The new instrument streamlines value transfer on Polygon (MATIC), the largest EVM-compatible blockchain. It also makes crypto integrations easier for merchants of various types.

Nimiq (NIM) adds gas-abstracted USD Coin (USDC) transfers for Polygon (MATIC) blockchain

According with the official announcement shared by the team of noncustodial crypto wallet Nimiq (NIM), it activated gas-abstracted USD Coin (USDC) transfers on Polygon (MATIC) network. This means that USD Coin (USDC) can now be sent and received with zero Polygon (MATIC) tokens needed to cover network fees.

The new feature removes the need to hold MATIC tokens to cover transactional fees for using USD Coin (USDC) stablecoin, the second largest USD-pegged crypto asset. The wallet automatically converts a tiny fraction of USDC into MATIC to cover transactional costs associated with this or that transfer.

Nimiq wallet is among the first cryptocurrency services to implement such function. It becomes available with multi-blockchain Gas Station Network.

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Nimiq ambassador Max Burger stressed the importance of this release for the adoption of cryptocurrencies as a whole and for the Web3 experience of Nimiq users:

We want to make crypto payments accessible to everyone. Adding gas-abstracted USDC transactions to our wallet is a big step towards that goal. Merchants can get started with crypto using an asset that’s very close to what they already know. As they become more knowledgeable, our wallet provides a path to discover the wider world of crypto with features like atomic swaps and a crypto map.

Polygon (MATIC) is a popular network for USD Coin (USDC) transfers thanks to its low fees and high transactional throughput.

Atomic swaps between USD Coin (USDC), Bitcoin (BTC) and Nimiq (NIM) are available

The head of DeFi at Polygon Labs is excited by Nimiq’s (NIM) latest endeavors and their role in the user-friendliness of retail payments in cryptocurrencies:

We are excited that Nimiq is working on this groundbreaking development on Polygon. By offering gas-abstracted USDC transactions, they’re not only streamlining the user experience but also promoting wider adoption of digital assets. This innovative solution aligns with our vision to make Web3 more accessible and user-friendly, and we look forward to continuing our collaboration with Nimiq to drive further advancements in the space.

Besides that, Nimiq (NIM) enables cross-blockchain atomic swaps, fully decentralized interactions between heterogeneous blockchains. Currently, users can exchange USD Coins (USDC), Bitcoins (BTC) and Nimiq (NIM) among each other.

Also, the Nimiq (NIM) team released a “Crypto Map” to navigate users through crypto-friendly merchants and the Cryptopayment.link, Nimiq’s free point-of-sale (PoS) solution.

Cardano (ADA), the highly versatile proof-of-stake (PoS) Layer 1 blockchain protocol is seeing high growth potential today as it is trading at a price of $0.3727, up 13.77% at the time of writing. Cardano’s growth action, though not new, is impressive considering how much of a conservative push it has recorded in recent times.

Looking at Cardano’s on-chain metrics, we discovered a healthy growth spread across the board. The current upsurge is being pushed by a positive ecosystem embrace that is reflected in trading volume, which is up by more than 192%. With its current price action, Cardano is now gradually paring off its losses over the past week with an 8.44% gain in that time span.

The Cardano ecosystem has recorded notable organic milestones thus far, and in the recent update from the parent company, Input Output Hong Kong, a new feature dubbed Dynamic P2P has now been rolled out on the mainnet.

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ICYMI: Cardano’s network is evolving and Dynamic P2P is now rolling out on mainnet. SPOs can now test automated connections of #Cardano nodes.

Find out more in this blog post: https://t.co/jbc8E15Hox

— Input Output (@InputOutputHK) March 21, 2023

As detailed by the start-up, Dynamic Peer-to-Peer (P2P) networking comes with the release of node v.1.35.6, and it will enhance communication between distributed nodes.

“Dynamic P2P networking is an important evolution for Cardano and a further boost to the network’s performance, resilience, and decentralization,” the protocol said.

Banking on ecosystem growth

The Cardano growth trigger has always hinged on the ability of the protocol to create new innovations that can help power proper ecosystem growth across the board.

The release of node v.1.35.6 is just one of many efforts the protocol has made in recent times to make life easy for those building or actively participating in keeping the network operational.

From the launch of the DJED stablecoin to plans to float its scalability solution Hydra, Cardano remains at the forefront of DeFi innovation, and this is billed to have a more positive impact on the bearing of ADA moving forward.

