As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed numerous bull and bear runs. The recent downturn has been particularly challenging, but it hasn’t deterred my optimism for altcoins like MATIC. Despite the 18% plunge in the past week, Polygon’s innovative spirit continues to shine, as evidenced by their upcoming network upgrade.
Despite a slight improvement in the overall market, the struggles persist more intensely in the altcoin sector. Notably, MATIC, the native token of Polygon, has been significantly impacted by the recent pessimistic mood in the crypto market over the last few days.
As reported by CoinGecko, there’s been a 18% decrease in the value of MATIC over the past week, significantly altering its previous upward trend. However, despite recent setbacks, Polygon has persisted in driving innovation, thereby strengthening its presence within the cryptocurrency community.
Polygon Releases New Details About Network Upgrade
As Polygon’s official X post indicates, the MATIC update to POL will bring advantages such as enhanced usability and security for the network. A significant upgrade is the introduction of new roles for validators, which not only strengthens the incentives for these nodes but also encourages wider on-chain participation by providing motivation.
On Polygon, we break with convention by introducing a highly productive digital asset, or Hyperproductive Token. This innovative approach boosts functionality, scalability, and overall productivity throughout the Polygon ecosystem.
As the network moves from MATIC to POL, for a combined blockchain system, it implies that the underlying protocol or technology is changing from MATIC to POL. This change may bring new features, improvements, or modifications to the overall functionality and performance of the network.
— Polygon | Aggregated (@0xPolygon) August 26, 2024
The upgrade will enable validators to secure multiple chains, which enhances the overall security and efficiency of the network. It also improves Polygon on the scalability aspect as once it attracts more validators on the platform, more chains can be secured in one go fostering a new era of improved user experience.
POL will also be used to fund on-chain projects with a controlled emission schedule.
“With a controlled emission schedule and a portion of rewards directed to the Community Treasury, POL supports ongoing development, funding grants, and initiatives to ensure long-term growth,” said Polygon within their thread.
Owners of MATIC tokens can anticipate the update to occur effortlessly and automatically within the Polygon Proof-of-Stake (PoS) network. Conversely, holders of Ethereum and decentralized exchanges (DEXs) might need to take some steps prior to the update being implemented in their wallet, as certain dApps may incorporate the upgrade smart contract into their user interface.
Downward Trajectory May Halt On $0.43, Stabilizing Within The Coming Weeks
Currently, MATIC is trending downwards and has recently dipped to around $0.43. If the bearish trend continues over the next few days, there’s a possibility that this price level could be breached, which could lead to further challenges for investors in the future.
If the market’s downward trend slows or ceases, and the relative strength index remains steady, it could provide an opportunity for bulls to recover their losses in the near future. This would only be possible if the market sentiment shifts towards optimism.
If optimism resurfaces in the market, MATIC could experience a revitalized surge similar to September’s rally, given that market conditions improve. Moreover, its strong connection with Bitcoin suggests that any movement by the leading cryptocurrency will create opportunities for MATIC bulls to target a mid-term price of $0.55.
Read More
Sorry. No data so far.
2024-08-29 17:10