebranding from Matic Network to Polygon, announced earlier this year, the team has strived to turn Ethereum into an Internet of Blockchains project, similar to Polkadot.

It has come a step closer after the release of the Polygon SDK network. The press release shared with CryptoPotato signified the launch of the first version. It marks the “official beginning of Ethereum’s natural transition into a multi-chain ecosystem, often referred to as an ‘Internet of Blockchains.’”

Polygon SDK will initially enable developers to create stand-alone chains fully in charge of their own security, which is typically used by sidechains and enterprise chains. Through Polygon SDK, they will be fully interoperable with Ethereum due to a dedicated bridge.

Future updates include allowing users to deploy secured chains as well, and their security will be entirely dependent on that of the Ethereum layer 1. Each SDK developer will be able to choose between a stand-alone and secured chain.

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“With advanced layer-two solutions, Ethereum 2.0 all coming online now or soon, the need for a comprehensive interoperability framework is stronger than ever. With the Polygon SDK, we are solving pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-L2 communication.” – commented Sandeep Naiwal – co-founder of Polygon.

The enhanced utilization of the Ethereum network had led to massive congestions, resulting in high fees and delayed transactions. Consequently, numerous layer-two solutions emerged trying to ease the pain.

Mark Cuban Invests in Polygon

Apart from the release of the Polygon SDK network, the team announced another significant development just yesterday. The project took it to Twitter to indicate that the billionaire investor Mark Cuban has invested an undisclosed amount in it.


The owner of the Dallas Mavericks, who joined the cryptocurrency community just recently, added Polygon to its website, showing in which companies he has allocated funds.

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Bitcoin Rebounded From $42K as Polygon (MATIC) Blasts $2: Market Watch

by CryptoPotato

Following another substantial dip to a new three-month low, bitcoin has recovered some ground and stands above $45,000. Most alternative coins have also taken a breath of fresh air, and the crypto market cap has increased above $2.1 trillion.

Bitcoin Stabilizing Around $45K?

The past several days didn’t go well for the primary cryptocurrency. Following controversial Twitter engagements from Tesla’s CEO – Elon Musk – the asset’s price fell by about $18,000.

While there were brief signs of recovery yesterday, the adverse developments repeated. Bitcoin started to lose value rapidly after failing to stay above $45,000. Consequently, it fell to just over $42,000, which was the new three-month low. Additionally, this became the largest correction during the ongoing bull cycle that began in October 2020.

Since then, though, the bull took charge and pushed the cryptocurrency upwards. In the following hours, bitcoin reclaimed more than $3,000. As of writing these lines, BTC stands around the $45,000 price line.

Its inability to resume the 2021 bull run continues to cause bitcoin portions of its market dominance, which is down to a near three-year low at 40%. The asset’s market capitalization is also well beneath a round-numbered milestone at $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Better Days for the Alts

The alternative coins suffered just as severely in the past week or so. Ethereum was flying high towards consecutive all-time highs above $4,400. However, the market-wide crash drove it south hard, and ETH dumped to $3,100 days later.

In the past 24 hours, the second-largest crypto has bounced off to around $3,500. Binance Coin dropped below beneath $500 but currently stands above $520.

Cardano, which saw the latest ATH at $2.4 just a few days ago, is slightly down on a 24-hour scale and trades at $2.1. Ripple and Polkadot have gained the most from the top ten. XRP is up by 7.5% to above $1.5, while DOT has increased by 4.5% and stands north of $40.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

The most significant gainer is Polygon (32%). As a result, the token formerly known as MATIC charted a new all-time high at $2.17 hours ago. Synthetix (24%), Aave (23%), SushiSwap (18%), Celo (15%), YFI (15%), Helium (13%), Kusama (11%), Revain (11%), and Decentraland (10%) are next.

Ultimately, the crypto market cap has recovered some of its recent losses and currently stands above $2.1 trillion. During the most severe hours of the market crash, the metric fell below $2 trillion for the first time since late April.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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Polygon Rolls Out $100 Million DeFi Adoption Fund

by CryptoPotato

Polygon, an easy-to-use platform for Ethereum scaling and infrastructure development, has recently launched a $100 million fund intended to improve the accessibility of the decentralized finance (DeFi) space to more users.

According to a press release shared with CryptoPotato, the fund, known as “#DeFiforAll,” is geared toward effectively introducing millions of users to the various decentralized products and platforms available.

Polygon’s Fund to Support DeFi for 3 Years

The DeFi space is one of the most rapidly growing markets in the crypto industry. With this in mind, Polygon created the DeFiforAll fund with the sole purpose of ensuring that the larger user base, who are often intimidated by the price of taking part in DeFi, can have access to its numerous benefits.

The fund will go a long way in drawing the attention of the majority of casual crypto users into the DeFi space. It has been programmed to support DeFi for about two to three years.

