NNF| Tug of war: The Crypto Market stays flat!
The tug of war continues between investors. The crypto market stays flat this week.
This week on NNF (Navigate with Nord Finance), Let’s dive into markets, news, and take a MATIC coin deep dive.
NNF of the week:
1 Min Market:
Investors stayed on the sideline and watched the market. The market stays flat this week as global cues and crypto market news remain neutral.
Catch the Coin
We’re covering MATIC in this week’s Catch the Coin bytes. MATIC is the backbone of the Polygon network. Polygon is one of the fastest-growing networks that is accelerating blockchain adoption. If you’re looking to invest in MATIC then you must know its origin and use cases to understand its true potential and future outlook.
MATIC:
$MATIC is the ERC-20 token native to the Polygon (formerly known as Matic) ecosystem. It is the unit of payment and settlement for all transactions that happen within the Polygon network. Launched in 2017, the $MATIC token has grown into one of the largest cryptocurrencies, ranking 11th by market cap. Proof-of-stake mechanism is employed to secure $MATIC where validators stake $MATIC tokens as collateral to participate in the network’s consensus mechanism.
Supply: 100 Billion $MATIC
Market Cap: 7B+ USD
Use Cases:
Staking
$MATIC tokens can be staked to participate in the proof-of-stake mechanism and earn additional $MATIC tokens in rewards. Non-validators can delegate their $MATIC tokens to other validators to earn staking rewards.
Transaction Fees
The transaction fees for all the transactions that happen on the Polygon network and its sidechains are paid in $MATIC tokens.
Future
Polygon houses more than 1 Billion USD in TVL (total value locked) and is currently the 5th busiest chain. Polygon is also arguably the largest L2 (layer-2) network. Alongside the numbers, Polygon has signed key partnerships with mega-brands like Starbucks, Mercedes Benz, Meta (former — Facebook). The evolution of Polygon as an infrastructure provider seems bright.
KYCN (Know Your Crypto News)
The Crypto market remained flat, but the adoption of cryptocurrencies and Web3 continues the momentum. We’ve shortlisted the most interesting and important news that can impact the market in the future. We’ve given simple takeaways that are important for your investment decisions.
Mastercard partners with Paxos to launch crypto trading for banks
- The move will provide banks to offer safe, reliable crypto assets for users.
- more effortless the transaction of crypto assets for banks, the more adoption will come for the crypto assets.
Taco — Tezos partnership will allow Shopify users to offer NFTs to customers.
- The move will allow eCommerce brands to interact with customers with NFTs.
- This will bring new use cases for the NFTs
NFT project Azuki launches Physical Backed Token:
- Physical Backed Token (PBT) ties a physical item to a digital token on the Ethereum blockchain.
- This will bring new ways to bridge physical assets and digital tokens to create different use cases for the NFTs
Fidelity, One of the largest asset management firms set to offer ETH custody and trading to clients:
- The move will invite more institutions to dabble in cryptos.
- More adoption from institutions will make crypto less volatile in the future.
BTS Scoop of the week:
Our NNF (Navigate with Nord Finance) newsletter subscribers have received behind the scene updates on our upcoming Crypto Investment Platform.
Next Week, we’ll release a new BTS scoop to subscribers. So, Don’t forget to subscribe.
