Polygon: Is Robinhood the savior that MATIC was on the lookout for
Polygon [MATIC] has been one of the better-performing cryptocurrencies in the last three months. One of the reasons for its strong performance is that Polygon has been building an identity of its own.
The network has so far managed to be more than just a Layer-2 scaling solution. It has been making major deals that strengthen MATIC’s position and potential in the crypto market. Its latest partnership might be a game changer, especially for MATIC’s demand during the next major bull run.
Polygon recently announced a partnership with Robinhood, which is one of the most popular retail investing apps. According to the official announcement, Robinhood will use the Polygon network to enable MATIC deposits and withdrawals. Polygon in its official blog stated,
“Today, we’re thrilled to announce that Robinhood, the popular stock and crypto investing app in the US, has launched support for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain.”
Opening the flood gates
The collaboration will make MATIC available to millions of traders who use the Robinhood trading app. This might unlock a wave of liquidity into the MATIC token, giving it a leg-up when the market embarks on the next bullish phase.
The development might also boost Polygon’s network growth. The latter is currently down by a significant margin compared to its four-week highs.
Polygon registered a spike in transaction volumes in the last 24 hours. More than 18 million MATIC was transferred during this time. Its network growth and transaction volumes stand to gain from the Robinhood collaboration.
This is because the deal will also create organic demand and utility since the Polygon network will underpin all the MATIC transactions on Robinhood.
Furthermore, Robinhood will likely pave the way to robust growth for MATIC addresses. MATIC’s total addresses grew consistently in August and peaked at 1.45 million addresses.
The pace of new addresses slowed down in the second half of August, likely due to the bearish conditions. The new development stands to increase the pace of new addresses and support more growth in the total addresses in the future.
MATIC stands to gain in terms of price performance in the long term. It traded at $0.84 at press time after a 1.45% rally.Source