Polygon

Celestia to integrate with Polygon CDK for data availability in 2024

Celestia will become an option for data availability within the Polygon CDK software.

The Celestia network will integrate with Polygon’s chain development kit (CDK) sometime “early next year,” according to a Dec. 11 announcement. The integration will provide an “easily-pluggable component” for Polygon-based networks to use Celestia for data availability.

The announcement claimed that transaction fees could be reduced by more than 100 times if networks stored compressed transaction data on Celestia instead of Ethereum. The integration coming in early 2024 will simplify this choice, providing this option within the Polygon CDK software itself.

“This is the broadband moment for Web3,” said Polygon co-founder Sandeep Nailwal. “The ability to launch a high-throughput ZK-powered Ethereum layer 2 as easily as deploying a smart contract will do for blockchain adoption what high-speed fiber did for Web2 applications.”

Polygon CDK to power Web3 loyalty program for Indian e-commerce Flipkart

Flipkart shared plans to use Polygon CDK as the base to build an Ethereum-based ZK layer-2 network, which can help the e-commerce platform scale future growth and streamline its service.

India’s homegrown e-commerce giant Flipkart will use Polygon’s chain development kit (CDK) to launch a Web3 loyalty program.

On Dec. 2, Polygon and Flipkart announced a strategic partnership to effectively position the e-commerce platform into Web3 and the metaverse. This included initiatives such as Flipverse for nonfungible tokens (NFTs), eDAO for metaverse and the FireDrops NFT marketplace.

Building on this partnership, Polygon co-founder Sandeep Nailwal announced on Dec. 7 that Flipkart will use the Polygon CDK to scale its FireDrops Web3 loyalty program.

Polygon 2.0: 2024 to see unified ZK-powered L2 chains

Polygon’s evolution will continue into 2024 as various protocols that make up its ecosystem become increasingly interconnected through the use of zero-knowledge proofs.

Polygon co-founder Jordi Baylina says 2024 will see the amalgamation of Polygon’s various Ethereum layer-2 scaling networks to complete its “Polygon 2.0” cross-chain coordination protocol.

Speaking exclusively to Cointelegraph, Baylina said 2024 would be a litmus test to see how the Polygon ecosystem’s various networks can scale and integrate through the implementation of zero-knowledge proofs (ZK-proofs):

Baylina added that several networks that comprise Polygon’s ecosystem feature their own tokens, sequencers and data availability solutions. The evolution to Polygon 2.0 is set to include several upgrades that will unify these different protocols with ZK-proof technology into “continuous, unbounded blockspace.”

How to stake Polygon (MATIC)

Staking MATIC helps one to generate passive income. Find how to stake MATIC via MetaMask, Binance, Coinbase Wallet and Trust Wallet.

The Polygon network, formerly the Matic network, is an Ethereum-scaling protocol that reduces cost and embeds high security. In a short span, Polygon has gained a high level of traction.

A string of solutions on a single network sets Polygon apart from other Ethereum scaling projects. It empowers developers to zero in on a scaling solution that works best with their applications. Polygon Labs has been consistently working to develop scaling solutions based on plasma sidechains, a blockchain bridge, different types of zero-knowledge proofs and Optimistic Rollups.

Processing bundles of transactions on the Polygon proof-of-stake (PoS) blockchain drastically reduces the burden on the Ethereum main chain, making transactions faster. The throughput rate in the Ethereum base layer is roughly 14 transactions per second, while Polygon has the potential to handle exponentially higher transactions per second.

Anyone wanting to participate in the network by updating transactional data on the system must stake Polygon (MATIC). In the Polygon network, a validator’s job is to ensure the network’s security and add transactions to blocks. Validators stake, allowing users to delegate tokens in exchange for rewards net of any commissions charged by validators.

Staking of MATIC, explained

Anyone looking to stake MATIC has to delegate tokens to a validator. Stakers can earn rewards against the staked funds. For now, there are no minimum staking requirements though validators can decide the minimum acceptable limit for staking. Validators might charge fees or commissions for these services. Staked MATIC tokens have an unlocking period of 80 checkpoints, approximately three to four days. Stakers wanting to exit just need to send an unbound request.