Cryptocurrency platform Nexo announced that it will be listing Arbitrum (ARB) on March 23, offering trading, swaps, purchasing, deposits, withdrawals, earning, borrowing, Booster, and Card functionalities. 

This comes after other major exchanges, including Binance, BitMEX, and KuCoin, also recently listed ARB.

Arbitrum is a layer-2 blockchain developed by Offchain Labs that aims to improve the scalability and efficiency of the Ethereum network. By processing transactions off-chain, Arbitrum reduces network congestion and lowers transaction fees, making it an attractive solution for decentralized finance (DeFi) projects and non-fungible tokens (NFTs). 

The Arbitrum ecosystem consists of two blockchains, Arbitrum One and Arbitrum Nova, with the latter specifically designed for Web3 games and social media applications.

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Nexo is a leading cryptocurrency platform that allows users to buy, sell, and store a wide range of digital assets. The platform supports over 20 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as stablecoins like Tether and USD Coin. Nexo offers various financial services, such as earning interest on deposits, borrowing against crypto holdings, and using a Nexo Card for everyday purchases.

The recent listings of ARB on major exchanges come just days after Arbitrum launched its own cryptocurrency. The airdrop of the token was recently announced by Offchain Labs, the developer behind the Arbitrum ecosystem.

The company also intends to establish the Arbitrum Foundation and an associated decentralized autonomous organization (DAO) to govern the ecosystem. Token holders will have the privilege of voting on proposals submitted to the DAO.

Arbitrum’s rapid growth in less than two years highlights its potential as a major player in the decentralized finance space. With the support of major platforms like Nexo, the ARB token continues to gain more traction. 

Neither bulls nor bears are controlling the situation on the market, according to the CoinMarketCap ranking.

XRP/USD

XRP is the biggest gainer today, rocketing by more than 10%.

The price of XRP has started a sharp rise after the breakout of the local resistance at $0.3981. There are low chances of seeing ongoing growth from the current levels as buyers need more time to accumulate power. In this regard, sideways trading in the range of $0.41-$0.42 is the more likely scenario.

On the bigger chart, the price has almost reached the resistance level at $0.4328. However, if the candle closes near this mark with no long wicks, traders may expect a breakout, followed by the blast to the $0.44 area.

XRP is also powerful on the daily time frame against Bitcoin (BTC). If bulls can fix above the resistance at 0.00001518, growth may continue to the 0.00001550 mark. Such a scenario is relevant until the end of the week.

XRP is trading at $0.4236 at press time.

The price of SushiSwap’s SUSHI token slipped by roughly 5% following an announcement made by Jared Grey, the decentralized finance (DeFi) platform’s head chef.

Grey revealed that he and SushiSwap had recently been served with a subpoena from the U.S. Securities and Exchange Commission (SEC).

The SEC typically serves a subpoena when it believes that a company or individual may have information relevant to an ongoing investigation or potential violations of securities laws. The subpoena compels the recipient to produce documents or provide testimony related to the matter under investigation.

In response to the subpoena, Grey proposed the establishment of a legal defense fund to cover legal costs for the platform’s core contributors.

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He outlined the goal of creating a legal defense fund of $3 million in Tether (USDT) to cover various legal costs. Grey stated that SushiSwap is cooperating with the SEC and does not intend to comment publicly on ongoing investigations or other legal matters.

The defense fund is set to support the core contributors who have been actively involved in Sushi 2.0. The fund will cover attorney fees and other related expenses throughout the legal proceedings, regardless of whether or not a contributor is no longer associated with the organization. The payments from the fund will continue until the legal proceedings come to an end.

In Grey’s proposal, the project’s funding sources include Kanpai fees, grants, and SUSHI market sales, with the goal of easing the financial strain while ensuring adequate funds for legal costs. The funding strategy aims to safeguard the financial stability of SushiSwap DAO while also addressing the pressing legal issues. 

In the event that the initial funds deplete, Grey’s proposal includes a contingency plan for the DAO to make an additional $1 million in USDT available as needed until legal proceedings conclude. 

Grey cited the recent establishment of a similar legal defense fund by MakerDAO as a precedent for his proposal. He argued that DAOs must execute similar proposals to help manage liability for core contributors in the face of an uncertain international regulatory environment for decentralized organizations.