Assessing the far-reaching effects of Compound III's deployment on Polygon

DeFi lending protocol Compound Finance is in the news after it announced finally deploying its third version to Polygon. Contextually, Compound III is a streamlined version of the main Compound protocol.

Timeline of Polygon

Binance has officially made an announcement revealing that the Polygon network is now supported by the Binance NFT marketplace.  Binance offers some key benefits, including the ability for users to purchase, withdraw and deposit NFTs from the Polygon network on the Binance NFT marketplace.

Binance NFT has expanded its marketplace by adding support for Polygon network, allowing users to trade NFTs using their Binance accounts. However, only selected ERC-721 NFT Collections on the Polygon network are currently available on the platform, with more to be integrated regularly.

The Polygon (MATIC) price has come under heavy pressure in the last two weeks after showing an extremely bullish performance until mid-February. However, the sentiment in the broader crypto market, a supposed downtime of the Polygon blockchain and the layoff of 20% of all employees at Polygon Labs have hit the price hard.

Polygon [MATIC] noted strong gains on the price charts in mid-February, a development which highlighted that sentiment was positive towards the asset at that time. Since then, however, the market has turned and those gains have been fully wiped out.

The launch of Reddit Avatar Non-Fungible Tokens (NFT) on Polygon, with their subsequent record sales, somewhat settled the question of whether or not NFTs are dead. As a bonus, it proved the importance of networks in the crypto-world.

Xrp rose higher in Tuesday's session, as prices continued to move away from a long-term support point. Overall, sentiment in cryptocurrencies remained largely bearish, with the global market cap down 0.34% as of writing. Polygon was also in the green at the time of writing.

With the increasing bearishness in the crypto market, the Matic coin price is extending its ongoing correction phase initiated in February mid. So far a V-top reversal from $1.53 has tumbled the coin price by 26.65% and has eradicated 50% of gains the coin holders witnessed during the January rally.

The Polygon blockchain network has partnered with Mercy Corps' investment arm, Mercy Corps Ventures, to bring blockchain solutions to marginalized and low-income communities in developing regions.

Jordi Baylina, a core developer of Polygon zkEVM, an upcoming L2 scaler on zero-knowledge proofs (ZKPs), has responded to the co-founder of Solana, Anatoly Yakovenko, who said that provers have not been able to keep up with the chain developments.

Ethereum's leading layer 2 blockchain, Polygon is struggling with a stubborn bearish wave since early last week. MATIC price is down 0.9% on the day to exchange hands at $1.25 at the time of writing, while bulls work around the clock to prevent losses from extending below support established at $1.20.