MATIC breaks out of Omicron FUD as Uniswap decides to move to Polygon blockchain

Key Takeaways:

• A proposal to shift Uniswap V3 to Polygon’s blockchain passed with nearly full majority.
• News of Uniswap’s proposal and its listing on another exchange helped MATIC break free of Omicron FUD.

NEW DELHI (CoinChapter.com) — MATIC, the native token of scaling platform Polygon, started moving upwards after falling 14.74% on Friday alongside the crypto market, reacting to the new Covid variant, Omicron, FUD.

MATIC continued its path upward, rising almost 10% Monday to approach $2 and further garnishing support from a prevailing Ascending Trendline floor, as shown in the chart below.

The Polygon token has repeatedly tested the said upward slope as support in the last four months.

Each time, it rebounded to form higher highs on the daily charts. As a result, its likelihood of capping MATIC’s downside attempts looks limited purely on a historical performance basis, raising the potential that the crypto may reach new highs in the current bull run.

That roughly puts MATIC en route to a lump sum upside target of $3.

Related: Classic triangle indicator projects Polygon at $3 as MATIC rallies over 12% in 24 hours.

Uniswap And Listings- Polygon’s Fundamentals

The uptrend also derived its fundamentals from news of a proposal to bring decentralized crypto exchange Uniswap to Polyon received enthusiastic support from the UNI community.

On Nov 20, Polygon co-founder Mihailo Bjelic submitted a proposal on Uniswap’s governance forum to deploy the decentralized crypto exchange on Polygon. At present, Uniswap uses the Ethereum blockchain. However, high gas fees and slow transaction speeds have been a thorn in Ethereum and its users’ sides for a long time now.

As the proposal gained support, Phase 1 of Uniswap’s governance process began with a Temperature Check poll. Next, the automated market maker (AMM) took a vote, which required only 25,000 UNI to pass. However, the proposal passed with near 7.79 million UNI (~100%) in favor of the migration.

Once Uniswap’s migrates to Polygon, it would join a long list of popular platforms that chose Polygon over Ethereum. Popular platforms like Aave, Curve, Balancer, SushiSwap, etc., are already live on the Polygon, highlighting the increasing popularity of the Layer-2 scaling solution.

Also Read: MATIC price plummets 13.75% as strong bearish momentum expected in Polygon market.

Polygon uses a proof-of-stake mechanism, which is more energy-efficient and faster. The Uniswap migration is now in phase 2.

Moreover, Spain’s largest crypto exchange, Bit2Me, recently announced listing MATIC trading pairs on its platform. With this listing, Polygon’s MATIC is now available to over a million crypto traders that use the exchange.

Polygon is taking strides in the NFT markets as well. For example, Polygon’s co-founder Mihailo Bjelic recently announced that Polygon is powering MACY’s first NFT collection.

At the time of writing, $1.740, down 4.34% on the day.