Can Polygon’s [MATIC] Healthcare efforts are also breathing new life into the altcoin

By May 22, 2022Layer2
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The crypto space and use cases of DLT continue to expand every day with the technology taking root in the corporate, entertainment and food industries.

Now it is venturing into healthcare with Polygon supporting the launch of LifChain.

Polygon 911

LifeChain is the first commercial platform of its kind to fully tokenize healthcare services. It was developed by MSPRecovery, a $32.6 billion company in partnership with Tokenology.

With LifeChain, the company plans to create a tokenized platform that will help eliminate fraud, payment inefficiencies and legacy processes and benefit patients, healthcare providers and insurers.

The partnership plans to achieve 50 million daily tokenizations within the next two years.

The reason why Polygon was chosen for this is the CO2-neutral network and the low transaction costs that go with it.

This partnership marks a turning point for Polygon, which has been suffocating under the bears’ claws for months. But since the announcement, MATIC has witnessed the first real sign of positive momentum in the market.

MACD recorded a bullish crossover for the first time since April 5, while the Squeeze momentum indicator observes a decline in bearishness, while MATIC remains in a squeeze release state.

However, the recovery is slow, with MATIC rising just 5.37% in 24 hours. This is not ideal for the token, nor for the investors waiting for a recovery since December 2021.

Polygon price promotion | Source: TradingView – AMBCrypto

The investors reaching for a straw, the investors have seen only a little bit of gain in the 30 days, while on multiple occasions, up to 67.48 million, MATIC, worth more than $45.14 million, was subjected to losses on the chain.

Losing MATIC’s on-chain | Source: Santiment – ​​​​AMBCrypto

In return, the investors have slowly begun to withdraw from the network. Polygon adoption has fallen 73.8% in the span of 5 months since the start of 2022, peaking only around May 13, which was also born of the bearishness surrounding the crash.

Polygon’s network growth | Source: Santiment – ​​​​AMBCrypto

At the moment, Polygon can only benefit from ecosystem development like LifeChain as the bearishness of the broader market may not subside for a while.

This post Can Polygon’s [MATIC] Healthcare efforts are also breathing new life into the altcoin

was published first on https://ambcrypto.com/can-polygons-matic-healthcare-efforts-breathe-life-into-the-altcoin-as-well/

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