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Polygon (Matic) Price Up 27% as mStable Debuts on Polygon

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Already three mStable features are live and can be accessed on Polygon (Matic).

mStable, the DeFi high yield protocol provider, has debuted on Polygon (formerly known as Matic), offering Polygon users another source of USD and BTC liquidity, a DeFi-native savings account and two risks minimized meta-stablecoins. This comes alongside a renewed commitment to help investors and traders “priced out” of the popular blockchain network Ethereum by “sky-high gas fees”.

mStable made the statement in its blog post, joining a growing list of DeFi protocols moving to or débuting on a Layer2 network, to avoid congestion. The Australian DeFi stablecoin project provides a protocol that unites stablecoins from across several platforms, and makes the lending, saving and swapping of these coins easy to use in a robust ecosystem.

The project was designed to address the division of stablecoin markets, while resolving the adoption and accessibility problems that arose from the fragmentation of these markets. mStable’s ecosystem is governed by a token known as Meta (MTA) that allows for yield farming provided as an EARN product. mStable also provides a native stablecoin called mUSD and a zero slippage SWAP product, both are respectively provided as the SAVE and SWAP product.

Polygon (formerly known as Matic) is one of the most unique products in the crypto space, a truly decentralized product, backed by a truly multicultural team from around the world.

Ethereum, though still the second biggest blockchain on the market, has many infamous limitations, including high transfer “gas” fees and very low scalability, leading many Ethereum-based projects to seek alternatives without losing Ethereum’s flourishing ecosystem, though this has only led to fragmentation of the ecosystem of the second largest crypto asset by market cap.

Polygon is a protocol that allows users to build and connect Ethereum compatible blockchain networks, meaning Ethereum based networks, their tokens and ecosystems can be accessed with Polygon. The protocol significantly boosts interoperability, scalability, security, and sovereignty.

mStable’s move to Polygon is sensible, both services have similar goals, mStable is uniting fragmented stablecoin markets and Polygon – Ethereum-based networks. Already three mStable features are live and can be accessed on Polygon, the mUSD coin backed by DAI, USDT, and USDC stablecoins; SWAP, that allows zero cost swapping between DAI, USDT, and USDC; and SAVE, which maintains an interest-yielding savings account called mSave.

mStable isn’t resting on its oars. The protocol already has several developments being prepared to be deployed, including an Ethereum Layer1 and Polygon Layer2 bridge, support for Biconomy to eliminate transaction costs and several other strategies to incentivize users to boost platform liquidity.

After the news Polygon (Matic) price increased by 27%. At the time of writing, it is trading at around $0.8.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

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Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.



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Bitcoin back above $57K as ‘hundreds’ of US banks prepare to HODL for clients

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Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price nears $58,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.

The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.

For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.

“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.

“Many other indicators suggest $BTC has much more upside and the cycle is not over.”

Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.

At the time of writing, BTC/USD circled $57,200, ruminating after reaching local highs of $57,400.

No plain sailing for altcoin bagholders

Hodlers thus received a welcome response from the largest cryptocurrency, which had spent much of the week being humiliated at the hands of a surging altcoin market.

Among the astonishing movers were tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), the latter having laid dormant for much of the past three years since the end of the previous broad “alt season.”

Words of caution, veiled or not, were nonetheless not in short supply, as Bitcoin proponents warned about the fickle nature of such parabolic altcoin moves.

Acting in Bitcoin’s favor meanwhile was news that it would be supported by “hundreds” of banks in the United States in 2021, along with investment giant Grayscale becoming a sponsor of NFL team the New York Giants. 

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationship,” said Patrick Sells, head of bank solutions at crypto custody firm NYDIG, which is behind the scheme, revealing the scale of the rollout to CNBC.