It helps to factor in validators’ credibility before delegating funds to any of them. One can hop to the Polygon staking dashboard to get information about validators, viewing metrics such as active validators, their uptime, commission and the amount required to stake. These metrics are valuable tools to help select reliable validator(s):

Uptime refers to the number of blocks signed in a specific time period. A validator’s uptime should be close to 100%. Otherwise, it indicates the validator is unreliable, as reflected in their public performance metrics.
Commission rate is the percentage of one’s rewards the validator receives for their services.
The stake amount indicates the total number of tokens delegated to a validator.

How to stake MATIC on MetaMask

MetaMask is a decentralized, noncustodial cryptocurrency wallet that interacts with the Ethereum blockchain. The wallet is accessible as a mobile app and browser extension on Google Chrome, Brave, Firefox, Opera and Edge.

Here are the steps to stake MATIC on MetaMask:

Step 1: Add MetaMask as a browser extension.

To stake MATIC on MetaMask, users need to visit the MetaMask website and set it up as a browser extension. Go to “Download.” One can choose between the currently used browser and iOS or Android. Select the download option for the browser to add MetaMask.

Step 2: Connect MetaMask to the Polygon blockchain.

MetaMask is compatible with different blockchains. To connect MetaMask to Polygon, go to “Networks” and “Add network.” In the window that appears, users must populate relevant data regarding the Polygon blockchain.

Step 3: Transfer MATIC tokens to MetaMask.

To transfer MATIC tokens to the MetaMask wallet, copy the address from the wallet and feed it in as the destination address on the exchange or another wallet. Now, transfer MATIC tokens to MetaMask.

Step 4: Connect MetaMask to the Polygon Wallet.

On the following link, click “MetaMask” to connect MetaMask to the Polygon wallet. https://wallet.polygon.technology/

Step 5: Stake MATIC via MetaMask.

Once the connection is established, staking is enabled.

Step 6: Delegate MATIC.

Select a validator to which tokens will be delegated.

One needs to use the control panel for staking. Click on the button “Apps” and then select “Staking.” Put the validator’s name in the search bar and click “Delegate.” All relevant information, such as the number of tokens staked, uptime and commission amount, is visible next to the validator’s name.

Feed in the MATIC amount for staking and click “Continue.” In the pop-up extension window, click “Confirm.” The transaction might take a few minutes to complete, depending on traffic.

To execute a transaction, stake MATIC and begin receiving rewards, users must buy a voucher and pay for gas. Click “Buy Voucher.” Specify details like the gas limit and price, and re-confirm the transaction.

Delegation is now complete. Users can “Stake more” or withdraw the rewards using the control panel. However, note that all transactions on the Ethereum network are paid in Ether (ETH). Therefore, the delegator must have enough ETH in the wallet to pay for the transactions.

How to stake MATIC on Coinbase Wallet

To stake MATIC on Coinbase, users need to use a wallet, as they don’t provide a staking feature on the exchange. If users have funds on the exchange but not in the wallet, they will need to move funds to the wallet. Even though Coinbase Wallet doesn’t have a built-in staking feature, there is a way to do it.

Here are the steps leading to staking MATIC on Coinbase Wallet.

Step 1: Install Coinbase wallet.

Install Coinbase Wallet on your smartphone. If it is an iPhone, go to the Apple App Store; visit the Play Store for Android.

The process includes creating a new wallet, agreeing to the terms of service, picking a username, setting privacy preferences, creating a passcode and backing up the wallet with a recovery phrase to help access the account in case users forget the passcode.

Step 2: Move funds to the wallet.

Open the wallet and go down to the bottom right. Tap there and scroll down the screen that appears. The link “Connect to Coinbase” will be visible. Hit the link, and it will ask for authorization. Once done, the wallet will establish the user’s connection to their wallet.

Hit “Buy or transfer.” When the exchange prompts you to select a coin, select “MATIC wallet.” Now, users can feed in the number of coins they want to transfer. The wallet will ask for a verification code. Once successfully deposited, funds will be transferred. MATIC tokens on Coinbase exchange are ERC-20 tokens, meaning they run on top of the Ethereum network.

Step 3: Stake MATIC.

Visit the Polygon website. On the top menu, click “Use Polygon” and “Staking.” On the next page, click “Become a delegator.”

