Polygon Crypto Prices Steadies after a 79X expansion, Kyber Network to Distribute $30 Million in Rewards
- Polygon prices are firm; adds 79X year-to-date
- Kyber Network launches the Rainmaker after Polygon Partners
- South Korea’s FSC to enforce new crypto laws in a changing regime
Trending News: Kyber Network Partners with Polygon, Shifting Crypto Regulations in South Korea
Above all, the goal of DeFi is to promote trustless interaction of financial transactions.
As such, it explains why the industry now commands billions as protocols lock various assets deposited by traders from across the board.
Earlier, Gas, due to scaling limitation in Ethereum, was a major impediment.
However, efforts to shift to layer-2 options and side-chains are paying off.
Presently, Gas has shrunk to manageable levels and would fall more as more intensive dApps move to existing solutions.
Kyber Network Launches the Rainmaker
The partnership between Polygon and Kyber Network will further relieve users of Gas fees.
In a statement issued on June 16, Kyber Network is also launching the Rainmaker liquidity program with a $30 million set to be distributed as rewards in Polygon and Ethereum pools.
We're also launching the 🌊Rainmaker liquidity mining program on both Polygon and #Ethereum with ~$30M in rewards!
— Kyber Network (@KyberNetwork) June 16, 2021
Notably, Polygon continues to gain traction, emerging as an option of scaling Ethereum and for infrastructure development.
Thus far, over 350 projects are building on Polygon while more than $6.5 billion of ETH and ERC tokens are locked in the platform.
Crypto Regulatory Atmosphere in South Korea
Recently, Korea’s Financial Intelligence Unit (FIU) contacted cryptocurrency trading platforms warning them of a field consultation before the end of September.
The FIU consultation determines whether crypto operators in the country are compliant with requirements as set out in the Specific Financial Transactions Act, which became law early this year.
Already, Upbit—one of South Korea’s leading cryptocurrency exchanges—said it would delist or warn against certain digital assets it considered high risk.
Besides, the country’s primary regulator, the Financial Services Commission (FSC), has created five new working groups to implement directives as set out in the new crypto regulatory regime.
They will work with other agencies, including the anti-money laundering unit.
Most importantly, the goal is to improve the country’s crypto scene.
Polygon Price Analysis
The MATIC price is one of the top performers, year-to-date. Adding 76X, the coin has subsequently outperformed BTC and ETH within the same time frame.
To check out the performance of MATIC, the weekly chart can offer a clearer summary.
As observed, MATIC/USDT gains were near perpendicular.
In reflection of the market uncertainty of the last few weeks, prices are consolidating above $1, validating the uptrend.
Technically, provided MATIC/USDT prices trend above $1 and the middle BB—the primary support line–, the uptrend is valid. As such, aggressive traders may load the dips, targeting $4 and $7—the 1 and 2.618 Fibonacci extension levels of the H1 2021 trade range.
Leaning on caution, if bears take charge, forcing MATIC prices lower, the coin could more than halve to $0.40—April 2021 lows.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.