- Bitfinex lists MATIC/USD, MATIC/USDT, and MATIC/BTC pairs for trading.
- Digital asset management firm Osprey launches Polygon Fund.
- Statistics show MATIC is experiencing widespread adoption.
- MATIC/USDT pair rebounded by more than 12% on Wednesday.
JAIPUR (CoinChapter.com) – MATIC rebounded by more than 12% on Wednesday after a massive selling rout that crashed prices to $1.014. The MATIC/USDT pair soared to $1.159 on the back of a sudden surge in buy bids. Bitfinex’s listing of the Polygon native token’s USD, USDT, and BTC trading pairs fuelled the rally.
Related: MATIC mooning towards record highs as Polygon furthers entry into DeFi space
Also, New York-based digital asset investment firm, Osprey launching a dedicated Polygon Fund supplied bullish fuel for the rebound. Plus, statistics show the Polygon asset is experiencing widespread adoption.
Osprey Polygon Trust
On Tuesday, Osprey Funds, LLC became the first U.S. crypto fund to announce the launch of Osprey Polygon Trust, an exclusive MATIC-centric investment product. It is Osprey’s fifth crypto investment offering. The digital asset manager’s Bitcoin fund is already registered as a U.S. Securities and Exchange Commission reporting company.
As per the official announcement, only accredited investors in the U.S. can subscribe to the fund with a minimum sum of $10,000. The SEC deems individuals earning more than $200,000/year (or $300,000/year with a spouse), with a net worth of more than $1 million as accredited.
“Polygon is a disruptive Layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions. We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”
said Greg King, CEO of Osprey Funds.
Related: Institutions love for Ethereum grows ahead of milestone network upgrade
Osprey waived the 2.5% management fee until January 1, 2023, for its flagship Polygon fund. And will pursue the listing of the fund on the OTCQX market as soon as possible.
Bullish daytraders went long on the MATIC/USDT given Polygon’s long-term institutional adoption effect due to the above development. Plus, the layer 2 Ethereum scaling solution experiencing a near 20% increment on the daily active users (DAU) front also captured the attention of investors.
Rising Adoption
Twitter-based blockchain fundamental analyst (MATIC exclusive) Raphael recently shared a few key data points that boosted the bullish quotient of Polygon’s native blockchain asset.
Raphael began by discussing the growth in the Ethereum scaling solution’s daily active users (DAU).
“For the 3rd consecutive week, $MATIC has more users than ever before.
Growing 17.16% week/week, an avg 207,719 users engaged with Polygon.
Week 34: 150.9k (+3.48%)
35: 176k (+16.65%) ATH
36: 177k (+0.73%) ATH
37: 207.7k (+17.16%) ATH”
said Raphael
Raphael noted that the surge in user adoption pushed Polygon’s network value higher in comparison to Ethereum. However, Ethereum, Binance Smart Chain (BSC), crypto exchange Binance’s blockchain network also fell behind Polygon.
“$MATIC now has 40.54% of $ETH’s DAU, the first time crossing the 40% milestone.
Relative to $BSC, $MATIC has 20.1% of DAU.”
observed the MATIC centric blockchain analyst
Along with the rise in network adoption, Polygon users were also greeted with a near 40% depreciation in average cost per transaction.
Even on the NFTs front, Polygon logged impressive adoption numbers.
While Polygon logged 40.5% daily active users compared to Ethereum, in general, on the NFT marketplace, OpenSea, the DAU number clocked 83.41%.
“Summary 2/ Recall relative to $ETH, $MATIC has 40.54% DAU. Yet, on OpenSea, $MATIC has 83.41% of DAU. This gives more color to the higher tx/user metrics reported.
One hypothesis is that lower fees allow users to engage with more dApps, allowing for a more vibrant dApp ecosystem.”
said Raphael.
The MATIC/USDT pair responded accordingly by rising from the depths of oversold territory, buoyed by explosive buying pressure. However, for the pair to truly resume a rally, bulls need to close above $1.22 and $1.42.
