The Polygon MATIC price is loitering near its lowest level this year as cryptocurrencies move into a consolidation mode. The coin’s price is trading at $0.6700, which is slightly above this month’s high of $0.4784. However, this price is about 77% below the highest level in 2021, bringing its total market cap at over $4.7 billion.
Is Polygon a good investment?
Polygon is the biggest layer-2 blockchain that has been around for a while. The platform’s goal is to help developers build and accelerate their Ethereum applications. It solves this by processing these transactions separately from Ethereum’s chain. In the past few years, the number of developers using Polygon has been rising. Some of the top dApps that use Polygon are Ox, AAVE, Algebra, Bancor Network, and Balancer, among others. In total, there are over 19k dApps built using Polygon.
Polygon has been expanding its ecosystem. Last week, the developers launched Polygon Nightfall Mainnet, which is a decentralized private transaction for enterprises. The solution solves two challenges: lack of complete privacy and anonymity and higher costs on Ethereum.
The benefits of this product are boosted credibility, confidentiality, and efficiency. Polygon also recently…
Decentralized finance (DeFi) is one of the most interesting and talked-about sectors of the growing blockchain ecosystem. DeFi is bridging the gap between traditional finance and cryptocurrencies by allowing users to borrow, invest, and lend digital assets with the help of smart contracts.
The future of DeFi hinges on both existing and new protocols keen on lowering the barrier to entry. Bancor (BNT), Convex Finance(CVX), and Mountanaz(MNAZ) are showing promises of being some of the best DeFi projects to watch in 2022 and beyond.
How do you determine if the DeFi projects mentioned above are worth your attention?
Mountanaz is a DeFi platform helping ordinary users have access to decentralized financial services. It allows you to borrow and lend digital assets with no hassle, and more importantly, utilizes a multi-chain feature so that you are not restricted to one blockchain protocol.
As impressive as all of this sounds, it is only the beginning. Mountanaz is built on top of BNB Chian (BNB), previously called Binance Smart Chain (BSC). This comes with added advantages that include:
High-Level Security – the security of a DeFi depends in part, on the underlying blockchain used. Mountanaz is based on…
Increased demand for CVX during the recovery attempt of the market in March stabilized Convex Finance TVL which has surpassed Aave (AAVE) TVL at the beginning of May 2022.
Convex Finance (CVX) has seen its total value locked (TVL) beat out major competitors such as Aave, Uniswap (UNI), Compound (COMP), PancakeSwap (CAKE), Instadapp, SushiSwap (SUSHI), Yearn Finance (YFI), and Bancor (BNT) among others.
The Convex Finance protocol had approximately $11.26 billion in TVL, according to Be[In]Crypto Research.
Although Convex Finance opened May with a TVL of around $11.56 billion, the protocol still managed to hold the lion’s share against one of the best DApps in the space today, Aave.
As an inventive decentralized finance (DeFi) protocol, Convex Finance was built on top of Curve Finance, a stablecoin exchange. At its peak, CRV stakers, and Curve liquidity providers (LPs) are rewarded with additional DeFi yields by Convex Finance.
Convex Finance TVL continues to decline in 2022
As an ERC20 token that was launched on the blockchain technology of Ethereum in May 2021, Convex Finance experienced a huge amount of growth within 12 months.
A few days after launching, Convex Finance had a TVL in the…
ZUG, Switzerland–(BUSINESS WIRE)–Bancor (BNT), the inventor of DeFi and liquidity pools, has announced its new protocol version, Bancor 3, is now live. Bancor 3 is set to be the ultimate automated DeFi liquidity solution empowering token projects and their holders to drive healthy on-chain liquidity in their native tokens.
The launch has already attracted 30+ token projects and DAOs including Polygon (MATIC), Synthetix (SNX), Brave (BAT), Flexa (AMP), Yearn (YFI), Enjin (ENJ), WOO Network (WOO) and Nexus Mutual (wNXM), which are providing seed liquidity on the network or offering liquidity incentives via Bancor’s new customizable Auto-Compounding Rewards system.
Token projects and DAOs can use Bancor to:
Maintain liquid markets for their native token, facilitating cheaper token trading.
Enable token holders to earn safer, higher yields exclusively in their native token (Single-Sided Staking with 100% Impermanent Loss Protection).
Deploy Auto-Compounding Rewards that minimize sell pressure and are simultaneously used as fee-generating liquidity from day one.
Driving Sustainable Liquidity in DeFi
Decentralized liquidity is the backbone of DeFi, yet strategies employed by token projects to create…
Bancor, an early decentralized finance (DeFi) protocol, announced that its much-anticipated protocol update, Bancor 3, is now out of beta and has launched on mainnet, bringing with it a host of new features and improvements.
According to the team, the main goal of Bancor 3 is to create sustainable on-chain liquidity for token projects. The idea is to give participants enough incentives to use the protocol, including auto-compound earnings, dual rewards, and—arguably its most important feature—the ability to instantly receive 100% impermanent loss protection.
In the world of DeFi, impermanent loss happens when a user provides liquidity to a liquidity pool, and the ratio of their deposited assets changes at a later point potentially leaving investors with more of the lower value token. This can be a rather painful experience as the bigger this change is, the more users are exposed to impermanent loss.
The problem, according to Bancor, is that many DeFi projects seem to ignore the issue, “just brushing it under the carpet.” Ultimately, this results in inaccurate APR (annual rate of return expressed in percentages) numbers reported by some protocols.
“Many token holders have learned a hard lesson that the APR figures…
On April 19, the Bancor Network developers announced the launch of Bancor 3 Beta, an upgraded version of the network that aims to boost liquidity, lower gas fees and improve efficiency on the platform. The latest upgrades have welcomed a new wave of investors, capital, and innovation on Bancor, elevating the decentralized finance (DeFi) ecosystem. Below, we look at the explosive adoption rates of the Bancor 3 Beta, the improvements on the network, and the long-awaited launch of the Bancor 3 mainnet version.
The explosive adoption of Bancor 3 Beta
As the first decentralized trading protocol utilizing automated market makers (AMMs), the Bancor community has been at the forefront to bring innovations to the DeFi space. This has led the development team to launch several upgrades and updates to ensure users optimize the utility of the protocol, trade, stake, earn, and provide liquidity efficiently.
The launch of the Bancor 3 brings with it several improvements to the staking pools, protecting users from impermanent loss (IL) and boosting rewards for LPs. As such, the platform has attracted investors across the globe. The Bancor 3 Beta, launched in April, has restrictions on its deposit limits as the community observes the…
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the first quarter of 2022 of $153 thousand, or 12 cents per share, compared with earnings of $572 thousand, or 43 cents per share, for the same period last year. First quarter gross revenue grew by 3.21% to $6.98 million in 2022 from $6.76 million in 2021. While total deposits remained relatively flat at $649.72 million at the end of the first quarter 2022, total interest expense decreased by 32.73% to just $368 thousand for the same period, compared to $547 thousand in the first quarter of 2021.
Selected financial highlights:
Gross revenues increased by 3.21% from the same period in 2021, to $6.98 million, based primarily on increased interest income on loans and improving service charge revenue.
The loan portfolio grew by $12.82 million, or 3.65%, from year end 2021. Furthermore, loans grew by $40.76 million, or 11.58%, since the first quarter of 2021 when removing PPP Loans from 2021 totals. This marks the third consecutive quarter of annualized loan growth of more than 10%, with an average annualized growth rate of more than 16% across the prior…