5 months ago 2 min read

Is the Price of Polygon (MATIC) Rising as a Result of the Supernets Announcement?


While the cryptocurrency market is focused on the developments of the Binance FTX token sale, Polygon (MATIC) has a reason for the price increase. DeltaDAO, a data economy solutions provider, launched its Gaia-X Web3 Ecosystem network upgrade based on Polygon Supernet on Monday. According to the Polygon team, the collaboration places blockchain at the heart of the European data economy. According to the company, the partnership enables a global trustless data economy in which users have complete control over their data.

In addition, the collaboration aims to create new revenue streams for the 2,000 participants from over 350 institutions. Surprisingly, the price of Polygon (MATIC) increased significantly within minutes of the announcement. According to price tracking platform CoinMarketCap, the MATIC price is currently $1.27, up 7.94% in the last 24 hours.

Polygon co-founder Antoni Martin stated that the collaboration will help provide an open and federated data economy for the European digital ecosystem. JP Morgan previously announced that it had successfully executed a trade using the Polygon blockchain network. This provided a significant boost to the Polygon community, as it resulted in a price increase for MATIC. Similarly, another major collaboration announcement came from Instagram, with Meta announcing that it will use Polygon for its first NFT marketplace.

“By leveraging Polygon Supernets and Polygon ID, Gaia-X will reap all the benefits offered by Web 3.0 in a modular and seamless manner. Also, it allows them to deploy projects that fully adhere to the core principles of decentralization while preserving privacy and championing sustainability.”

Meanwhile, Polygon co-founder Sandeep Nailwal emphasized that Polygon is also a market leader in the cryptocurrency space. Polygon also leads in almost all native Web 3.0 categories, including Defi, Gaming, Creator Economies, and DAOs, according to him. Polygon, which is ranked 11th in terms of market share, has a market capitalization of $10.93 billion.

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