Cryptocurrency costs have retreated over the previous 24 hours, with Polygon’s MATIC token and Polkadot’s DOT sliding over 6%.
Bitcoin has additionally pulled again from Tuesday’s excessive as traders start to take income following per week of considerable beneficial properties out there.
Nonetheless, one new mission referred to as Bitcoin Minetrix (BTCMTX) continues to generate robust presale demand, providing a novel Stake-to-Mine mannequin that goals to revolutionize crypto mining.
MATIC Slides Over 7% Regardless of Polygon’s Main Token Contract Launch
MATIC has pulled again from its current excessive of $0.665 on Tuesday, now buying and selling round $0.617 on the time of writing.
This worth decline has dampened sentiment round Polygon, which had been gaining traction within the seven days prior.
Nonetheless, Polygon did make a major announcement this week that might present gasoline for MATIC sooner or later.
This announcement is expounded to the launch of the POL token contract on Ethereum, meant to ultimately change MATIC because the native token powering Polygon’s ecosystem.
As described in a Polygon weblog publish, POL will facilitate staking throughout a number of chains and improve Polygon’s networks to zero-knowledge rollups.
Whereas MATIC nonetheless presently handles all staking and transactions, POL’s launch paves the best way for the bold “Polygon 2.0” roadmap.
Thus, regardless of the current worth drop for MATIC, introducing POL and the outlined plans for Polygon might catalyze renewed curiosity within the days and weeks forward.
Polkadot Developer Parity Lays Off 30% Of Employees, Prompting DOT Plunge
Polkadot’s native DOT token has additionally been caught amid the broader crypto decline, falling to the $4.12 degree.
DOT is buying and selling over 6% beneath Thursday’s peak, with many traders opting to take income quite than maintain out for additional beneficial properties.
The slumping DOT worth mirrors the challenges skilled by Parity Applied sciences, the core developer behind the Polkadot community.
Parity’s CEO introduced this week that the company is laying off 30% of its staff (round 100 workers) to refocus on Polkadot’s core know-how.
In accordance with numerous sources, the cuts focused non-essential departments like advertising and marketing and enterprise improvement.
DOT traders are probably involved that this scaling again could sign a lower within the mission’s development prospects or visibility within the crowded crypto market.
As such, the layoffs are hampering investor confidence, contributing to the sell-off of DOT.
Bitcoin Minetrix Presale Retains Constructing Momentum with Groundbreaking Stake-to-Mine Mannequin
Whereas MATIC and DOT proceed to expertise bearish strain, one token that’s displaying bullish indicators is Bitcoin Minetrix (BTCMTX).
Bitcoin Minetrix goals to innovate on this planet of crypto mining, launching a brand new Stake-to-Mine mechanism to democratize the method.
The mission has already raised over $2.4 million and is on observe to hit the $3.1 million goal throughout Stage 3 of the presale.
Traders are clamoring to get their fingers on BTCMTX by means of the presale, provided that the tokens could be staked to earn cloud mining credit.
These credit can then be exchanged to mine BTC – offering a simple manner for customers to generate a recurring revenue stream.
As outlined within the project’s whitepaper, this course of places management again within the fingers of people quite than large mining corporations.
On high of the Stake-to-Mine mannequin, customers also can pledge their BTCMTX tokens to the staking pool and earn yields of 237% per year.
These options have helped Bitcoin Minetrix appeal to consideration from high-profile crypto influencers, together with YouTuber Joe Parys, who described it as having “big potential.”
As soon as Bitcoin Minetrix’s 10-stage presale has ended, the creators intend to checklist BTCMTX on quite a few top-tier exchanges to spice up accessibility.
As such, those that buy BTCMTX tokens by means of the presale could possibly be in line for sizable returns ought to Bitcoin Minetrix stay as much as its early potential.