Over the last week, polygon (MATIC) has outperformed the top 20 cryptocurrencies in market capitalization. MATIC, the coin that powers the Ethereum scaling network Polygon, has increased by 10.5% in the last week.
According to CoinMarketCap data, MATIC is trading at around $0.876. MATIC short trades worth $7.4 million have also been liquidated in the previous week, according to Coinglass data. In addition, long positions totaling $5.1 million were liquidated during the same period.
Despite a solid weekly performance, MATIC is down 69.45% from its all-time highs of $2.92 in December 2021, according to CoinMarketCap data.
Polygon has had a good week.
MATIC’s price increase coincides with a number of notable brand integrations.
For example, trading app Robinhood announced its integration on August 31. As a result, users of Robinhood can now deposit and withdraw MATIC from the Polygon network.
According to the company’s announcement, support for additional assets will be added soon.
“Hey! In addition to the Ethereum network, you can now send and receive MATIC on the Polygon network,” Robinhood tweeted. “More cryptocurrencies on more networks will be supported soon.”
Polygon is now supported by OpenSea, the industry’s largest NFT marketplace by trading volume. In addition to lower minting and listing costs, the integration will allow users to pay with MATIC.
Finally, using Polygon-based NFTs, Mark Zuckerberg’s Meta has launched a new cross-posting feature between Facebook and Instagram. According to the company, the new feature is motivated primarily by “interoperability in the metaverse.”