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.
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