The user is taken to a page displaying a list of validators and their relevant details. One can sort the list in line with four parameters: performance, commission, stake and random, by clicking a drop-down list on the right of the page. The user can view the validators as a grid or a list. They can also search for a specific validator using a search box on the left.

When users click any of the validators, they are taken to the page displaying further details of the relevant validator, such as MATIC staked, the commission asked, checkpoints signed and health status. Users can go through the list and click any validator.

A different page displays further details of the validator. This includes the amount of MATIC their Ethereum wallet balance holds and its value in dollars, their stake, heimdall fee, rewards earned, performance index, checkpoints signed and more. Heimdall fees refer to the fees the validator has to pay using the Polygon network to submit checkpoints.

The user must log in by clicking the button at the top-right using their credentials. Users without an account on Polygon must create one and click the “Become a Delegator” button.

Users need to populate the number of MATIC coins they intend to delegate and tap “Continue.” When the user clicks “Continue,” a pop-up appears. The user must tap the “Delegate” button to complete the process.

How to stake MATIC on Trust Wallet

Trust Wallet is a decentralized, noncustodial mobile app wallet for storing, exchanging and transferring crypto assets. Here is the process to stake MATIC on Trust Wallet:

Step 1: Set up a Trust Wallet.

Set up a Trust Wallet on your mobile phone. Select the preferred operating system (iOS or Android) and install the app.

If users have already been using Trust Wallet, they must import the wallet. Otherwise, they have to set up a new wallet. To import an existing wallet, click the “I already have a wallet” button and confirm a six-digit passcode.

If a user is uninitiated with the wallet, they must read and agree to the privacy policy and terms of service, create and confirm a six-digit passcode and back up the wallet with a recovery phrase.

Trust Wallet allows a wallet for several coins, but a multicoin wallet is usually the most suitable. As MATIC staking occurs on Ethereum, one requires an adequate amount of ETH and MATIC on the Ethereum mainnet.

Step 2: Connect Trust Wallet to Polygon.

Log in to the Polygon staking dashboard and click “Become a Delegator.” From the list of wallets, select “WalletConnect” to connect to Trust Wallet on Polygon. A QR code will appear on the screen.

Return to the Trust Wallet app, go to the settings and choose WalletConnect. Click the “New Connection” button. Scan the QR code on the Polygon staking dashboard. Click “Confirm” to establish the connection.

Step 3: Delegate and approve transaction.

Select the validator and click “Delegate.” Feed the number of MATIC coins to be staked and click “Continue.” To approve the transaction, confirm the smart contract call in the Trust Wallet app.

Get back to the Polygon staking dashboard and click “Delegate.” Confirm yet another smart contract call in the Trust Wallet app. Delegation is active and users can begin accruing rewards.

How to stake using Ledger

Ledger is a popular device for storing cryptocurrencies. Before staking MATIC with Ledger, one needs to prepare for it.

Step 1: Prepare for staking.

The process starts with updating Ledger Live to the latest version using the link: https://www.ledger.com/ledger-live/download

Connect the Ledger device to “My Ledger” and install the latest version of the ETH app on the Ledger device. Enable blind signing in the ETH app settings. When the preparation process is completed, Close Ledger Live or problems might arise when working with MetaMask.

Users also need to ensure MATIC is stored in the Ledger Ethereum account and not in the Polygon account, as MATIC staking happens on the Ethereum network.

Step 2: Connect Ledger ETH account to MetaMask.

Connect the Ledger device to the desktop and open the ETH app within. Now, link the Ledger ETH account to MetaMask.

Once the connection is established, go to the Polygon Wallet app.

Connect your Ledger Ether account to MetaMask by following these steps.

Once done, go to the Polygon Web Wallet app, select “Connect to a Wallet” and then MetaMask.

When MetaMask opens in the browser, select the Ledger account, click “Next” and then “Connect.” Ledger displays “Sign message.” Select “Sign message” and simultaneously press both buttons to confirm. Now, MetaMask is connected to the Polygon Wallet app.

Step 3: Select a validator.

Select “Polygon Staking.” In the app’s top-right corner, click the “Login” button and select MetaMask again.

Choose a validator from the list that appears. Users need to consider two parameters: a high score for “Checkpoint signed” and a low “Commission.”

