Polygon, a Layer 2 scaling solution for Ethereum, is set to overtake Cardano in market capitalization with the launch of Covesting (COVO) on Uniswap. COVO is a utility token for the Covesting copy-trading platform, which allows users to copy trades from successful traders. The token has been highly anticipated, and its launch on Uniswap has caused a surge in its price.
According to data from CoinMarketCap, at the time of writing, COVO has a market capitalization of over $1 billion, while Cardano has a market cap of around $37 billion. This puts COVO on track to overtake Cardano in the near future if its growth trajectory continues.
The launch of COVO on Uniswap has also had a positive impact on the price of MATIC, the native token of Polygon. MATIC has been one of the best-performing cryptocurrencies in 2021, with its price surging from around $0.01 at the beginning of the year to a high of $2.68 in May. The launch of COVO on Uniswap has caused a further surge in the price of MATIC, which is currently trading at around $1.68.
Polygon has been gaining traction as a Layer 2 scaling solution for Ethereum, with a number of high-profile projects such as Aave and Curve Finance launching on its network. The platform has also been working on improving its interoperability with other blockchains, including Bitcoin and Binance Smart Chain, which could help it capture a larger share of the cryptocurrency market.
Overall, the launch of COVO on Uniswap is a significant development for Polygon and its native token, MATIC. If the current growth trajectory continues, Polygon could soon overtake Cardano in market capitalization, cementing its position as one of the top cryptocurrencies in the market.