

MATIC Rising - Polygon Briefly Flips Market Cap of Solana



After over a year in the top 10, Solana briefly fell behind Polygon in terms of market capitalization. MATIC's recent rise is no fluke either.
Dominating Week Sees Matic on the Rise
The market capitalization (market cap) of Polygon’s native coin, MATIC, temporarily flipped SOL, the native coin of Solana. Albeit brief, the flip is telling of current market signals.
MATIC pushed past $10.75 billion in market cap to take a top 10 spot among cryptocurrencies on CoinMarketCap (CMC) on Nov. 7. The numbers at CMC currently show SOL back in the number 10 spot. The figures at CoinGecko show that the flip has returned as well, with MATIC at $10.25 billion and SOL at $10.33 billion, at the time of writing.

The two coins, SOL and MATIC, have seen near opposite monthly numbers as the flippening approached.
Let’s start with SOL. Despite positive news of several Web2 integrations and the addition of Google Cloud as a validator coming out of the Solana Breakpoint in Lisbon the first week of November, the SOL coin has fallen 13.1% in the last 30 days, according to CoinGecko. After spending over a year in the top 10, SOL has not sustained the hype.
The bear market has been especially hard on Solana as the proof-of-history chain faced outages and a dwindling reputation. The connection between the recently embattled Sam Bankman-Fried has not helped either.

MATIC, on the other hand has boomed off the back of key announcements that include names like Meta (Instagram), Disney, and Starbucks choosing Polygon for NFT integrations. Polygon was also used by JP Morgan for its first major digital asset pilot payment. The coin is up 41.0% in the last 30 days, with some investors eyeing a 200% increase by early 2023.

A recent Messari report also showed that Polygon NFTs had the strongest third quarter performance of any major cryptocurrency.
Polygon looks to be a strong play heading into 2023.
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Swift and Chainlink Trials Pave the Way for the $10 Trillion Crypto Market

With the goal of expanding the crypto market from $1 trillion to $10 trillion, this partnership aims to seamlessly connect financial institutions' systems with various blockchain networks using Chainlink's Cross-Chain Interoperability Protocol (CCIP).
Chainlink and Swift Envision Blockchain Interoperability for Financial Institutions
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has partnered with Chainlink to explore the integration of blockchain networks into the financial industry. The collaboration aims to leverage Chainlink's Cross-Chain Interoperability Protocol (CCIP) to connect financial institutions' systems with various blockchain networks seamlessly.
We’re collaborating with our community to test how institutions can use their #Swift connection to seamlessly interoperate with the many #blockchain networks emerging around the world.
— Swift (@swiftcommunity) June 6, 2023
Building on successful trials in 2022, our new experiments aim to show how the Swift… pic.twitter.com/izS8HDNnj8
Several major financial institutions, including ANZ, BNP Paribas, Citi, and Lloyds Banking Group, will participate in trials to test the transfer of tokenized value over public and private blockchain networks.
During the trials, SWIFT's infrastructure will demonstrate how it facilitates interoperability by allowing tokenized assets to be transferred within public blockchain wallets, between public and permissioned blockchains, and from Ethereum to other public blockchains. Chainlink will act as an enterprise abstraction layer, connecting the SWIFT network to the Ethereum Sepolia network, while Chainlink's Cross-Chain Interoperability Protocol ensures interoperability between source and destination blockchains.
“Having a single interface for accessing the various blockchains that banks will have to transact on is both more secure and more efficient for their interaction with this new way of transacting among themselves and their clients. The connectivity between banks and blockchains created by CCIP can also enable the growth of DeFi, as banks will find it increasingly easy to interact with public blockchains and move value to and from them using their existing systems,” Sergey Nazarov, Co-Founder of Chainlink, told BSC News.
Connecting Banks and Blockchains
By successfully integrating major banks and clearing and settlement systems into web3, the collaboration aims to expand the crypto market from its current valuation of $1 trillion to $10 trillion.
“If even a small portion of the quadrillions of dollars in value flowing through the Swift network and its over 11,000 member banks makes its way onto blockchains, the entire blockchain industry could grow multiple times larger very quickly,” stated Nazarov.
As part of this collaboration, Swift and Chainlink will build upon previous SWIFT trials that were conducted in 2022, focusing on incorporating digital currencies and tokenized assets into the traditional financial ecosystem. The new experiments will address technical, operational, and regulatory challenges associated with operating in a blockchain environment., such as confidentiality and privacy of data, liability, and recourse when transacting with public blockchains.
SWIFT aims to establish an interoperable system that connects different blockchain networks, enabling financial institutions to seamlessly interact with multiple blockchain-based networks similar to traditional asset trading. The partnership recognizes the impracticality of building new infrastructure from scratch and instead seeks to help institutions leverage their existing infrastructure securely and compliantly.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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