It shouldn’t surprise you if Polymath’s (POLY) latest mainnet upgrade come with significant positive price movements.
Polymath has been experiencing price resurgence as of late. Starting the month off at $0.164723, the currency went into an uptrend which saw it reach $0.332175 at the peak of this run (October 29th). The positive price action led to a rise in the daily trade volume which peaked on October 30th with $26 million. After this Polymath experienced a slight correction to $0.27 and has remained around these levels during the last couple of days.
Polymath can be purchased for $0.295383 USD (-1.09% drop in the last 24 hours)/0.00004633 BTC (-1.87% drop in the last 24 hours). This value represents a drop of 82.00% from POLY’s all time high of $1.66. Despite that, Polymath has recorded a rise of 67% vs BTC during the last 30 days. Daily trade volume is sitting at $3,856,295, with Upbit (29%), Binance (29%) and Huobi (11%) being responsible for the vast majority of that. POLY is currently valued at $84,415,210, making it the 72nd most valuable cryptocurrency on the market.
Trader caymantrading offers the following insight into POLY’s technicals:
- “Cup and handle/curve followed by upwards trend, making same formation now
- Any dips in stochastics have resulted in large volume spikes, large resting orders getting filled
- Good entry, down 11% from a previous high of 5351 Approaching 4760 resistance with speed
- Aside from technicals this coin has great fundamentals, a great team, and a legitimate use case while being traded on lots of exchanges (good exposure).”
The security issuing blockchain platform has been active as of late. Their team visited the recent Devcon4 where Ethereum and Ethereum-based projects presented their ideas and mingled with the community. Polymath’s Director of Technology, Adam Dossa (@AdamAID), was interviewed during the event and touched upon on security tokens, how he got into crypto, and gave some development updates regarding Polymath. He said that mid-November the community can expect an upgrade from the 1.4 version of the project’s Mainnet to 2.0, which will have a “whole bunch of new exciting features and modules”. One of those modules includes working with MakerDAO on providing pricing oracles so Polymath can denominate in USD on its platform.
Polymath also recently announced their cooperation with tZero, a blockchain-based subsidiary of the internet retailer Overstock. According to the announcement tZero officially issued their own security tokens through the Polymath platform. The tokens were originally sold in an STO (security token offering) which lasted from December 2017 to August 2018. The holders of these tokens won’t be able to do much with them at the moment; Securities and Exchange Commission (SEC) regulations say that security tokens need to be locked down for full 90 days before they can be released, and then only to accredited investors. Normal investors will have to wait until early August 2019 – exactly a year after the token sale – before they can take their holdings.
The project signed another major partnership recently. Solidified and Polymath have become official partners, in the sense that Solidified is now Polymath’s official code auditor. The projects will be working closely together, to ensure the security of Polymath’s smart contracts and on-chain protocol.
“We are honored and excited to be selected as Polymath’s official auditor,” said Eduard Kotysh, Founder and CEO of Solidified. “The technical team at Polymath truly understands the importance and multi-tiered nature of blockchain security and always seeks to use the best methods to protect their smart contracts. As one of our earliest clients, we’re proud to see how much Polymath has grown, how accurately they have predicted the move to security tokens and become the leader in this space. We are looking forward to a long-term relationship and providing the best in class protection for the Polymath platform.”
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Mentioned Adam Dossa of Polymath had some chosen words on the partnership as well:
“Security is a critical concern of any organization building an on-chain protocol. When combined with securities and mechanisms that hold and transfer digital assets this concern becomes paramount. At Polymath we’ve always taken a multi-faceted approach to this challenge, including commissioning multiple external audits for our Solidity code, running public and private bug bounties, and a strict, enforced, review process internally on code changes. We are truly excited to be building a long term relationship with Solidified which provides a comprehensive auditing process, leveraging their large community of thought leaders and domain experts, as well as an innovative bug bounty process.”
Finally, Polymath confirmed that they’ve so far had 100 token symbols registered on their platform, with ITO being the latest one.
And there we have it!
100 token symbols have been registered using the Polymath Token Studio.
Hello ITO!https://t.co/2JnOFs09bl
— Polymath (@PolymathNetwork) October 25, 2018
Any project interested in learning how to become the next Polymath-based security can apply for the live webinar which is held and organized by Polymath’s Chief Product Officer Thomas Borrel. Overall, Polymath is moving nicely along the path of gaining widespread recognition and adoption. It shouldn’t surprise you if their latest mainnet upgrade comes with significant positive price movements.
