Connecting Polygon to the Multi-Chain World via Hop Protocol With $200,000 in Liquidity Rewards
June 8, 2021 – Singapore, Singapore Polygon, the full-stack scaling solution for Ethereum, formerly known as Matic Network, has announced a $200,000 liquidity program with Hop to connect Polygon to the multi-chain world. Hop’s vision is to connect the fragmented layer-2 landscape and enable seamless asset transfers and composability between DeFi applications on various networks. […]
Polygon, the full-stack scaling solution for Ethereum, formerly known as Matic Network, has announced a $200,000 liquidity program with Hop to connect Polygon to the multi-chain world.
Hop’s vision is to connect the fragmented layer-2 landscape and enable seamless asset transfers and composability between DeFi applications on various networks. The Hop protocol provides a scalable token bridge for Ethereum’s scaling ecosystem using a two-pronged approach.
Create a special intermediary asset called an hToken (e.g., hETH, hDAI, etc.) that can be quickly and economically moved from one network to the next.
Use automated market makers (AMMs) to swap between the hTokens and their corresponding assets on each network.
The end result allows users to seamlessly transfer tokens from one network to the next. See the demo below.
Polygon to Ethereum withdrawal in 1m30 instead of 3hrs😍
Liquidity in the Hop AMM is an important prerequisite to facilitate large transfer volumes in and out of Polygon via the Hop Bridge, and we’re thrilled to support the growth of liquidity with $200,000 in rewards for LPs.
In the first phase of liquidity mining at the time Hop launches, $200,000 worth of rewards will be allocated to hUSDC – USDC liquidity providers on Polygon. In the future, Polygon will also support rewards for LPs supporting the seamless transfer of $MATIC tokens between bridges.
This is a big step towards enabling a seamless experience for users on Polygon and bridging the gap between the Polygon ecosystem and other networks in the Ethereum sphere.
As part of the initiative
Hop will integrate Polygon (PoS) as one of the supported networks.
Hop will prioritize support for $MATIC via Plasma bridge.
LPs on the Hop AMM on Polygon will be incentivized with rewards.
Hop will support future Polygon SDK chains.
Scaling Access to DeFi
With the imminent launch of multiple Ethereum-connected chains, thanks to Polygon SDK, Hop will support integrating and enabling a seamless experience between these networks as well. Eventually, Hop will become a key Lego piece in the Polygon ecosystem and help it achieve its grand ‘internet of blockchains’ vision.
Hop is a protocol for sending tokens across rollups and their shared layer-1 network in a quick and trustless manner. Rollups have the potential to scale the Ethereum network, but each rollup creates a siloed environment for its applications. Moving assets between rollups and the layer-1 network are slow and expensive, diminishing the savings users gain by using the rollup. The Hop protocol allows assets to be moved directly from rollup to rollup, providing cost savings and enabling cross-rollup composability of applications.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting secured chains like Plasma, Optimistic Rollups, zkRollups, Validium and others, as well as stand-alone chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with over 400 DApps, ~200 million transactions and ~1.3 million unique users.
If you’re an Ethereum developer, you’re already a Polygon developer. Leverage Polygon’s fast and secure transactions for your DApp – get started here.
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“People always ask me what is going on in the markets. It is simple. Greatest Speculative Bubble of All Time in All Things. By two orders of magnitude. #FlyingPigs360.” he tweeted
Back in early April, Michael Burry had deleted his Twitter account after flagging the Tesla stock, which he is short along with GameStop, Bitcoin, Dogecoin, Robinhood, SPACs, inflation, and the broader stock market. He resumed twitter tweeting again on June 14.
Burry Compared the Hype Around Bitcoin to the Dot-com and Housing Bubbles
Burry even compared the hype around Bitcoin, electric vehicles, and meme stocks to the dot-com and housing bubbles and said earlier this year that the stock market was “dancing on a knife’s edge.”
Burry is most known for spotting the mortgage crisis ahead of time and making a fortune against the U.S. housing bubble.
Back in February, he joined the inflation debate, making a comparison to the 1970s period warning investors to brace for inflation while pointing to a boom in demand due to the fiscal stimulus being injected into the economy, saying:
“The U.S. government is inviting inflation with its MMT-tinged policies. Brisk Debt/GDP, M2 increases while retail sales, PMI stage V recovery. Trillions more stimulus & re-opening to boost demand as employee and supply chain costs skyrocket.” he tweeted in February.
Republic Reals have recently set a new ATH value LAND sale for Decentraland, an open-world crypto metaverse game based on Ethereum. The virtual plot of real estate was sold as an NFT in Decentraland for a record amount of $913,000 based on the price of MANA cryptocurrency at the time.
LAND Token in Decentraland Metaverse Game Based on Ethereum Sold For $913K
In accordance with the data released by NonFungible, this has proven to be the highest-value LAND sale till now in terms of US Dollars.
