{"id":601915,"date":"2023-01-27T19:49:15","date_gmt":"2023-01-28T01:49:15","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/27\/first-mover-americas-layer-2-tokens-take-lead\/"},"modified":"2023-01-27T19:49:15","modified_gmt":"2023-01-28T01:49:15","slug":"first-mover-americas-layer-2-tokens-take-lead","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/27\/first-mover-americas-layer-2-tokens-take-lead\/","title":{"rendered":"First Mover Americas: Layer 2 Tokens Take Lead"},"content":{"rendered":"
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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.<\/span><\/p>\n<\/div>\n<\/div>\n

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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.<\/p>\n<\/div>\n<\/div>\n

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Omkar Godbole was a senior reporter on CoinDesk’s Markets team.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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This article originally appeared in <\/b><\/i>First Mover<\/b><\/i><\/a>, CoinDesk\u2019s daily newsletter putting the latest moves in crypto markets in context. <\/b><\/i>Subscribe to get it in your inbox every day<\/b><\/i><\/a>.<\/b><\/i><\/p>\n<\/div>\n

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Ethereum-scaling tool Polygon\u2019s<\/b> MATIC token <\/b>has surged 8% over the past 24 hours, continuing its strong momentum this year. MATIC<\/a> was recently trading at $1.11. It is up 48% since Dec. 31 amid a spike<\/a> in daily transactions that have made the blockchain the second largest for daily active users<\/a>, according to data from Token Terminal. Decentralized exchange Gains Network has recorded over $1.5 billion in trading volume on the Arbitrum blockchain nearly a month after being deployed. Gains Network<\/a> was initially released on Polygon and has contributed to the increase in the number of transactions<\/a> being conducted on that network. It allows users to trade financial derivatives of various assets, such as tokens, U.S. stocks and indexes by matching user trades using smart contracts.<\/p>\n<\/div>\n

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The price of layer 2 network <\/b>Optimism\u2019s OP<\/b><\/a> token has also surged over the past week. <\/b>OP reached an all-time high of over $2.50 on Wednesday amid rising adoption of layer 2 networks. \u201cPeople want layer 2 tokens, and they see layer 2 adoptions happening,\u201d said Nick Hotz, vice president of research at the digital asset-management firm Arca, referring to the tokens associated with companion blockchain systems. \u201cOptimism is the only way to get good exposure to that theme currently.\u201d The OP token\u2019s jump has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have risen 39% and 33%, respectively, in 2023.<\/p>\n<\/div>\n

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Developers <\/b>behind<\/b><\/a> the shuttered decentralized crypto exchange Mango Markets <\/b>say they are pushing forward with a relaunch of the project \u2013 even as the U.S. Securities and Exchange Commission alleges the project\u2019s native token, MNGO, is a security. The SEC\u2019s labeling of the token raises knotty problems about whether Mango Markets\u2019 \u201cversion 4\u201d can proceed without facing regulators\u2019 wrath. The SEC hasn\u2019t alleged wrongdoing by Mango. But the agency last week<\/a> accused MNGO trader Avraham Eisenberg, who drained $116 million from the exchange in October, of securities market manipulation. Securities lawyers who aren\u2019t involved in the case told CoinDesk the SEC might be laying the groundwork to bring a case against the exchange that issued MNGO to its investors when it launched in 2021.<\/p>\n<\/div>\n

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