Cryptocurrency Investing For Dummies - cyptoranking.com

2024-05-04

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Polygon’s native token (MATIC) experienced a 16.4% rally that coincided with the launch of Polygon 2.0 Goreli testnet on Oct. 4. However, the resistance at $0.60 proved stronger than anticipated and was followed by a 10.6% decline over the six days leading into Oct. 10. This decline was exacerbated by negative news regarding the departure of a key co-founder and weak activity in Polygon’s zero-knowledge rollup (ZK-rollup) subnet.Polygon (MATIC) 12-hour price in USD. Source: TradingViewMATIC’s price has wiped out previous gains from the early October rally, erasing the bullish momentum driven by the expectations of the protocol’s upgrades. Rallies tend to follow mainnet and protocol updatesPolygon 2.0 is a network of ZK-based layer-2 chains unified via a novel cross-chain coordination protocol. Polygon’s 2.0 scaling technology was unveiled in June 2023 as a plan for a scaling ecosystem consisting of four layers: staking, execution, interoperability and proving. Each of these layers contributes to creating an interconnected ecosystem of chains that facilitate secure, fast and highly cost-effective transfers.Among the benefits of Polygon 2.0 are enhanced security and privacy through ZK-proofs, full compatibility with the Ethereum Virtual Machine (EVM) and instant cross-chain interactions without requiring additional security or trust assumptions. It’s worth noting that the project is continuing to develop its Zero-Knowledge Scalable Transparent Argument of Knowledge-based layer-2 solution, Miden.One could argue that the recent 10.6% retracement merely reflects an adjustment to the overexcitement triggered by the testnet launch. However, other factors may have contributed to investors’ worsening sentiment toward Polygon. For instance, Polygon’s ZK subnet, zkEVM, has lagged behind competitors in activity and deposits.Network data shows Polygon losing steam as new competition emergesZK networks daily active and transactions. Source: artemis.xyzMetrics from Artemis, an on-chain data provider, reveal a significant disparity between Polygon zkEVM’s 6,210 active addresses compared to StarkNet’s 154,390 and zkSync ERA’s 239,810. A similar discrepancy exists when analyzing the number of daily transactions, with Polygon’s ZK-rollup also trailing competitors.Taking a broader perspective on the total number of transactions and deposits in the Polygon network yields suboptimal results. For example, Polygon’s total value locked (TVL) stands at $756 million, according to DefiLlama, which is less than half of Arbitrum’s layer-2 scaling solution.Total value locked (TVL) in USD. Source: DefiLlamaIt’s noteworthy that despite being launched much earlier than most Ethereum layer-2 solutions in June 2020, Polygon is now facing direct competition from Optimism and Base.The departure of Polygon’s co-founder, Jaynti Kanani, on Oct. 4 after six years with the project also triggered some degree of discomfort among investors, given the project’s proximity to the crucial completion of its improved multiple-layer scalability solution. Interestingly, this decision follows the departure of Polygon Lab’s CEO, Ryan Wyatt, in July 2023, not long after joining the company in February 2022.Further impacting MATIC’s performance was a decline in the number of active addresses using the Polygon network’s decentralized applications (DApps).Polygon network DApps active addresses, 30-day change. Source: DappRadarOn average, the top 12 DApps on the Polygon network experienced a 17% decline in the number of active addresses over the last 30 days. This issue was particularly concerning in the NFT and decentralized finance markets, notably affecting applications like Uniswap, OpenSea and Move Stake.Related: Circle rolls out native USDC tokens on PolygonRegardless of the reasons behind MATIC’s token surge earlier in October, the recent 10.6% negative performance can be attributed to reduced network activity, the departure of a co-founder during a critical upgrade phase and stiff competition from other ZK scaling solutions. Ultimately, there is enough bearish news flow to justify this correction, although the team has been consistently delivering the necessary updates and improvements to the Polygon network. Investors should closely monitor the project’s progress in addressing these challenges and capitalizing on the innovations of Polygon 2.0.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Cryptonews: Despite in-depth trials, why is an eAUD not possible in the near future, as announced by the central bank? What is pulling back Australia from furthering its CBDC launch? Cryptocurrency Investing For DummiesWith the new funding, Hadean will establish a United States-based team to work alongside Yuga Labs on Otherside, with a focus on “mass concurrency”—that is, the ability to support many players in the same online environment at the same time. General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.Ripple CFO Kristina Campbell to Join Maven Clinic: Report

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Following the July decision and the recent SEC appeal dismissal, XRP, a digital token used by blockchain payment company Ripple Labs, has seen increased interest. The decisions are significant, considering that they provided legal clarity on XRP securities status. However, many within the XRP community have expressed concerns about Ripple Labs hindering the token’s utility. After FTX employees realized that the attacker had complete access to a series of wallets, the team declared that "the fox [was] in the hen house” and scrambled to keep the remaining funds out of the hacker’s hands. IG Group completes sales of US assets to Crypto.comCryptoNight is GPU-mining friendly, but its characteristics make it ideal for CPU mining. With its set of 64-bit fast multipliers for maximum speed, the CPU architecture is very efficient; moreover, the heavy use of CPU caches guarantees the best performance. 1. Enhanced Engagement and Immersion: With the introduction of virtual labor, players will experience a new level of engagement and immersion. They’ll be able to control their digital avatars as they collect materials and craft items, making the experience more interactive and responsive.

"The underperformance appears to be related to the fact that bitcoin developer Robin Linus published a research paper that suggests that 'any computable function can be verified on bitcoin'." The current esports model is probably overly reliant on sponsorship and advertising. To improve it, there needs to be a focus on cross-industry value creation, directly involving publishers, brands, esports teams and competitive players. Within Ultra Arena, we want to drive mutual growth by opening up the existing model to many more stakeholders, with grassroots competitive players turning pro, smaller brands gaining traction and startup teams becoming massive eSports powerhouses. China Is Fast Losing Money: Their Bitcoin Stash Just Fell By $388 MillionStudents in virtual classrooms can interact with teachers and peers, visit historical locations, and even travel to faraway worlds. Simulations in the metaverse can mimic real-world circumstances for medical training, aviation, and other professional training. The metaverse offers a secure and cost-effective environment for practicing and learning. Star Atlas launches browser-based gaming metaverse SAGE Labs.

At the end of September, HTX lost 5,000 ETH, but quickly took action to recover the stolen funds. Cryptocurrency exchange HTX Huobi Global confirmed the return of funds stolen by a hacker at the end of September and, after resolving the problem, offered a bounty of 250 ETH. The team comprises nine members and was co-founded by Nicholas Zhou and Liu, who’d worked together on a previous project. Individually, they met through various networks, including working with one another at previous gaming companies (such as Gameloft and Tap4Fun) and through university connections. South Korea logs $4.3B worth of illegal digital currency transactions in 2022OptionBlitz Leverages Ethereum Layer 2 Protocol Arbitrum to Pioneer Zero-Day Options & Social Trading Platform “Centralized decisions can impact a user’s freedom to decide what to do with those assets — just think about multi-day withdrawal freezes that often occur on centralized exchanges,” SORA states in a blog post. “These entities also store your personal data harvested during the KYC process and link it to your trading activity.”

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