Convex Finance expands sidechain trips; launches on Polygon

In the last quarter of 2022, Convex Finance CVX committed to integrating several sidechains on its network. So, on 9 March, the liquidity provider announced that it had launched on Polygon MATIC to further foster the mission.

Timeline of Convex-finance, Polygon

MATIC, the utility token of the Polygon network and one of the biggest altcoins, has been on a steady decline in the last few weeks along with most of the crypto market due to the ongoing financial troubles of the popular crypto-friendly bank, Silvergate. Based on data from Coingecko, MATIC has plummeted by 6.9% in the last 24 hours and 20.3% in the last seven days.

Polygon fell to its lowest point since January earlier in today's session, as overall sentiment in crypto markets remained bearish. Overall, the global market cap is now down 1.46% as of writing. Solana also slipped on Thursday, as the token neared a two-month low.

Users will now be able to buy, sell, deposit and withdraw Polygon-based NFTs directly from the Binance NFT marketplace. Not only that, by holding MATIC or any other token in Binance‘s spot wallets, users can also trade NFTs on the marketplace.

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.

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.