Aaryamann Shrivastava
FXStreet
- Polygon Supernets will be able to transfer assets to and fro with the help of Axelar.
- Integration of Axelar will remove the need for decentralized exchanges (DEX) on every Supernet for cross-chain liquidity solutions.
- A stronger and more efficient ecosystem will act in favor of MATIC, which is currently trading just below $1.
Polygon's prosperity in the crypto market seems to be extending as the DeFi chain is improving on cross-chain infrastructure. Building on the same, Polygon joined hands with Axelar, known for delivering secure cross-chain communications to bring cross-chain interoperability to the Polygon Supernets.
Polygon spreads its arms
In an announcement on Thursday, Axelar stated that it would be partnering with Polygon. This deal will bring secure cross-chain communication to Polygon Supernets. These Supernets basically act as high-performance app-specific chains enabling users to customize the chain towards the kind of dApps it hosts.
This partnership will also allow the users of Polygon dApps to access the Polygon Supernet's leading metaverse, gaming, enterprise, DeFi & entertainment projects. Commenting on this partnership, the General Manager of Supernets at Polygon, Parth Pathak, stated,
"Axelar's cross-chain infrastructure will enable developers to build cross-chain dApps on Polygon Edge that compose liquidity and functionality across Web3. This enables complex operations — for example, cross-chain borrow-lend, using NFTs as collateral. Polygon Supernets is creating the world's leading interconnected Web3 ecosystem through multichain mass adoption via one-click experiences, for users across gaming, enterprise, NFTs & DeFi."
Furthermore, this partnership would eliminate the need for Polygon Supernets to have their own DEX. Since Axelar will provide easy cross-chain liquidity solutions, DEXes will not be needed from here on for these Supernets.
Polygon's growth affects MATIC
MATIC is certainly impacted by the developments in and around the Polygon ecosystem. Earlier this week, as reported by FXStreet, Polygon emerged as the second biggest blockchain in terms of daily DEX transaction volume. Consequently, MATIC's price also increased along with the broader market bullishness.
This brought the altcoin to trade at $0.9, inches away from $1, which is a critical psychological level for MATIC's price.
MATIC/USD 1-day chart
If the positive cues in the market persist, MATIC's price might be able to breach through and flip $1 into support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.