Why is MATIC pumping?
For the uninitiated, MATIC is a Layer 2 side chain that runs alongside the Ethereum main chain. It has been pumping pretty hard recently, casting rays of sunshine in a rather dismal bearish market. But what are the reasons for its pump? Let’s read on to find out.
Firstly and most importantly, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has a role to play in MATIC’s pump! It launched Project Guardian in June 2022, which involved the creation of a permissioned liquidity pool of tokenized bonds and deposits. This would then inform the authorities in regards to formulating rules that govern crypto in Singapore. Just how is this relevant to MATIC? Well, JP Morgan recently chose to execute its first ever live trade on the Polygon network with Project Guardian. JP Morgan is one of the biggest banks in America, and for it to collaborate with Project Guardian bodes well both for the MAS’s project as well as MATIC’s utility.
Next, META announced that Polygon was chosen as the blockchain that would facilitate the minting and selling of NFTs on Facebook and Instagram in the near future. As promising as this announcement was, it was not groundbreaking because Reddit had already made it possible for its users to mint and sell Reddit NFTs on OpenSea. In fact, fervent Reddit supporters even constructed theavartarfaucet.com so that people who were in need of some MATIC could receive some MATIC to get started on their OpenSea journey. All these initiatives made MATIC gain visibility and hype in the public eye.
Another reason for Polygon’s recent popularity was how it was gearing up to launch the Avail mainnet. Designed to provide scalable data for standalone chains and side chains, Avail has already been functioning pretty well on testnet since June 2022. So, the fact that Polygon was making headway with Avail also generated positive vibes for MATIC.
Where to Stake MATIC
Now that you learn the reasons for MATIC’s recent pump, you may be keen to know the platforms that accept staking in MATIC:
Gemini: 4.56% APY
Lido: 8.7% APY
Binance.US: 7.2% APY
NDAX (for Canadian users): APY not stated on its website
I get it. You don’t have any MATIC in the first place. And your circumstances really don’t permit you to take money out of your DCA and start investing in it. So what can you do? Fret not, there are at least two faucets out there that you can use.
- Pipeflare
If you connect your MetaMask wallet with Pipeflare (https://pipeflare.io/r/dba7), you can use the MATIC once every day. Do take note that you have to accumulate at least 0.25 MATIC before it automatically gets sent over to your MetaMask wallet, but hey, good things are worth waiting for, right?
2. 11bit.co.in
This godsend of a faucet enables me to withdraw MATIC 11 times a day when I input my Coinbase wallet. Definitely appealing to the determined go-getter within me!(https://11bit.co.in/cb/[email protected]) Loving how I have accumulated about 3 cents on Coinbase after using it for a few days, LOL.
Are you a fan of MATIC? Are you currently staking it on any platforms?
References
https://cryptopotato.com/3-reasons-behind-matics-17-surge-to-7-week-highs/
https://www.coinbase.com/learn/wallet/how-to-earn-rewards-staking-with-matic