However, it should be noted that there have been past sales for more MANA when the currency was worth a lot less.
The record is 2,772,000 MANA in the month of November of the year 2018, which was worth just under the level of $211,000 at the time.
Discussing a non-fungible token acts as a deed of ownership to a digital item and is tokenized on a blockchain in order to be conveniently validated.
NFTs have the potential to take all kinds of forms, from still images to videos and even tweets.
Republic Realm, the company that invests in virtual real estate in crypto games said:
“We can’t wait to announce our big plans for this estate. Our commitment to building and developing the metaverse is stronger than ever.”
Further About the Ethereum-Based 3-D Game
Decentraland is an online metaverse in which the players are provided with an option to freely explore the world, interact with other players, and play games within the environment.
Well, the 3-D game is not the only game based on blockchain build around plots of digital land sold as NFTs either. Axis Infinity and The Sandbox are also on the list of games developed on the Ethereum blockchain and have raked in millions of dollars selling virtual real estate.
The Bitcoin price since the price slash has not shown the tendency to rise above the levels till now. However, it did multiple attempts to jump towards the north, yet dropped to its initial levels. A similar trend was also seen with the Ethereum price as it also fails to move and sustain above $2500. …
The Bitcoin price since the price slash has not shown the tendency to rise above the levels till now. However, it did multiple attempts to jump towards the north, yet dropped to its initial levels. A similar trend was also seen with the Ethereum price as it also fails to move and sustain above $2500. Despite the bearish trend, yet the analyst believes much fruitful week is waiting ahead for both the assets.
The crypto space is filled with many speculations and predictions, yet some analyst strongly believes these pullbacks are temporary. One of the popular analysts, Galaxy has predicted the price to rise above the target by next week.
The analyst predicts BTC price at $42K and ETH price at $3k in the coming 5 to 7 days. And hence keeping the hopes alive for the bull rally to resume very soon.
Bitcoin Price Death Cross Expected Yet Not Validated!
Conpedia earlier reported about the upcoming death cross in the coming weekend, yet according to the reports, it may occur later in this month. But the intensity of the death cross is yet to be known.
This is not the first time, BTC price is encountering such a situation, yet it has survived many since 2013. Each time, the price has slashed nearly 70% and regained in equal the next bottom. Each time the retracement periods are similar prior to and after the death crossover.
The recent death cross in 2019 & 2020 did not have a similar impact as before. And according to a popular analyst, Rekt Capital, if the upcoming DC may drag the price to as low as $18,000.
The analysts in a series of tweet explained the death cross event since the inception and its impact on the price. The analyst also said that the price have its crucial support levels at $32K and $29K. And if the price slumps below these levels, then the DC will be validated.
After the market slash, the entire crypto space is looking for a massive breakthrough that can uplift the Bitcoin price and the Ethereum price to the next level. And if the BTC price sustains the upcoming DC, then the recovery may be imminent.
Despite the fact that the crypto market has been trending lower over the previous 24 hours, digital collateral token Amp (AMP) has continued to rise. Over the last 24 hours, AMP has gained 12.2 percent to $0.11, a gain of 12.2 percent. The cryptocurrency has gained 85.49 percent in a seven-day period. With a market …
Despite the fact that the crypto market has been trending lower over the previous 24 hours, digital collateral token Amp (AMP) has continued to rise.
Over the last 24 hours, AMP has gained 12.2 percent to $0.11, a gain of 12.2 percent. The cryptocurrency has gained 85.49 percent in a seven-day period. With a market valuation of $4 billion on June 15, AMP was the 28th largest cryptocurrency by market capitalization. The token was trading at $0.086 at the time of writing.
Here’s more about the 1200% hype since September
In decentralized finance, AMP is an Ethereum-based digital currency that is useds as collateral to secure transactions and decentralize the risk of asset transfer (Defi). AMP is a collateral token for Defi applications that secures smart contracts.
The price began 2021 at $0.006657, after first launching at $0.009559 in September 2020, but has since fallen. Despite the fact that it saw significant increases following the Coinbase IPO last week. This year, Amp has been a standout performer, rising from $0.03 to $0.10 in a matter of weeks.
Coinbase, Gemini, Bittrex, Flexa, SushiSwap, UniSwap, and a number of other centralized and decentralized exchanges are all partners with AMP.
Shopify’s recent announcement of broadening its payments capability to Facebook and Google merchants could be another huge boost for Flexa. Furthermore, Sheetz, a US food and retail chain, said last month that it will begin taking Bitcoin payments through Flexa’s services.
Amp’s native asset, according to the developers behind it, is a collateral token. It is meant to facilitate quick, secure transactions. A
Amp insures the value of any transfer as collateral while it is pending confirmation – a process that can take anywhere from seconds to hours to days.
When consensus for a given transfer is reached, the tokens used as collateral are normally released, making them available to collateralize another transfer.