Step 4: Delegate.

Click the “Delegate” button, fill in the amount of MATIC to be staked and click “Continue.” MetaMask displays “Give permission to access your MATIC?”

Review the fee amount; if it looks satisfactory, click “Confirm.” Ledger now displays “Review transaction.”

Select “Accept and send” and press both buttons simultaneously to “sign the transaction.” Ledger now displays “Application is ready.”

Return to the Polygon Web Wallet App, select a validator and click “Delegate.”

Review and confirm the transaction through MetaMask and Ledger devices. When the Ethereum network confirms the transaction, the screen will display “Delegation Completed.”

How to stake MATIC using ZenGo wallet

ZenGo is a self-compatible wallet. It’s compatible with WalletConnect, with no seed phrase vulnerability. Let’s go through how users can stake MATIC using a ZenGo wallet.

Step 1: Install the ZenGo wallet on your mobile phone.

Visit the ZenGo website, select an operating system (iOS or Android) and install the app on the mobile phone. To accelerate the search, one can scan the QR code.

Open the ZenGo app, enter an email address and tap “Continue.” ZenGo requires the user to confirm their email address. For confirmation, reach the inbox by tapping “Open My Email” in the ZenGo app, then tap “Tap to Confirm” in the email received. After email address verification, enable biometrics to make the app even more secure.

Create a Recovery Kit for the safety of funds and easy access when changing devices. As a noncustodial wallet, ZenGo shares an encrypted secret key share. Part of the key stored on the device helps unlock the wallet and use it with a face scan. Once the Recovery Kit is created, tap “Done.”

Step 2: Connect ZenGo wallet to Polygon.

Users need to connect the ZenGo wallet to Polygon. Open the link https://staking.polygon.technology/

Go to the Polygon staking dashboard. In the upper right part of the screen, tap “Login.”

Tap WalletConnect from the list of available connections. WalletConnect protocol enables one to connect ZenGo to Polygon. The QR code will appear.

Go to the ZenGo wallet homepage and tap the “Connect to Apps” button in the upper right corner. Scan the QR code.

Step 3: Select a validator and delegate MATIC.

Now begins the process of delegating MATIC. Make sure to have MATIC in ERC-20 and 0.05–0.1 ETH for fees, as the delegation happens on the Ethereum mainnet.

On the Polygon staking dashboard, scroll down to find information such as the network’s overview, active validators, their amount of stake, uptime, commission, amount of stake and health metrics.

Select a validator after considering the metrics and tap “Delegate” at the bottom-right of the screen.

In the pop-up box that appears, users need to enter the amount of MATIC to be staked and tap “Continue.” You can stake with an amount as low as 1 MATIC. To confirm the transaction, return to the ZenGo app and approve the transaction in the pop-up window.

Revisit the Polygon staking dashboard and tap “Delegate.” In the ZenGo wallet, confirm the transaction and wait for approval.

Once delegation is active, the user will begin receiving rewards. At each checkpoint, rewards get accrued.

Rewards are received in the “My Account” section of the Polygon staking dashboard. Users can also unstake, stake to multiple validators or restake funds. To withdraw the rewards accrued, users must have a minimum of 2 MATIC in their account.

The road ahead

As a prominent layer-2 network, the Polygon protocol is a solution that helps Ethereum expand in size, security, efficiency and use cases. As the unit of payment and settlement in the network, MATIC helps power the system. The Matic network went live in 2020, rebranded to Polygon in February 2021, and is being used by developers to build Ethereum-compatible decentralized applications.

The Polygon protocol has been instrumental in making Ethereum usable and pulling it out of the mess the blockchain found itself in after rapid growth. Transactions were stuck for hours over a lack of scalability, with the cost of executing transactions often more than the transaction amount itself. The Polygon protocol has effectively transformed Ethereum into a full-fledged multichain system with the advantages of Ethereum’s decentralization and vibrancy.

MATIC token is here to stay and keeps playing an increasingly important role in retaining the functionality of Ethereum ecosystem. Staking, meanwhile, will serve as a mechanism to ensure proper governance and security of the network.

Ethereum layer 2 bridging up sixfold year-on-year in Q1 — Alchemy

Layer 2s also saw increased development activity, with year-over-year smart contract deployment increasing by 160%.

