Matic Price Surges 76%, Is the Coinbase Listing In Sight?

Updated on Feb 4, 2020 at 11:40 am UTC by Teuta Franjkovic · 3 min read

On May 17, Matic Network cryptocurrency token has surged by more than 75 %. One of the main reasons could be a recently announced integration of Matic’s Plasma and PoS sidechain network with the Decentraland ecosystem and the fact that the token is funded by Coinbase Ventures.

It seems that this week began pretty great for Binance coins that were (and still are) killing it on the 24h leaderboard. Celer Network rose 39,9% to $0,02 while Fetch AI had also considerable growth of 37,84% to $0,28. However, the trophy goes to MATIC Network that surged more than 75% within 24 hours.

Matic Network is a startup that provides an off/side-chain scaling tool for existing networks like Ethereum to ensure a better user experience in the context of dApps. The project was launched through Binance Launchpad less than a month ago. Almost 98% of the token’s trading volume is from Binance in the trading pair of MATIC/BTC, MATIC/USDT and MATIC/BNB.

About 62.28% of the trading volume if from MATIC/BTC trading pair, 33.28% is from MATIC/USDT trading pair and about 4.06% is from MATIC/BNB trading pair.

Matic price rose as much as 76% to $0.32 on the day. Shortly before 16:00 ET, the cryptocurrency traded at $0.31 with a circulating market cap of $66.8 million.

Matic’s daily trading volume of over $250 million exceeded the daily volume of larger projects like Cardano, Monero, and IOTA.

More Than 610% Gain In a Month

Since the start of May, the coin has gained over 610%. The key feature of MATIC Network is definitely scalability; meaning fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain.

Also, there is high throughput – achieved up to 10,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling.

User experience shows smooth UX and developer abstraction from mainchain to Matic chain including native mobile apps and SDK with WalletConnect support and security is guaranteed by Matic chain operators being themselves stakers in the PoS system.

Matic sidechains are also public in nature (vs. individual DApp chains), permissionless and capable of supporting multiple protocols.

Listing on Coinbase Coming Soon?

Earlier today, Matic announced that it had joined Binance Info’s transparency initiative, which will be used for investors to be regularly updated about the progress and state of the project.

Crypto community is now gaining hopes that Matic will get listed on Coinbase, especially after the team announced last month that it had secured funding from Coinbase Ventures.

The advantages of two companies working together are, among others, enabling world commerce Matic will be integrating USDC on its sidechains, possibility for Coinbase wallet users to leverage Matic network to transfer and trade assets instantly and easy accessibility from Coinbase Wallet for DApps that are deployed on Matic.

The official announcement by the Platform stated that it would help users move their assets from Ethereum to Matic. Coinbase wallet will help dApp of Matic interact with Matic Network easily and in a secure way.

Now, the wallet users will be able to use Matic Network solutions to confer promptly and send resources with Matic-based DAic being directly available from the Coinbase Wallet.

Just for a reminder, MATIC was the fourth token sale on Binance Launchpad, and the first under new lottery rules. The token sale was conducted through a single session where participants purchased MATIC tokens using Binance Coin (BNB). In this session, all 1.9 billion MATIC tokens were sold to Launchpad participants who won in the lottery. There was 16.666 winning participans with 58.38 % of winning tickets.

Altcoins, Binance, Business, Cryptocurrency news, Investors
Teuta Franjkovic
Author: Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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