Polygon (CCC:MATIC-USD) is having quite a week. After receiving over $1 billion in Shiba Inu (CCC:SHIB-USD) to its India Covid-19 relief fund, it is now also hitting all-time highs. The bullish swing comes alongside news of a deal with 1Inch (CCC:1INCH-USD). As the Polygon (MATIC) crypto continues to see increased popularity as a scalability play, the news is welcome fuel for its climb.
Polygon exists as a way to help alleviate traffic and avoid the high gas fees of using Ethereum (CCC:ETH-USD). Polygon specifically works to scale Ethereum transactions using its Layer-2 platform. It uses sidechains to enable a massive 65,000 transactions per second, and keeps users from the immense transaction fees of the Ethereum chain.
News of 1INCH launching a decentralized exchange, or DEX, on Polygon is bolstering the value of both tokens today. 1INCH is a popular platform for investors, as it aggregates prices across many decentralized exchanges in order to make its prices the most competitive.
Polygon (MATIC) Crypto Sees New All-Time Highs
The launch of a 1INCH exchange on Polygon’s network is a no-brainer. Both are the top dogs in their respective niches; 1INCH is the largest DEX aggregator and Polygon is the largest scaling protocol in terms of market capitalization. Polygon especially has become a much-discussed player as scalability issues continue to creep into sight. Additionally, the Polygon platform will put 1INCH in contact with several new liquidity stores, including the popular Aave V2 and QuickSwap.
The news has sent Polygon to new highs. This morning, the MATIC token has hit $1.45 for the first time on a price increase of 30%. 1INCH’s native token is also seeing gains, although its trading volume is down significantly from its average. 1INCH is currently trading at $5.83. This is a 3% gain that comes in the middle of a 36% downturn in trading volume.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.