OVERVIEW

Polygon Places Project Support In Play

Bitcoin experienced significant selling yesterday evening, with roughly $160 million in long positions liquidated as of this afternoon. Binance-driven spot selling of $200 million was seen as the main culprit, as we all eagerly await tomorrow’s Fed meeting. 😬

In today’s Litepaper, we’re looking at Polygon’s community chest of 35 million MATIC and Binance Coin’s brief break to new all-time highs.

Also on deck are two crypto 101 articles discussing the historical groundwork laid for Bitcoin and everything to know about liquidity pools. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap:

NEWS
Polygon Is Playing The Long Game 💰  

Polygon network is busting out the big guns with the launch of its $720 million Community Treasury, which will support blockchain projects over the next 10 years. 💰

It’s designed to support developers in the Polygon and Ethereum ecosystems, initially allocating 35 million Polygon tokens for the Community Grants Program’s (CGP) first season.

That first season will offer two options for applicants:

The “General Grant Track” does not impose any ‘strict limitations’ on eligibility but will focus on several specific areas, including decentralized applications (DApps), developer tooling and libraries, and protocol infrastructure.

The “Consumer Crypto Track” has more limitations. It aims to support “…developers, creators, and entrepreneurs focused on innovative blockchain-based applications for everyday users.” 📱

Applications will be accepted from June 11 through August 31 for projects built on (or willing to migrate to) Polygon and show their long-term viability to qualify for a grant ranging from five to fifty thousand MATIC. 📝

TECHNICAL ANALYSIS
Binance Coin Breaks Back Below All-Time Highs ⏪

If you’re not following the crypto market on a daily basis, you might’ve blinked and missed Binance Coin’s recent visit to new all-time highs. 😳

The exchange’s token has seemingly benefited from its platform more than doubling in size over the last 26 months. This week, it was reported that the largest crypto exchange by trading volumes has seen global registered users balloon to over 200 million.

Still, that wasn’t enough to help prices maintain the new highs they briefly made last Thursday before tumbling back down toward multiple levels of support. 🙃

From a technical perspective, analysts are watching the 50-day moving average and this former congestion zone to provide some form of support to prices in the days ahead. 👀

Whether or not this is a routine breakout retest or the start of a larger correction remains to be seen. But the bulls would love to see prices stabilize above today’s lows if they want to revisit those highs again this summer. 🤷