By : The market has been awash in bearish sentiment on Monday, with failing to maintain the $8,000 mark and most of the other top 20 coins moving in a sideways or downward trend.
Nonetheless, one lesser-known crypto isn’t intimidated by the market gloom, and it took advantage of one concrete announcement and one wild rumor to surge more than 75% in a single day.
Ethereum Scaling Project Rallies More Than 75%
The Matic exploded by as much as 76% on Monday. | Source: CoinMarketCap
Matic Network, a project aimed at scaling , rose as much as 76% to $0.32 on the day. Shortly before 16:00 ET, the traded at $0.31 with a circulating market cap of $66.8 million.
Matic’s daily volume of over $250 million exceeded the daily volume of larger projects like , , and .
Since the start of May, the coin has gained over 610%.
What is Matic Anyway?
The key focus of Matic Network’s is scalability – the startup provides an off/side-chain scaling tool for existing networks like to ensure a better user experience in the context of dApps.
The aims to help the network scale. | Source: Matic
The ecosystem will incorporate a proprietary digital , payment APIs and SDKs, ID solutions, and other products that will enable developers to build and migrate dApps developed on base platforms such as . The network will use a modified version of Plasma with Proof-of-Stake (PoS)-oriented side chains.
What Triggered the Crypto Token’s Rally?
The project is very young, having been launched on less than a month ago. accounts for over 98% of the ’s volume. Matic is one of several coins that has shown impressive returns.
Earlier today, Matic revealed that it had joined Info’s transparency initiative, which suggests investors would be regularly updated about the progress and state of the project.
Matic Network has officially joined Info’s transparency initiative. By sharing project-related information such as and progress reports on Info, Matic is contributing to keeping the community informed.
Check out our page here:
— Matic (@maticnetwork)
Now the community hopes that Matic will get listed on , especially after the team announced last month that it had secured funding from Ventures.
Matic is proud to announce ventures as our seed investor.
We are ecstatic to have the team supporting us and aim to work towards realising mutual network effects.Some of which are listed below 👇👇
— Matic (@maticnetwork)
The partnership will see Matic integrate another -backed – – on its sidechains. On the other side, users will be able to use the Matic network to transfer and trade digital assets.
While investors believe the next logical step is a exchange listing, some members of Matic’s Telegram community are afraid that the project won’t benefit from such an outcome as – to quote one user – “killed 0x.”
Published at Mon, 20 May 2019 20:09:25 +0000
