Layer 2 scaling platform Polygon has announced the latest integration to its ecosystem in its ongoing drive for expansion.
#ANNOUNCMENT: @DataMynt #cryptopayments is now live on @0xPolygon Network! Our merchants & partners may now rely on the rapid, #Eth scalable #Polygon full-stack solution with processing times of 2.1 sec & low transaction fees of typically just 1¢ https://t.co/6kXFgYnPCt pic.twitter.com/blEFV1BajU— DataMynt (@DataMynt) March 18, 2022
In a recent release, DataMynt, a cryptocurrency payment solution, may soon be integrated with the Polygon full-stack scaling solution, along with its partners, merchants and retailers. DataMynt will likewise support Polygon's widespread network and user base, as stated in the release.
In late January, Polygon disclosed reaching the adoption milestone with more than 7,000 decentralized applications (dApps) running on the network. The exponential growth of new applications in decentralized finance (DeFi) and non-fungible tokens (NFTs) caused congestion and spiking fees on the Ethereum mainnet. To take advantage of the low fees, much of the activity went to Polygon.
MATIC price action
The MATIC price declined in the prior week as the Polygon network experienced temporary issues. As U.Today previously reported, the Polygon (MATIC) network faced a network-wide issue causing a transaction blockage and, reportedly, some downtime, causing Binance to stop withdrawals from the platform.
At the time of publication, MATIC was attempting a rebound from intraday lows of $1.17 and trades at $1.44 presently.
Amid the drop in prices, whales are using the opportunity to accumulate, as WhaleStats reports a recent purchase of 6,023,315 MATIC ($8,553,107 worth). It was either moved by a top ETH whale or large holder address.
This comes as Polygon whales have become more active over the last 24 hours as the number of large transactions rose by 34%, per IntoTheBlock data. Spikes in large transactions often point to high activity among institutional players, or whales, who are either buying or selling.