Polygon (MATIC) and RenQ Finance (RENQ) have recently gained the attention of crypto whales. These two projects have shown significant growth potential, and their unique features have attracted the attention of investors.
In this article, we will explore why whales are eyeing Polygon and RenQ Finance and what makes these two projects stand out in the crypto market.
Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum. The project aims to solve Ethereum’s scalability issues by offering faster and cheaper transactions while still maintaining its security and decentralization. Polygon uses sidechains and a modified version of Plasma to achieve its goal.
The Polygon network has shown significant growth in recent months. Its daily active users (DAUs) have increased by over 1,000%, and the number of transactions has increased by over 3,000%. This growth can be attributed to the network’s low fees, fast transaction speeds, and ability to interact with Ethereum’s ecosystem seamlessly.
Another reason why whales are eyeing Polygon is its partnerships. Polygon has partnered with several projects, including Aave, SushiSwap, and Decentraland. These partnerships have brought more users to the Polygon network and increased its adoption.
Moreover, Since the start of 2022, Polygon (MATIC) has emerged as one of the top-performing cryptocurrencies in the market. The coin has witnessed a surge in open interest volume, leading many crypto traders to become bullish on MATIC.
As of writing, MATIC is trading at $1.14, with a market capitalization of $9,992,361,264 and a 24-hour trading volume that has increased by 4.27%. The circulating supply of MATIC coins is approximately 8,734,317,475 MATIC, as per the crypto market tracker CoinMarketCap.
RenQ Finance (RENQ)
Apart from MATIC, RenQ Finance has also caught the attention of whales in the crypto market. RenQ Finance is a cross-chain DeFi platform that aims to provide a comprehensive solution for traders.
RenQ Finance is a DeFi protocol that aims to provide a one-stop solution for all trading requirements. The project aims to connect all isolated blockchains and establish a cross-chain asset exchange network, providing all necessary underlying support for the DeFi ecosystem.
One of the main reasons why RenQ Finance has caught the attention of whales is its hybrid infrastructure model. RenQ Finance uses a combination of on-chain and off-chain solutions to provide institutional, liquid, and slippage-free trading to the DeFi community. The off-chain order book used by RenQ Finance provides a speed advantage compared to that of conventional centralized perpetual exchanges, making it an attractive option for traders.
RenQ Finance also provides significant liquidity through its aggregation protocol. The protocol obtains liquidity from various exchanges and can distribute a single trade transaction across multiple DEXs to obtain the most competitive prices. This feature ensures that traders get the best deals and allows RenQ Finance to provide high leverage of up to 100x.
Another reason why whales are eyeing RenQ Finance is its governance portal. The portal allows users to add new markets or propose other protocol changes, making the project more community-driven.
RenQ Finance also offers farms, allowing users to earn RENQ tokens while supporting liquidity by staking LP tokens. This feature has attracted many users and has contributed to the growth of the RenQ Finance ecosystem.
Polygon (MATIC) and RenQ Finance are two projects that have shown significant growth potential in the crypto market. Both projects offer unique features that have attracted the attention of crypto whales. Polygon’s low fees, fast transaction speeds, and ability to interact with Ethereum’s ecosystem seamlessly have contributed to its growth.
RenQ Finance’s hybrid infrastructure model, high leverage, significant liquidity, and community-driven governance have also contributed to its growth. Both projects have partnerships, initiatives, and features that make them stand out in the crypto market.
As such, they are worth watching closely as they continue to develop and grow.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.