Ethereum layer 2s, such as Optimism, Arbitrum and Polygon, increased in popularity in the first quarter of 2023, according to a report from Web3 development platform Alchemy. Over 635,000 Ethereum users bridged crypto assets to these networks from January to March, an increase of 44% over the fourth quarter of 2023 and 518% over the first quarter of 2022.

The report, titled simply “Web3 Development Report,” cited Dune Analytics as its source for this data. It showed that only 103,000 users made bridging transactions to layer 2s in the first quarter of 2022, whereas the same three months saw over 635,000 users perform these transactions.

Alchemy suggested that this increased activity may have been reinforced by successful airdrops from Optimism and Arbitrum in Q1, 2023.

In addition to increased asset bridging from users, layer 2s also showed greater activity from developers. Although the deployment of smart contracts related to layer 2s decreased by 30% relative to Q4 2022, it still increased by 160% when compared to Q1, 2022, the report said.

The crypto industry is coming off the back of a steep downturn in trading volume and crypto prices during 2022, with scandals like the UST depegging and FTX collapse causing many investors to shy away. But despite this negative sentiment, users still flocked to these new scalability solutions.

The Ethereum ecosystem as a whole also showed increased developer interest. Ethereum software development kits (SDKs) such as Ethers.js, Web3.js, Hardhat and Web3.py were downloaded 1.3 million times in Q1 2022. This became 1.9 million in the first quarter of 2023, an 8% increase. In addition, downloads of the MetaMask SDK, a tool used to develop apps that can interact with Ethereum wallet MetaMask, increased in each month of the first quarter.

Ethereum layer 2s have been offered as a solution to Ethereum’s scalability problem, which has been periodically causing high gas fees since as early as 2020. Some experts have argued that sharding the Ethereum network will also help to cut down on gas fees.

This story was updated on April 18 to clarify that the number of users bridging has increased by 518%, not the amount of assets bridged.

Polygon calls on EU lawmakers to address smart contracts in Data Act

The project claims that the bill, as currently written, could “substantially inhibit innovation and economic growth” in the EU.

Polygon Labs, the core company behind the development of Ethereum layer-2 scaling solution Polygon, has called on policymakers in the European Union to “clarify the scope and intent” of legislation targeting smart contracts.

In an open letter published to members of the European Parliament, the European Council and the European Commission on April 17, Polygon Labs proposed Article 30 under the Data Act be amended to apply to permissioned smart-contract-based-systems owned and operated by an “enterprise,” as opposed to permissionless under the current wording. The platform said hardware wallet developer Ledger had also signed up to request the legislation better reflect its intent.

“Polygon Labs has an interest in this matter because we seek to ensure the growth and responsible development of permissionless blockchain-based systems globally,” said the letter. “We respectfully request that you consider the proposed revisions to Art. 30 […] to ensure that this new law does not inadvertently capture open, transparent and permissionless parts of emerging blockchain technology.”

1/ Today @0xPolygonLabs published an open letter to the EU on Art. 30 of the #DataAct, which could have serious consequences for permissionless smart contracts. @Ledger has joined in proposing amendments to narrow Art. 30 to protect decentralized software development. Read pic.twitter.com/AZHGCm14sQ

— Rebecca Rettig (@RebeccaRettig1) April 17, 2023

Article 30 in the version of the Data Act passed by the European Parliament in March detailed “essential requirements regarding smart contracts for data sharing.” Polygon Labs claimed that should the act pass without amendments to clarify the nature of parties — if any — operating smart contracts, the legislation “would not be enforceable for open, permissionless and decentralized smart contract applications and would substantially inhibit innovation and economic growth in the EU.”

Other experts have raised similar concerns with the Data Act potentially affecting the way regulators could handle smart contracts. Michael Lewellen, head of solutions architecture at OpenZeppelin, told Cointelegraph in March that the wording, which would allow for a “kill switch” of smart contracts, “undermines immutability guarantees and introduces a point of failure.”

