MATIC is trading in a relatively tight range after Polygon partnered with DraftKings. Through the deal, DraftKings will use Polygon’s technology for its NFT marketplace. Polygon’s ecosystem has more than $4.5 billion worth of TVL.
The price of Polygon (MATIC) held steady on Monday, even after the developers announced a major deal with DraftKings. The MATIC price is trading at $1.4965, which is slightly below the weekend high of $1.6285.
Partnership Polygon and DraftKings
Polygon is the largest Layer 2 blockchain project in the world. MATIC, the original token, has a market cap of over $10 billion, making it the 21st largest token in the world. Polygon helps developers optimize their Ethereum-built applications. Visit Renovato.io Crypto website for enough information. It does this by solving some of the biggest challenges Ethereum faces, such as slow speed, scalability and higher transaction costs.
To date, hundreds of projects have been built using Polygon’s platform. Some of the most popular are Curve, Aave, and SushiSwap. In all, all of these applications have a total value-locked (TVL) of over $4.5 billion.
On the other hand, DraftKings is one of the largest gambling companies in the world. It has a total market cap of over $20 billion and is in the process of acquiring Entain for approximately $22 billion.
Now DraftKings and Polygon are working with the former using Polygon’s technology. Exactly, DraftKings will use Polygon to power its Marketplace service. DraftKings will also be a validator of Polygon’s nodes. Validators are parties in a proof-of-stake network that are given the opportunity to verify blocks. In a statement, the DraftKings CEO said:
“Scalability and sustainability remain one of the critical challenges of blockchain technology, so as we lay the groundwork for DraftKings Marketplace’s vision today, Polygon’s comprehensive insights and proven products around scalable solutions are invaluable. Polygon price prediction 2025 is positive. ” The announcement is an important validation for Polygon and could help increase the MATIC price. Firstly, Polygon is fast becoming a leading player in the NFT industry.
MATIC price forecast
The 1-day chart shows that the MATIC price has been in a narrow range for the past few weeks. The price is struggling to break above the key resistance level of $1.7860. It is also a few points above the 25 and 50 day moving averages.
It is also slightly below the 50% Fibonacci retracement level. Therefore, the general outlook for the Polygon price is neutral at the moment. A bullish view will only be confirmed if the price clears above the USD 1.7860 resistance.