interesting bet i will be watching
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???ALERT: This Project is Making History
Never seen or done before in #crypto.
Market Meditations
Aug 17
Dear Meditators
Many people think they have arrived to the crypto scene too late.
It’s strange really, given it is still so early.
Assets are making new ATHs, new projects are launching in Parachain auctions and as of recently - we’re even seeing token mergers!
The future is bright and we’ll be sharing all the hottest news, trends and assets along the way.
Read, enjoy and share with your network. Let’s all build wealth together.
In A Rush?
Here’s 5 things you need to know about the crypto markets today:
Crypto Exchange Bitpanda Raises $263M at $4.1B Valuation
BinanceUS picks CFO to helm exchange after abrupt Brian Brooks exit
Alibaba launches NFT marketplace for copyright trading
? Solana hits all-time high as market watchers say institutional interest is growing
Galaxy Digital Files for US Bitcoin Futures ETF
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
This Project Is Making History
For one reason or another, Polygon tends to find its way into major headlines. Here’s a few things you should know about it:
Polygon, formerly known as the Matic Network, is a scaling solution; it provides multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.
It operates as a layer-2 network. This means it acts as an add-on layer to Ethereum. It does not seek to change the original blockchain layer.
In a nutshell, Polygon allows customizability. Polygon network makes it easier for new projects and apps to select which scaling solutions they want. There are different preferences when it comes to: security, speed, independence and transaction costs. Polygon allows you to optimise these needs all in one network.
Polygon’s use case has proven attractive to a plethora of projects like NFT marketplaces and gaming; projects that are interested in launching on Ethereum but may differ in what their platform needs. Investors have also been quick to rally behind Polygon; on March 25th, Mark Cuban announced he was working to integrate polygon within his NFT website after investing in it.
In the latest news, Polygon has acquired Hermez Network (a ZK-Rollups-based Ethereum scaling solution) for $250 million. This acquisition is interesting in its own right but noteworthy because the two blockchain projects are also merging their native tokens - MATIC and HEZ. The HEZ token will be integrated into the Polygon ecosystem.
DEFINITION: A ZK-Rollup is a type of scaling technology that helps bundle transactions onto a network. This in turn reduces the load on the Ethereum blockchain because transactions are executed outside the mainnet (leading to cheaper transactions). Now that you understand the Polygon network, perhaps you can also understand why they pursued this acquisition.
This is the first ever such deal in the crypto space. While we have experienced mergers and acquisitions, the tokens have usually stayed separate. It is functioning by way of a peg. 3.5 MATIC: 1 HEZ. In other words, HEZ token holders will be able to swap their tokens for several of Polygon’s MATIC tokens. This will occur via the swapping contract that the projects will publish “soon”. The HEZ token will cease to exist after a specific date, which is to be confirmed.
Doge is Coming Home
Which Premier League football team will be sporting the Dogecoin Logo on their shirts thanks to a sponsorship with Stake.com?
Leicester City
Tottenham
Watford