Matic Network’s price increases by 92% due to DeFi integration and Layer-2 technology

TL;DR Breakdown

• Matic Network sees its value rise by almost 100% since the beginning of the year
• The platform has already been integrated by the likes of Maker into its system

Matic Network, like the rest of the crypto industry, has also been on a bull run since the beginning of the year. The network has had a 92% increase in its value since the year began though it is still unable to reach its previous all-time high of $0.44.

While Matic Network had made its name as a platform that looks to help DeFi solve its issue of scalability through the use of layer-2 technology for off-chain computing.

This has prompted notable DeFi projects like Decentraland and Maker to integrate the Network into their system.

The decentralized finance (DeFi) industry has seen an increased level of increased activity on Ethereum network which has resulted in slower transactions and more expensive transaction fees.

In recent times, the value of Ethereum has grown to new heights it has not touched since it got to its current all-time high. Not only that, the gas fees for the second-largest crypto asset have als grown in that period. This can be tied to the recent renaissance of the DeFi sector plus the high demand for ETH.

Different projects have begun to launch on Matic Network 

The aim of Matic Network is to become blockchain agnostic so that it can sometimes be able to allow interoperability of assets in the future, projects like SkyWeaver, Aavegotchi Crypto Collectibles, the collectible game Drakon IOI and Fire Protocol OS have begun to launch on the platform.

It also launched on Huobi Global platform on the sixth day of the year while promising new users $80 if they comply with all know-your-customer regulations. 

The network has also seen an increase in its social media popularity. Available data from The Tie showed that the platform’s increase in social media activity coincides with the rise in its price. However, it is difficult to ascertain if this social media activities induced the price increase.