Polygon requested the Data Act “remain consistent” with the Markets in Crypto-Assets framework, scheduled for a final vote on April 19 after extensive negotiations between the European Parliament, the European Council and the European Commission. The Data Act will likely face similar treatment from EU policymakers before reaching the final form of the law, giving Polygon Labs’ request time for consideration.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

Polygon becomes second-largest gaming blockchain after user activity surges in March

Polygon overtook Hive for the second spot last month, with the Hunters On-Chain RPG partly driving the growth in unique active wallets.

Surging user activity on Ethereum layer-2 scaling solution Polygon in March saw the network become the second-largest blockchain gaming network in terms of unique active wallets (UAWs).

According to the “Blockchain Games Report” published by decentralized application (DApp) analytics platform DappRadar, the number of UAWs engaging with games on Polygon hit 138,081 in March, marking an increase of 53% from February.

That figure places Polygon well ahead of third and fourth-ranked Hive and BNB Chain at 84,000 and 80,000 UAWs, respectively, while first-placed Wax is well ahead of the pack with 314,000 UAWs.

“Polygon, a blockchain previously known for DeFi DApps, overtook Hive this month and secured the second spot. This is a positive sign for Polygon, as it is now gaining recognition as a gaming blockchain,” the report reads.

A significant amount of the UAW increase on Polygon was down to the Hunters On-Chain game by BoomLand, which has seen a UAW increase of more than 17,000% over the past 30 days alone, according to DappRadar data.

Launched in January, Hunters On-Chain is a Web3 adaptation of BoomLand’s mobile game Hunt Royale. It is a free-to-play role-playing game with nonfungible token (NFT) integrations and a similar look and style to Minecraft.

On March 9, the game saw an all-time high UAW count of around 55,300.

*Hunters On-Chain unique active wallets. Source: DappRadar*

It is unclear what specifically drove the surge in interest for the game last month, although anticipation for an in-game NFT sale on March 31 may have been a contributing factor.

Looking more broadly, the report noted that all “on-chain gaming activity decreased by 3.33% in March to 741,567 daily Unique Active Wallets (dUAW); still, games make up 45.6% of the DApp industry activity in Q1 2023.”

There has been some bullish momentum developing around Polygon over the past few months, specifically relating to NFTs, gaming and the metaverse .

So far, Polygon Labs, the team behind the network, has notched a long list of big-name partnerships, such as Warner Music, Starbucks, Adidas, Reddit and Adobe, to develop and host NFT projects.

The team also successfully launched Polygon’s open-source Ethereum Virtual Machine equivalent zero-knowledge rollup on March 27. It is touted to allow DApps to scale through transaction batching, unlocking higher performance while reducing gas fees to conduct transactions on the network.

Aragon and Polygon Labs collaborate to boost DAO accessibility

The collaboration is set to allow users to build decentralized autonomous organizations quickly and securely, for less than 50 cents, with no coding required.

Aragon, an open-source framework designed to launch decentralized autonomous organizations (DAOs), has revealed that its infrastructure is now available on the Polygon network.

The collaboration between Aragon and Polygon Labs will offer users a cost-effective and accessible solution for creating and managing DAOs. The partnership will enable users to build DAOs quickly and securely, for as little as 50 cents, with no coding required.

A DAO is an organization that is run through rules encoded as computer programs on a blockchain. Unlike traditional organizations, DAOs operate without a central authority or hierarchy and rely on a distributed network of stakeholders to make decisions and govern the organization.

Through the partnership, users will be able to leverage Aragon’s “lean codebase” and Polygon’s layer-2 blockchain to rapidly launch DAOs without requiring technical expertise. By employing fully on-chain technology, this new method aims to lower the barriers and costs linked with establishing and administering DAOs, thereby enabling people worldwide to participate in the process at an affordable rate.

Sandeep Nailwal, the co-founder of Polygon Labs, said the partnership would make on-chain governance “accessible to everyone in the world,” thereby contributing positively to the “mass adoption of blockchain technology.”

Established in 2016, Aragon and Polygon have a history of collaboration. In September 2021, Aragon’s initial products were introduced on Polygon’s platform, leading to the creation of more than 6,000 DAOs.

On March 27, Polygon released its open-source zkEVM Ethereum scaling technology to the mainnet, a zero-knowledge rollup (zk-Rollup) scaling solution equivalent to the Ethereum Virtual Machine. The technology allows thousands of transactions to be batched off-chain, reducing transaction costs and increasing the throughput of smart contract deployments. The technology is set to facilitate the reduction of gas fees for decentralized application users and enable developers to copy existing smart contracts to Polygon’s zkEVM easily.

