decentralized finance and Web3 capabilities are the two pillars of blockchain without which most chains fail to attract investors. Investors who have already pioneered this space in their own way are working harder to strengthen their position, examples of which can be seen at polygon efforts
The town of the polygon
Built as a full-stack ecosystem for developers to develop and grow their projects, Polygon Village will bring 1,000 projects to Polygon using cash grants and vouchers.
These grants will range from $5k to $15k, with vouchers worth up to $40k, providing projects with higher adoption to help them benefit from top-tier Web3 service providers.
Opportunities like these are appearing in many of the major DeFi chains since the introduction of different projects can somehow be a sure way to expand the reach of the chain.
Additionally, Polygon already has a stronghold in the DeFi market, being a top 10 chain. The Polygon network supports approximately 253 protocols that have $2.6 billion locked up.
Before the uneventful crash in May 2022, investors had invested more than $4.1 billion. However, the amount invested was not even close to the June 2021 highs when Polygon had around $7.2 billion insured.
not so automatic
Given the nature of the developments, MATIC reacted positively to the launch of Polygon Village. The new release triggered the token recovery by 10.98% with a trading price above $0.6.
After all, an improvement in trading price could end up being the turning point for MATIC as price indicators show a change in trend as the uptrend is about to gradually return to the crypto market.
This would be a relief to MATIC’s 412k investors around the world who, for the last month, only experienced losses. All transactions made through the Polygon network have been at a loss.
As a consequence of the same, altcoin adoption rates have plummeted severely in the last seven months, which is visible in the slowdown in network growth.
If Polygon Village triggers a surge for MATIC, it could push the altcoin closer to $1, which is a critical support level for the coin at the moment.