- The addition of Covo Finance, a decentralized finance (DeFi) platform, to the Polygon ecosystem is expected to increase the value of the MATIC token significantly, as more innovative DeFi projects move to the Polygon network.
- According to on-chain data, Polygon (MATIC) has been performing strongly in recent times, and the growing interest from ETH whales suggests that it could experience significant price growth in the future.
- The data also shows that MATIC is becoming more decentralized, with retail investors taking a more significant stake.
- The recent surge in the value of the Covo token on Uniswap V3 (Polygon) signals growing demand among the Polygon community and investors.
Polygon (MATIC), a Layer 2 scaling solution for Ethereum, has seen a surge in activity recently and on-chain data suggests that it may be on the verge of a breakout. The addition of decentralized finance (DeFi) platform Covo Finance to the Polygon ecosystem is expected to significantly increase the value of the MATIC token as more innovative DeFi projects move to the Polygon network. Covo Finance is a decentralized exchange and liquidity pool built on the Polygon network that offers fast, secure, and low-fee trading solutions for DeFi traders and investors with up to 50x leverage.
Covo Finance’s low-fee structure, which doesn’t require users to pay high fees for trading or custody services, makes it a popular choice among those looking to minimize risks. The platform’s innovative liquidity pools act as a counterparty to traders, helping to reduce the risks associated with leverage trading. This move is seen as a significant step forward for both Covo Finance and Polygon, expanding the reach of both platforms and leading to further growth and adoption.
On-chain data shows that 245.77k addresses are profitable, representing 42.92% of the total addresses, and large holders have seen a significant inflow over the past week, suggesting growing institutional interest in Polygon (MATIC). The average balance over the past week has been $18,813.94, indicating growing demand for staking Polygon (MATIC). Based on the on-chain data and the current market conditions, Polygon (MATIC) could experience significant price growth in the future.
Covo Finance’s token, COVO, has recently experienced a surge in value on Uniswap V3 (Polygon), signaling growing demand among the Polygon community and investors.
As Covo Finance continues to grow and attract new users to its innovative leverage trading solutions, the value of the COVO token is likely to continue to rise, making it an excellent opportunity for those looking to capitalize on the growth of DeFi on the Polygon network.
Stakers of COVO tokens receive 30% of all generated protocol fees, paid in MATIC and escrowed COVO (esCOVO) tokens, which can be either staked or vested, incentivizing users to hold COVO tokens and increasing the token’s value over time.