Cryptocurrency DeFi News

Polygon (MATIC) on the Verge of Breakout as Covo Finance’s Addition to its Ecosystem Sparks Optimism

Polygon (MATIC) on the Verge of Breakout as Covo Finance's Addition to its Ecosystem Sparks Optimism

Polygon (MATIC) has been one of the most talked-about cryptocurrencies recently. Polygon’s unique approach to solving scalability issues has made it a popular choice among developers, investors, and traders. Polygon (MATIC) has seen a surge in activity in recent weeks, and on-chain data suggests that it could be on the verge of a breakout. One of the latest developments in the Polygon ecosystem is the addition of Covo Finance, a decentralized finance (DeFi) platform, to the Polygon’s ecosystem.

Polygon (MATIC) is a Layer 2 scaling solution for Ethereum designed to improve the speed, scalability, and usability of the Ethereum network. As more innovative DeFi projects like Covo Finance move to the Polygon network, the value of the MATIC token is expected to increase significantly.

Covo Finance is a decentralized exchange and liquidity pool that aims to revolutionize the world of crypto leverage trading. Built on the Polygon network, Covo Finance offers fast, secure, and low-fee trading solutions for DeFi traders and investors with up to 50x leverage. The platform’s innovative liquidity pools and focus on safeguarding users’ funds make it a popular choice among those looking to maximize their profits while minimizing risks.

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One of the most significant advantages of Covo Finance is its low-fee structure. Unlike centralized exchanges like Coinbase, Covo Finance does not require users to pay high fees for trading or custody services. Instead, users can trade cryptocurrencies directly from their wallets, keeping custody of their assets at all times. It significantly reduces the risk of hacks or other security breaches, which have become increasingly common in DeFi.

Another advantage of Covo Finance is its innovative liquidity pools. These pools act as a counterparty to traders, mitigating risks and reducing potential losses. Users who mint COVOLP tokens earn 70% of all fees generated on that polygon blockchain in MATIC. In this way, the COVOLP pool acts as a counterparty to the traders, helping to reduce the risks associated with leverage trading.

This move has been widely viewed as a significant step forward for both Covo Finance and Polygon, as it expands the reach of both platforms and could lead to further growth and adoption.

Polygon (MATIC) Could be on the Brink of a Breakout, According to On-Chain Data

Polygon (MATIC) has been a strong performer in the cryptocurrency market in recent times. Even after the crypto market crash, The on-chain data shows that 245.77k addresses are profitable, representing 42.92% of the total addresses. In contrast, 301.3k addresses are currently in loss, representing 52.83% of the total number of addresses.

The past 30 days have seen MATIC whales decrease their holding by 7.69%. In contrast, large and retail investors have increased their holding by 3.66%, suggesting that Polygon’s MATIC is becoming more decentralized, with retail investors taking a more significant stake.

Regarding transaction statistics, the 7-day average for transactions is 3.81k, with a high of 4.58k on March 3, 2023, and a low of 3.33k on March 5, 2023. The on-chain transactions volume has been highly volatile, with a 7-day average of 179.66m MATIC, and high of 372.5m MATIC on March 9, 2023, and a low of 46.89m MATIC on March 5, 2023.

Large holders have seen a significant inflow over the past week, with a 7-day change of +1164.13%, a 30-day change of +1068.93%, and a 90-day change of +4721.18%, suggesting that there is growing institutional interest in Polygon (MATIC).

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The average balance over the past week has been $18,813.94, with a high of $20,222.69 on March 3, 2023, and a low of $17,404.84 on March 9, 2023. The circulating supply of MATIC has increased by 32.17% over the past year, indicating growing demand for staking Polygon (MATIC).

Based on the on-chain data and the current market conditions, Polygon (MATIC) could experience significant price growth in the future. MATIC cryptocurrency has been performing strongly in recent times, and the growing interest from ETH whales suggests that Polygon (MATIC) could experience significant price growth in the future.

Covo Token Surged 50% on Uniswap V3 (Polygon)

Recently, the Covo token experienced a surge in value. On Uniswap V3 (Polygon), the token surged by more than 50% in the past weeks, signaling growing demand among the Polygon community and investors. As Covo Finance continues to grow and attract new users to its innovative leverage trading solutions, the value of the Covo token is likely to continue to rise, making it an excellent opportunity for those looking to capitalize on the growth of DeFi on the Polygon network.

The COVO token is the governance and utility token of the platform. Stakers of COVO tokens are rewarded in three ways. Firstly, they receive 30% of all generated protocol fees, paid in MATIC and escrowed COVO (esCOVO) tokens, which can be either staked or vested. Rewards incentivize users to hold COVO tokens, which helps to increase the token’s value over time.

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[To share your insights with us, please write to sghosh@martechseries.com]

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