- Polygon Supernets will be able to transfer assets to and fro with the help of Axelar.
- Integration of Axelar will remove the need for decentralized exchanges (DEX) on every Supernet for cross-chain liquidity solutions.
- A stronger and more efficient ecosystem will act in favor of MATIC, which is currently trading just below $1.
Polygon's prosperity in the crypto market seems to be extending as the DeFi chain is improving on cross-chain infrastructure. Building on the same, Polygon joined hands with Axelar, known for delivering secure cross-chain communications to bring cross-chain interoperability to the Polygon Supernets.
Polygon spreads its arms
In an announcement on Thursday, Axelar stated that it would be partnering with Polygon. This deal will bring secure cross-chain communication to Polygon Supernets. These Supernets basically act as high-performance app-specific chains enabling users to customize the chain towards the kind of dApps it hosts.
This partnership will also allow the users of Polygon dApps to access the Polygon Supernet's leading metaverse, gaming, enterprise, DeFi & entertainment projects. Commenting on this partnership, the General Manager of Supernets at Polygon, Parth Pathak, stated,
"Axelar's cross-chain infrastructure will enable developers to build cross-chain dApps on Polygon Edge that compose liquidity and functionality across Web3. This enables complex operations — for example, cross-chain borrow-lend, using NFTs as collateral. Polygon Supernets is creating the world's leading interconnected Web3 ecosystem through multichain mass adoption via one-click experiences, for users across gaming, enterprise, NFTs & DeFi."
Furthermore, this partnership would eliminate the need for Polygon Supernets to have their own DEX. Since Axelar will provide easy cross-chain liquidity solutions, DEXes will not be needed from here on for these Supernets.
Polygon's growth affects MATIC
MATIC is certainly impacted by the developments in and around the Polygon ecosystem. Earlier this week, as reported by FXStreet, Polygon emerged as the second biggest blockchain in terms of daily DEX transaction volume. Consequently, MATIC's price also increased along with the broader market bullishness.
This brought the altcoin to trade at $0.9, inches away from $1, which is a critical psychological level for MATIC's price.
MATIC/USD 1-day chart
If the positive cues in the market persist, MATIC's price might be able to breach through and flip $1 into support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_03_XtraSmall.jpg)
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
![Solana bears dominate market as SunPump has potentially led to less demand for SOL](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/Solana_Crypto_31_XtraSmall.jpg)
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
![AI tokens see narrow gains as Wall Street banks raise price targets on NVDA](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_2_XtraSmall.jpg)
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
![XRP back above $0.57 even as Ripple traders take $8 million in profits](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
![Bitcoin: Will BTC continue its ongoing decline?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.