Top Polygon (MATIC) Rival Arbitrum Officially Announces DAO Governance and ARB Token Drop

The top rival of the Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is announcing that it will be transitioning to decentralized governance as well as airdropping a significant amount of its new native asset, ARB.

Timeline of Arbit, Polygon

The Arbitrum Foundation, which is the major player in Ethereum's (CRYPTO: ETH) Layer 2 scaling landscape, announced the launch of a new token called ARB (CRYPTO: ARB). This token will be distributed to community members via an airdrop on March 23, marking the official transition of Arbitrum into a decentralized autonomous organization (DAO).

While the bears have controlled MATIC's market since mid-February, bulls only gained considerable leverage on 10 March. At the time, while the price action rebounded from $0.943, it has since faced stiff resistance levels.

The MATIC price failure to sustain above the $1.18 support threatens the coin holders with a prolonged correction. Despite the recent recovery attempt, the buyers' inability to sustain the above higher levels indicates the market participants are interested in selling on rallies.

Polygon and Unstoppable Domains have partnered to offer the ability to create Web3 .polygon domain names, enabling users to log into Web3 applications, use human-readable wallet addresses, and create decentralized websites. The service will be available to an estimated 180 million users and 40,000 services across the Polygon blockchain ecosystem.

Polygon has partnered with Unstoppable Domains to offer Web3 .polygon domain names, providing a human-readable wallet address and the ability to create decentralized websites. This service will give an estimated 180 million users and 40,000 services across the Polygon blockchain ecosystem access to this feature.

Key Points: Unstoppable Domains has partnered with Polygon Labs to launch the .polygon domain, which will enable easy and seamless money transfer over the Polygon blockchain. The .polygon domain is a crypto domain name that replaces long and complicated alphanumeric strings used to identify wallets publicly with a memorable and easy-to-use domain name.

Polygon (MATIC/USD) and Flow (FLOW/USD) prices held quite well on Tuesday morning as the Non-Fungible Tokens (NFT) industry was dealt a big blow. $FLOW was trading at $1, about 22% above the weekend low of $0.815. $MATIC, on the other hand, was trading at $1.178, which was higher than last week's low of 0.94.

On March 10th, the Polygon coin price bounced back from the combined support of $0.948 and 0.786 Fibonacci retracement level. This bullish reversal has surged the coin price by 20% in the last four days where it currently trades at the flipped resistance of $1.18.

Polygon is a Layer-2 scaling solution aimed at bringing mass adoption to the Ethereum (ETH) platform. It provides developers with the tools they need to create scalable decentralized applications (dApps) that are both secure and user-friendly.

Starbucks' Siren collection, released on 9 March, was yet another huge NFT collectible launch witnessed by Polygon. Interestingly, the launch coincided with significant whale movements of MATIC.