Speaking on this initiative, Polygon’s co-founder and Chief Operating Officer, Sandeep Nailwal, said:

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Polygon is committed to making DeFi accessible to the next million users, and we hope to achieve this through the #DeFiforAll Find. We want to support the top DeFi protocols on Ethereum and help them scale and grow with Polygon.”

DeFi Projects Migrating to Polygon

Several popular DeFi projects, including the decentralized exchange (DEX) for trading stablecoins, Curve, and the open-source and non-custodial liquidity protocol, Aave, have all migrated to Polygon, bringing their vast client base with them into the network.

Aave protocol, which was launched earlier in 2020, has witnessed more than 7,500 users lock $1 billion in liquidity just a few weeks after it launched. The platform has also recently launched a new program that will allow lenders and borrowers to earn higher interest.

Polygon, on the other hand, has also been experiencing tremendous growth in its user activity and transactions in recent months, following its rebrand from Matic Network. 

The network has not only been partnering with already established decentralized exchanges like SushiSwap, but it has seen the liquidity and trading volumes on its Quickswap exchange skyrocket, even surpassing the trading volume of Uniswap a few days ago.

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Polygon Surges by 2600% on a Year-to-Date Basis as Adoption of Layer 2 Accelerates

by Blockchain News

Matic Network provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake (PoS) network to solve the pain points of slow block confirmation and high gas fees, thereby simplifying the interaction between users and the decentralized world.

Due to the high transaction fees on the Ethereum network, more and more Ethereum-based projects are seeking network integration with faster transactions and lower fees to ensure to maintain a competitive advantage.

Therefore, the market is now paying increasing attention to layer 2 solutions, which can help Ethereum keep up with the competition as it continues to convert to proof-of-stake.

Polygon, a protocol focused on Ethereum expansion and infrastructure development, strives to expand the adoption of its Layer 2 proof-of-stake sidechain platform that runs alongside Ethereum’s main network. As one of the top choices of preferred L2 aggregator, Polygon (previously known as Matic Network) has been integrated with multiple Decentralized Finance (DeFi) and non-fungible token-related projects.

These include some Decentralized Exchanges (DEXes) such as SushiSwap (SUSHI) and Curve Finance (CRV), as well as non-fungible token (NFT) trading platforms such as OpenSea and Decentraland (MANA).

On March 31, the DeFi lending platform AAVE announced that it was exploring a new DeFi service with Polygon, and subsequently launched AAVE on the L2 solution to escape Ethereum’s high fees.

According to DeFi Pulse data, Polygon itself ranks as the 17th largest DeFi protocol, with a total locked value of $755.9 million. Polygon’s lock-up amount reached close to its highest value of $760.584 million on April 17.

Polygon (MATIC) Price Analysis

Source: MATIC/USDT Daily via TradingView

So far, Polygon’s rate of return is very impressive, rising by more than 2600% from $0.0178 to $0.468 since the beginning of 2021. At the time of writing, Polygon (MATIC) is trading at $0.468.

Polygon has regained its upward momentum.MATIC’s price has been particularly bullish, with the altcoin breaking through the previous consolidation phase.

Both the upward sloping moving average and the formed bullish crossover MACD index indicate that the bulls are currently dominating the market.

Relative Strength Index is stepping upward approaching 70 marks of the overbought zone. This indicates that the altcoin may experience a wave of price increases.

If the bulls can push the decisive closing price above the resistance level of $0.4674 by the end of the day, then bullish momentum may prompt MATIC to hit its all-time high of $0.54.

Image source: Shutterstock

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Aave Exploring Polygon’s Layer 2 System to Provide Scalability and Cheaper Transactions

by CryptoPotato

Aave, the third-largest non-custodial lending protocol, is taking a multi-market approach and exploring scalability solutions in a project called “New Frontiers.”

Aave is now exploring Polygon (formerly known as Matic), an Ethereum layer 2 protocol that enhances scalability using an adapted version of the Plasma framework. The Polygon sidechain system will be the first to integrate Aave as part of this plan to bring scalability and low-cost transactions.

DeFi Should Be for Everyone, Not Just Wealthy Investors

While Ethereum is the pioneer of decentralized finance, high fees and scalability have been long-time issues for the network. The team behind Aave stated that DeFi should not be limited to high net worth investors, which also discourages new users.

“If DeFi is great but only limited to certain high networth users, DeFi will fall short of its mission to be finance for everyone.” —reads the post.

As per the blog post, the protocol is building a DeFi service on Polygon, using its layer 2 system to surpass congestion and high Ethereum network fees. The protocol will enable a smart contract bridge so users can port assets from one network to another and receive part of the MATIC tokens’ transaction fees.

Additionally, Aave will be launching the Polygon Aave Market, providing an opportunity to receive MATIC (Polygon’s native token) as collateral. Other assets will be onboarded, such as USDC, USDT, DAI, WETH, AAVE, and WBTC.

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Polygon’s Solution for Scalability Issues

Since it was rebranded, Polygon has been focusing on scalability on the Ethereum network. In doing so, Polygon has attracted other protocols such as SuperFarm, an NFT marketplace that will integrate Polygon’s sidechain to allow cheap NFT minting, swapping, and trading.