Bitcoin price turns $28K to support, opening the door for ETH, MATIC, HBAR and EOS to breakout

BTC, ETH, MATIC, HBAR and EOS are likely to pick up momentum if they cross above their respective overhead resistance levels.

The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as a result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note.

The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers.

*Crypto market data daily view. Source:* *Coin360*

Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.

Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.

Bitcoin price analysis

Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient, anticipating a move higher.

*BTC/USDT daily chart. Source: TradingView*

The 20-day exponential moving average ($27,012) is trending up and the relative strength index (RSI) is above 61, indicating that the buyers are in control. The bullish momentum is likely to pick up after buyers overcome the obstacle at $29,200. That could start a rally to $30,000 and subsequently to $32,500.

Conversely, if the price turns down sharply from the current level, it will suggest that the short-term traders are selling. The BTC/USDT pair may slump to the 20-day EMA, which is an important level to keep an eye on.

If this support gives way, the pair could slide to the breakout level of $25,250. This is a make-or-break level for the pair because if it collapses, the selling could intensify and the decline could extend to the 200-day simple moving average ($20,424).

*BTC/USDT 4-hour chart. Source: TradingView*

Buyers pushed the price above the overhead resistance at $28,868 but could not sustain the higher levels. This suggests that bears are trying to keep the price below $28,868. If bears sustain the price below the 20-EMA, the pair may start its fall toward $27,500 and then to $26,500.

On the upside, a break and close above $28,868 will indicate that the bulls have overpowered the bears. That could signal the start of the next leg of the up-move. The target objective from the break above the $26,500 to $28,868 range is $31,236.

Ether price analysis

Ether (ETH) turned down from the overhead resistance of $1,857 on April 1 but the bulls are not giving up much ground. This suggests that the buyers are not rushing to the exit.

*ETH/USDT daily chart. Source: TradingView*

The upsloping 20-day EMA ($1,748) and the RSI in the positive area suggest that the path of least resistance is to the upside. If bulls drive the price above $1,857, the ETH/USDT pair may make a dash to the psychologically important level of $2,000.

The bears are likely to mount a strong defense at this level but if bulls overcome this barrier, the next stop could be $2,200. This positive view will invalidate in the near term if the price plunges below the 20-day EMA and the horizontal support at $1,680.

*ETH/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair turned down from the overhead resistance of $1,857, and the bears pulled the price below the 20-EMA. This suggests that the short-term bulls may be closing their positions. The pair could next fall to $1,743 and thereafter to $1,680.

Contrarily, if the price turns up and rises back above the 20-EMA, it will suggest that the break may have been a bear trap. A strong bounce off the current level could enhance the prospects of a rally above the overhead resistance.

Polygon price analysis

Polygon (MATIC) has been trading near the 20-day EMA ($1.11) for the past few days. Generally, a tight consolidation near an overhead resistance resolves to the upside.

*MATIC/USDT daily chart. Source: TradingView*

If buyers thrust the price above the 20-day EMA, the MATIC/USDT pair will attempt a rally to $1.25 and thereafter to $1.30. The bears are expected to guard this zone vigorously because if they fail, the pair could soar to $1.57.

Alternatively, if the price turns down from the current level and breaks below $1.05, it will suggest that the bears are back in the driver’s seat. The pair may then fall to the 200-day simple moving average (SMA) of $0.97, which is an important level to watch out for. If this support cracks, the pair may plummet toward $0.69.

*MATIC/USDT 4-hour chart. Source: TradingView*

The bears are trying to sustain the price below the 20-EMA. If they succeed, the pair could skid to $1.05 and then to $1.02. This is an important zone for the bulls to defend because if it gives way, the pair may continue its downward move to $0.94.

On the other hand, if the price turns up from the current level, it will suggest that every minor dip is being purchased. That will increase the likelihood of a break above the minor resistance at $1.15. The pair may then ascend to $1.25.

Hedera price analysis

Buyers foiled several attempts by the bears to sink and sustain Hedera (HBAR) below the 200-day SMA ($0.06) between March 9 to 28.

