Polymesh token shoots 70% thanks to Binance — will the coin continue to grow after a seven-month hibernation?

Polymesh native token (POLYX), a security token issuance platform on Ethereum, rose 70% just in a day. This is the first bull run in seven months. The reason was the news that Binance would become the main operator of the project’s nodes. This partnership will allow Polymesh to further establish itself in the market and will likely anchor the value of the asset to a new bar. More about everything is below.

A blockchain for security: what is Polymesh?

The project is an institutional-grade, permissioned blockchain created specifically for regulated assets. Its main ability is to optimize outdated processes and work with new financial instruments. Blockchain is capable of solving problems related to:

• Governance. Uses an industry-led governance model to prevent hard forks and guide the evolution of the chain.
• Identity. Uses a customer due diligence process to ensure all actors on the chain are verified and all transactions are authored by permissioned entities.
• Compliance. Solution, built on top of general-purpose blockchains, fights with processing the complex logic needed to comply with regulations.
• Confidentiality. Polymesh has engineered a secure asset control protocol that enables confidential asset issuance and transfer.
• Settlement. The blockchain can provide an easy approach to transfers that provides instant settlement without prefunding, excludes unwanted airdrops through trade affirmation, and offers deterministic finality.

As for the native token of the Polyx project, it is intended for:

• Staking (354M POLYX).
• Securing the network.
• Pay transaction fees. It is the product of the transaction size (in bytes) and the complexity of the transaction, but is otherwise charged regardless of the functionality used. Fee payment is split at a 4:1 ratio between the network Treasury and thr block-creating node operator.
• Engage in governance.

The project team consists of experts in finance, technology, and law. Most have experience building a security token platform and promoting the security token standard ERC-1400. Here are the main members of the Polymesh team:

• Chris Housser — head of strategy.
• Adam Dossa — head of blockchain.
• Graeme Moore — head of tokenization.
• William Vaz-Jones — head of partnership development.
• Robert Gabriel Jakabosky — head of applied blockchain research.
• Francis O’Brien — head of developer relations.
• Nick Cafaro — head of product.

Major node operator: Binance partnership details

On Thursday, April 20, the project’s official account posted that Binance will act as the main operator of the Polymesh node. Simply put, the partnership will allow the largest exchange to protect Polymesh’s network and validate blockchain transactions thanks to its reputation and experience in the crypto industry.

This news caused positive sentiment among investors, who saw additional potential in Polymesh. Thus, the project can prove its security, and establish itself as a compatible blockchain platform for security tokens.

Welcome @binance to Polymesh!

Ya heard it right – the world’s leading #crypto infrastructure provider is now a Polymesh node operator https://t.co/NBSPCC3m5Y

See our blog post for details! #Blockchain #DeFi #BlockchainNews pic.twitter.com/9Y0aA6DJwF

— Polymesh (@PolymeshNetwork) April 20, 2023

Globally, Polymesh will now become more attractive to companies that want to issue security tokens and follow securities regulations.

“Binance is the clear-cut leader in blockchain, no matter what data you use. Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security. We are encouraged by this development, and look forward to growing the Polymesh ecosystem with Binance’s support,” said Graeme Moore.

For POLYX holders, this means they will be able to fully enjoy the stacking opportunities through Binance. Specifically, they will be able to passively earn on their cryptocurrencies without having to trade. Binance assumes the responsibility of creating new blocks to verify transactions that enter the chain before they move to the Polymesh network.

Upward leap: POLYX’s current price

Judging by the charts on CoinMarketCap, POLYX has not risen to such values since October 2022, which is seven months. However, now the partnership with Binance has moved the price up.

As of this writing, the token is trading at $0.2628, up 17,33% from 24 hours ago. And when POLYX jumped to $0.2985, the daily boost exceeded 70%.

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The token’s all-time high was recorded on October 17, 2022, at that time the asset jumped to $0.3975, up 36,22% from the current high. And if you had invested in the token during the all-time low, you would now have received x1,5 of the invested amount because the asset was trading at $0.1013 then.

As for the exchange for buying, you can get the token on 14 platforms, but the cheapest one is POLYX traded on Phemex in pair with USDT. On the exchange, the asset can be bought for $0.209292.

The daily trading volume of POLYX amounted to $828,903,026, with most of them, namely $563,850,937, on the Upbit exchange. On the platform the token is traded in pairs with KingDeFi (KRW).

Looking to the future: POLYX price predictions

As always, it is impossible to say for sure whether POLYX will continue to grow higher, or if this is a temporary hype around the project. Obviously, Binance gave it a boost, but further actions will depend on the investors’ growth.  According to Twitter user MrMitty, we can expect “big money” from the project now that Polymesh is in cooperation with Binance.

$POLYX finally doing something. just partnered with Binance. Institutional focused project, so expect big money to flow in if all goes well. $1 is around 700M mcap, pretty small all things considered. Hopefully sees some consolidation at .2 levels before sending again. pic.twitter.com/z8szrl6kpT

— MrMitty (@TheMrMitty) April 20, 2023

Analysts of Team LAMBO also predict the continuation of price growth. According to them, for that the asset had to finish the day at $0.23 on April 20, after which a “massive bullish wave” is expected. As we see, the conditions are fulfilled, so there is a hope that the forecast will come true.

At the same time, there are those who believe that the current bull run will allow the token to jump to $0.5.

$POLYX 0.5 coming 🔥🚀🚀 pic.twitter.com/e3nrj47DSi

— Queen ❤️ (@Ceren7035) April 20, 2023

What do you think? Will POLYX continue to rise or will it drop soon? Write about it in the comments.