Polygon (MATIC): What Latest Robinhood Updates Mean for the Token

The leading trading application, Robinhood, plans to introduce its web3 trading application. That has had the platform announcing a collaboration with Polygon. Polygon is the initial blockchain the trading app will support.

Meanwhile, Robinhood plans to be a multi-chain network that supports multiple blockchains. Though the application is yet to launch, the September 27 beta version released witnessed an impressive reception.

It remains unclear whether Polygon and the native MATIC can draw enthusiasm from Robinhood’s robust user base, regardless of its falling social media presence.

What’s Under ‘Robin’Hood?

Robinhood confirmed that it selected Polygon as the initial blockchain platform because of its speed, massive developer ecosystem, low network fees, and scalability. Also, Robinhood introduced support for withdrawals and deposits on Polygon’s proof-of-stake (PoS), allowing app users to buy MATIC tokens.

That would allow customers to transfer the tokens to their wallets seamlessly. Though this could help Polygon attract new investors, the crypto has seen other developments. Meanwhile, investors should consider them.

Polygon has seen its social media presence plummeting over the previous month. According to Santiment’s chart, the altcoin hasn’t seen much activity on social media within the past 30 days.

Metrics Front

Furthermore, MATIC’s weighted sentiment has stayed negative. Santiment’s chart showed the cryptocurrency community retained a negative attitude about Polygon since the previous month. Also, the token’s plunging MVRV ratio was an alarming factor.

MATIC’s MVRV has declined this month, reading -36.08% during this publication. Potential investors can consider this a bearish signal. Moreover, MATIC’s development activity slumped during the week. The drop in the token’s development on GitHub confirms that.

Although Polygon hasn’t flourished on social media, it witnessed growth in the non-fungible token marketplace. Remember, Polygon’s official Sandeep Nailwal tweeted about the platform hitting the 1.4 million user milestone plus the soaring advancement on the OpenSea network.

Nevertheless, the decentralized finance (DeFi) department was yet to witness such growth. DeFiLlama chart shows Polygon’s total value locked (TVL) has depreciated since September 13. Moreover, the charts haven’t presented any upsides within the past two weeks.

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