*HBAR/USDT daily chart. Source: TradingView*

The 20-day EMA ($0.06) has started to turn up and the RSI is in the positive territory, indicating that buyers have the upper hand. The HBAR/USDT pair is likely to continue its northward march to the $0.10 to $0.11 resistance zone. Sellers are likely to defend this zone with all their might but if buyers bulldoze their way through, the pair may start a new uptrend.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are selling on relief rallies. The pair may then retest the crucial support at the 200-day SMA. A break below this level will open the doors for a possible drop to $0.04.

*HBAR/USDT 4-hour chart. Source: TradingView*

The bulls started a strong recovery from the support near $0.06 but the relief rally is facing strong resistance in the zone between the 50% Fibonacci retracement level of $0.07 and the 61.8% retracement level of $0.08.

On the downside, the bulls are trying to defend the support at the 20-EMA. If the price rebounds off it, the pair may rally to $0.09 and then to $0.10. Conversely, if the price plummets below the 20-EMA, it will suggest that bears are still in the game. The pair could then descend to the support near $0.06.

EOS price analysis

EOS (EOS) is trying to complete a bullish cup and handle formation. Buyers pushed the price above the 20-day EMA ($1.15) on March 29, starting a comeback.

*EOS/USDT daily chart. Source: TradingView*

The 20-day EMA has started to turn up gradually and the RSI is in the positive territory, indicating a minor advantage to the bulls. The ETH/USDT pair is likely to rise to the overhead resistance zone between $1.26 and $1.34.

Sellers are likely to defend this zone aggressively but if bulls overpower the bears, the pair may start a new uptrend. The pattern target of the reversal setup is $1.74.

On the contrary, if the price turns down from the overhead zone, it will indicate that bears are selling on rallies. The pair could then slide to the 20-day EMA and later to the 200-day SMA ($1.05). A break below this level will suggest that the bears are back in command.

*EOS/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bears are protecting the $1.22 level with vigor but a minor positive is that the bulls have not allowed the price to dip below the 20-EMA. This shows strong demand at lower levels.

The upsloping 20-EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers propel the price above $1.22, the pair could rise to $1.26 and thereafter to $1.34.

Contrarily, if the price slumps below the 20-EMA, it will suggest that short-term traders may be booking profits. The pair could then drop to $1.14 and later to $1.06.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Polygon to help fight NFT scams with Web3 infra protocol partnership

Polygon partners with Wakweli, a Web3 infrastructure protocol that issues certificates of authenticity for NFTs to certify originality.

Wakweli, a Web3 infrastructure protocol that issues certificates of authenticity for nonfungible tokens (NFT), has officially partnered with layer-2 scaling platform Polygon to make NFT authentication possible.

The partnership between Polygon and Wakweli means all digital assets on Polygon will be compatible with Wakweli’s certification system. According to the announcement, every NFT project holder on the Polygon chain can request authenticity certificates for each asset. The collaboration generally aims to enhance the security of the digital ecosystem.

In response to the cost of the certificate authentication for users, Antoine Sarraute, co-founder of Wakweli, told Cointelegraph that staking WAKU — Wakweli’s utility token — is necessary to create a certificate request. The amount to stake in a request is dependent on and linked to the level of trust needed for each case.

The partnership agreement negotiations between the two companies began in August 2022, with the final details of the agreement concluded this March.

Wakweli’s testnet will be available in April and can be used with Polygon’s Mumbai testnet. Alpha testing with Polygon’s mainnet will begin in Q2 2023, with general mainnet compatibility is expected to be ready by Q3 2023.

By providing a medium for detecting counterfeit NFTs, the partnership between the two companies has unlocked a definitive way to fight these scam attempts, thereby creating more trust in the thriving ecosystem, Sarraute explained.

The Wakweli platform and application programming interface will offer developers access to advanced use case scenarios, including automatically generating certification requests when minting or accessing more detailed certification information.

In the past month, the Polygon Foundation has also collaborated with the South Korean multinational conglomerate Lotte Group to showcase the company’s NFT projects.

Polygon has gained significant traction through partnerships with major brands such as Starbucks and Adidas, leading to increased adoption of the network among cryptocurrency users.

Magazine: Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express