Polygon (MATIC) Price Rally Due To This Supernets Announcement?

Polygon (MATIC) News Updates: While the cryptocurrency market is heavily focused on the developments of Binance FTX token sale, Polygon (MATIC) has a reason for the price rise. On Monday, deltaDAO, a data economy solutions company, launched its Gaia-X Web3 Ecosystem network upgrade based on Polygon Supernet. The Polygon team said the collaboration brings the blockchain at the heart of European data economy. The partnership enables a global trustless data economy where users are in full control of their data, it added.

Also, the collaboration works towards generating new revenue streams for the 2,000 participants from over 350 institutions. Interestingly, within few minutes from the announcement, Polygon (MATIC) price jumped significantly. As of writing, MATIC price stands at $1.27, up 7.94% in the last 24 hours, according to price tracking platform CoinMarketCap.

‘Polygon At The Centre Of European Digital Ecosystem’

Antoni Martin, co-founder of Polygon, said the partnership will help provide an open and federated data economy for the European digital ecosystem. Earlier, Wall Street bank JP Morgan said it successfully executed a trade using the Polygon blockchain network. This came as a big boost to the Polygon community as it led to MATIC price rise. Similarly, another major collaboration news came in the form of Instagram with Meta saying it will be using Polygon for its first NFT marketplace.

“By leveraging Polygon Supernets and Polygon ID, Gaia-X will reap all the benefits offered by Web 3.0 in a modular and seamless manner. Also, it allows them to deploy projects that fully adhere to the core principles of decentralization while preserving privacy and championing sustainability.”

‘Leading On Many Fronts’

Meanwhile, Sandeep Nailwal, co-founder of Polygon, reminded that Polygon also leads in various ways in the crypto market. Polygon also leads in almost all the native Web 3.0 categories, be it Defi, Gaming, creator economies and DAOs, he said. Polygon, ranked 11th based on market share, currently holds a market cap of $10.93 billion.