Matic Network, a crypto project backed by the crypto exchange giant Coinbase, surged up to 76 percent in 24 hours. The project is aimed at scaling ethereum and it traded at $0.31 with a market cap of $66.8 million so we read more about this amazing project in today’s altcoin news.
The daily trading volume of the Matic Network is over $250 million which means that the daily volume of some other larger projects such as Monero, IOTA and Cardano is exceeded. Since the beginning of May, the coin increased by more than 600 percent.
The main goal of the Matic Network is basically a blockchain solution or a scalability solution. The startup provides an off-chain scaling toll of the Ethereum network but for other existing networks as well. It aims to ensure a better user experience regarding the decentralized applications. The ecosystem incorporates a digital wallet, SDKs, payment APIs, and ID solutions. There are other products that are implemented in the project as well that will enable developers to build and shift dapps developed on other platforms such as Ethereum.
The Matic network will use a modified version of Plasma but with a Proof-of-Stake based side chains. The project is still in its early ages. It was launched on Binance less than a month ago which means that Binance is responsible for more than 98% of the token’s trading volume. Matic is one of the Binance Launchpad coins that expressed some impressive returns and benefits.
Matic revealed that it has joined the Binance Info transparency initiative that will help investors to always be updated about the progress of the project. The community now hopes that the Matic network will be listed on Coinbase since the team announced they secured funding from the Coinbase Ventures.
As reported in the latest cryptocurrency news, Matic will integrate another Coinbase-backed crypto the USD Coin on its sidechains. Coinbase, on the other hand, will let its wallet users use the Matic network in order to transfer and trade cryptocurrencies. Investors believe that Coinbase should list the token but some members of the community believe that the project won’t benefit a whole lot from the listing.
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