Polygon (MATIC) and Chainlink (LINK) keep making new partnerships, particularly in the DeFi sector, and also get involved with digital identity schemes. Meanwhile, Collateral Network (COLT), currently in stage 1 of presale, brings new ideas to DeFi and helps people to move their money away from the failing banks of traditional finance.
Polygon’s NFT collections lose their shine but DeFi keeps the chain on track for a record breaking year
It seems like the development at Polygon never stops. The market has taken a bearish turn, causing some traders to celebrate as MATIC fell below the critical support level of $0.95. As a result, many are now setting their sights on the next support level of around $0.83, which is likely to be the next target for the Polygon bears.
Many high profile NFT collections have moved to Polygon, including y00ts, currently the most popular collection on Polygon, and the Trump Digital Trading Card Collection. However, on-chain analysts have noted that there has been a subsequent drop in volume, transactions and active wallets on Polygon.
It’s hard to say for sure at this point if this decline is limited to Polygon only or reflects a general decline in the NFT market over the last few weeks and months, but data from Dappradar seems to show a general decline in most NFT collections, regardless of the chain.
Either way, Polygon is not relying on NFTs alone to boost the chain’s profile, and in the last few days various DeFi blue chips, Balancer, Uniswap and Hop Protocol voted to deploy on Polygon’s zkEVM solution.
Although many crypto fans are balking at the idea of government issued digital identities, both Polygon and ChatGPT founder Sam Althis have made moves to create a self controlled digital identity that helps you prove you are a human, while staying in control of your own data, and providing a safer and easier way for logging in to Web2 and Web3 apps.
Polygon may find itself to be a leader in the mass adoption of crypto if web3 becomes easier and safer to use for the ordinary person, without needing KYC.
Avalanche’s partnership with Chainlink goes live, amidst other bullish collaborations
Another ecosystem that is almost relentless with new partners and integrations, is Chainlink. This week alone, new integrations were announced with Avalanche, Corners of Space, DeDeLend, FaktsTrend, Pegged Finance and Runiverse.
Chainlink’s partnership with Avalanche is by far the most bullish of those, with AVAX developers now safely able to unlock a lot of smart contract functionality, bringing all kinds of APIs into Avalanche.
Like Polygon, Chainlink are also experimenting with DID (Digital ID) schemes, partnering with Altverse. The aim here seems to be to gamify the experience, enabling users to complete quests to earn soulbound NFTs that prove achievements or skills.
This all becomes much easier to create with Chainlink Automation and VRF integrated. People staking LINK, the native token of Chainlink, will be eligible for an Altverse airdrop in the future.
Chainlink’s co-founder Sergey Nazarov recently discussed how Chainlink is building infrastructure to make DeFi a “conflict of interest-free” alternative to traditional finance, designed to keep the crypto community safe from rug pulls and oracle based hacks.
Collateral Network allows crypto users to become lenders and enables anyone with luxury assets to get loans
Elsewhere in the cryptoverse, Collateral Network is also seeking to be an alternative to traditional finance, but this time in the world of borrowing and lending. Collateral Network have identified various problems in the current paradigm of lending, including lengthy waiting times, a lack of privacy, negative effects on credit scores and paying higher than fair interest rates.
Collateral Network’s elegant solution is to allow users with assets such as jewelry, antique watches, vintage cards and other luxury goods, to use them as collateral for a loan. Collateral Network will then mint a t-NFT (tangible non fungible token), to represent the asset. This t-NFT will then be fractionalised and offered to Collateral Network’s community of investors, who can benefit by receiving the interest rates from the loan.
Given the ongoing instability of the banking system, with the most recent casualty being First Republic Bank who failed on May 1st, Collateral Network provides an alternative way for people to save and earn interest on their money, without the need to use TradFi.
Collateral Network is currently priced at $0.014 in presale and is expected to surge by over 3500% in the coming months. Once released on major exchanges, Collateral Network’s value will far exceed $0.35. Therefore, now is the ideal time to invest in COLT to make a healthy return in the future.
For more information on Collateral Network visit the website, join the presale or join the community for regular updates.
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