Indeed, web3 and decentralized finance (DeFi) capabilities are among the blockchain pillars making most chains attractive to investors. Early adopters that joined the space are working to strengthen their footing. Polygon is among such platforms.
The Polygon Village
Created as a one-stop platform for developers to build and enhance projects, Polygon Village will use vouchers and cash donations to onboard 1,000 projects. The grants will range between $5K and $15L, whereas vouchers are worth around $40k.
That would ensure higher project adoption as they can profit from top-notch Web3 service providers. Most renowned DeFi chains boast such opportunities since introducing various project services to increase the chain’s reach.
Moreover, Polygon boasts a stronghold within the decentralized finance space, being among the top ten chains. The Polygon ecosystem supports nearly 253 protocols, with a $2.6 billion locked.
Furthermore, investors had invested more than $4.1 billion before the May 2022 crash. Still, the invested amount stayed far from June 2021 highs, when Polygon had nearly $7.2 billion locked.
MATIC Price Action
Considering the nature of these developments, MATIC responded to the Polygon Village release with optimism. The launch saw the token gaining about 10.98% to trade beyond $0.6. Meanwhile, that could be MATIC’s turning point as indicators reflect trend shift as bullishness resurges gradually.
That would mean liberation for Polygon’s 412K global investors who have seen losses within the previous month. All transfers completed on the Polygon platform were at losses. Such developments saw the token’s adoption rate plummeting severely within the past seven months.
The network growth decline confirms such narratives. MATIC’s positive response to the Polygon Village can see the altcoin approaching $1, a crucial resistance for the token.
Meanwhile, the crypto market presents impressive actions following the latest market-wide slump. Bulls maintained optimism over the weekend, stretching upticks to the new week. While writing these lines, the overall cryptocurrency market capitalization hovered near $1.31 trillion, a 2.82% surge within the previous day.
Also, Bitcoin kept the $30,000 mark away as the bellwether crypto climbed past $31,545.92. Such actions can make crypto investors happy following consistent declines. However, will bulls hold upside?
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