The number of users in the DeFi space is growing, but new users tend to get discouraged due to high fees and congestion, sparking the need for an ecosystem that can manage thousands of transactions per second without excessive gas fees.

Polygon is the 27th largest DeFi protocol. Aave is currently the most valuable integration Polygon —which is also powered by Chainlink’s oracles, providing the highest security oracle for most DeFi protocols with accurate real-time price data.

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DeFi Major Aave (AAVE) to Build on Polygon’s Scalable Layer 2 Platform

by Btcmanager

The decentralized lending platform built on the Ethereum blockchain, Aave says that it will scale its DeFi platform beyond its blockchain by joining several sidechains, including Polygon. 

Aave Addresses Transaction Fees

Block space supply today is scarce and limited, leading to the massive expansion of assets on the Ethereum blockchain. Since the “DeFi Summer” of 2020, demand for using Ethereum and DeFi has never slowed down, with more than $43 billion of total value locked within the industry’s leading platforms.

While the future of DeFi looks bright, the demand for Ethereum and DeFi led to high transaction fees. These issues have increased congestion and gas prices, which have affected the projects it initially helped succeed.

Aave acknowledges high fees are a feature of “a successful public blockchain” since they indicate users are willing to pay the price in exchange for services, but alternative solutions are required.

Layer 2 Proof-of-Stake Sidechain

The DeFi lending protocol will port its platform to Polygon, a layer 2 proof-of-stake sidechain — previously referred to as Matic Network — to address the high transaction fees on Ethereum. The sidechain enables users to send back and forth tokens via a bridge protocol, thereby offering lower transaction costs than Ethereum itself provides. 

The mechanism on Ethereum will enable tokens from the layer 1 mainchain to be utilized in another blockchain. Still, it can be moved back to the original chain if required.

Aave says that immediately after its platform is available on Polygon, native assets (MATIC) will be added to the collateral list. MATIC, USDC, USDT, WETH, DAI, AAVE, and WBTC are the assets used as collateral on Polygon-based Aave markets at launch.

Aave also noted that it would use a smart-contract bridge to seamlessly port assets from one network to another, soon available. They will have a superior standard of safety for the protocol price feeds since Polygon is a network powered by Chainlink.

Superior Levels

The Aave protocol intends to proceed in putting up synergies with exterior projects to have an Aave Market in all venues that matter. The blockchain firm believes there is no need for a “winner-takes-all” scalability solution, allowing for better freedom of choice for users. 

Aave’s integration with Polygon will ensure users enjoy faster transactions, more scalability, and lower gas prices, further boosting the platform to superior levels as the crypto market continues to advance.

The step is the “first wave” in Aave Protocol’s “New Frontiers” analysis mission, aiming to allow it to build synergies with other projects and further expand to a multi-market approach to secure future protocol advancement.

Layer 2 is one of the clear trends in the crypto community in 2021. Some other popular Layer 2 solutions at present include Optimism, ZK Sync, Arbitrum, and Starkex.

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Polygon (MATIC) Soars by 40% as Coinbase Pro Looks to List it Tomorrow

by CryptoPotato

Coinbase announced today that it would list MATIC on its advanced trading platform, Coinbase Pro – the result is a quick upward surge which has resulted in a 35% gain.

MATIC Skyrockets After Coinbase Announce Listing

Ethereum scaling and infrastructure development platform, Matic Network (now Polygon) has rallied by 35%. The surge was fueled by the forthcoming Coinbase pro listing. San Francisco-based cryptocurrency exchange, Coinbase announced yesterday that MATIC would be available for trading on its advanced trading platform, Coinbase Pro, from the 11th of March if liquidity conditions are met. MATIC will be available for trading in four different pairs (BTC, USD, EUR, and GBP).


MATIC token is now priced above $0.31, while its market capitalization subsequently reached $1.575 billion.

Matic Network recently rebranded to Polygon. It stated that its decision to rebrand “will coincide with a strategic shift that will see Polygon focus on creating a multichain system akin to Polkadot on Ethereum.”

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Polygon aims to proffer a solution to the rising gas fees, which has recently posed a serious problem to the Ethereum blockchain. It will introduce layer 2 sidechains to enhance speed and reduce the cost of transactions.

Overall Bullish Momentum

The entire cryptocurrency market has witnessed strong bullish momentum in the last 24 hours. Global cryptocurrency market capitalization is up by over 6.5% in the past couple of days, hitting the $1.76 trillion mark.

The leading cryptocurrency, Bitcoin, continues to push towards the ATH, tapping the $56K mark. BNB, DOT, and ADA flipped the stablecoin USDT as they continue to tussle for leading positions.

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Bitcoin (BTC) $ 26,095.99 1.85%
Ethereum (ETH) $ 1,574.89 1.20%
Litecoin (LTC) $ 64.28 0.78%
Bitcoin Cash (BCH) $ 207.05 0.88%