Robin Hood, a leading trading app, will soon launch its Web3 trading app. It is in this regard that the platform has announced a partnership with: polygon.
Polygon will be the first blockchain to support the network, before eventually becoming a multi-chain wallet supporting a large number of blockchains. Now, eeven though the app has yet to go live, the beta version that was released on the September 27 has had a favorable reception.
It remains to be seen whether Polygon and MATIC can pique the interest of Robinhood’s massive user base, despite its dwindling social media presence.
What’s under the (Robin)Hood?
According to Robin HoodPolygon was chosen as the first blockchain network because of “its scalability, speed, low network costs and robust developer ecosystem.”
Robinhood also recently rolled out support for deposits and withdrawals on the Polygon PoS network, allowing customers to purchase MATIC on the Robinhood app. This would allow them to seamlessly transfer it to their self-custody wallet. Now, aWhile this can help Polygon bring in new users on the network, there have been some other developments as well. So, investors will also have to take that into account.
Polygon’s social media presence had declined in the past month. As can be seen from the attached chart, there hasn’t been much activity in terms of social media presence for MATIC in the last 30 days.
And the stats say yes…
Additionally, weighted sentiment around $MATIC was also negative. In fact, Santiment’s chart revealed that the crypto community has had a negative view of Polygon since last month.
Another alarming factor is the falling MVRV ratio of the crypto. MATIC’s MVRV ratio has been declining for the past month, as of -36.08% at the time of writing. This could be seen as a bearish signal by potential investors.
Also, Polygon’s development activity has also declined this week. The same can be proven by the decline in Polygon’s development activity on GitHub.
Now, while Polygon hasn’t been able to deliver on the social media front, it did see some growth in the NFT space.
Consider This – Polygon’s Sandeep Nailwal tweeted recently across the network reaching a milestone of 1.4 million users and their accelerating growth on the open sea platform.
However, comparable growth is nowhere to be seen in the DeFi department.
As can be seen in the attached chart, Polygon’s TVL has fallen in value since September 13. There has also been no growth in the charts for the past 2 weeks.
This post Under the (Robin)hood – What Polygon’s updates mean for MATIC
was published first on https://ambcrypto.com/under-the-robinhood-what-polygons-updates-mean-for-matic/