- Sandeep Nailwal identified the advantages POL will carry if the PIP gets accepted.
- MATIC’s every day chart turned inexperienced, and some metrics have been bullish.
During the last month, Polygon [MATIC] shed a considerable quantity of its market capitalization, pushing it right down to the thirteenth spot on the record of prime cryptos. Nonetheless, if Polygon’s newest PIP is accepted, the blockchain could possibly be one to be careful for, and right here’s why.
Learn Polygon’s [MATIC] Price Prediction 2023-24
Polygon shedding its floor?
Based on CoinMarketCap, MATIC’s value dropped by greater than 20% within the final 30 days. As compared, Polkadot [DOT] and Tron [TRX], which have considerably related market caps, solely bled 11% and 9%, respectively.
On the time of writing, MATIC was buying and selling at $0.5592 with a market cap of $5.2 billion.
The huge drop in value precipitated nearly all of traders to bear losses. Notably, IntoTheBlock’s data revealed that greater than 95% of the addresses’ common value of buying MATIC was larger than the token’s press time value.
This episode resulted in a spike in Polygon’s Day by day On-Chain Transaction Quantity in Loss within the final month.
Alongside this, DeFiLlama’s knowledge revealed that Polygon’s TVL has been on the decline over the previous couple of months. At press time, Polygon’s TVL stood at $1.153 billion.
A glance into Polygon’s future plans
Sandeep Nailwal, co-founder of Polygon, lately posted a tweet highlighting what the blockchain’s future may appear like. He primarily talked about POL, which is taken into account to be the successor of MATIC.
For the uninitiated, POL appears to ship the advantages of multi-chain staking with out the added threat of restaking. Furthermore, stakers can use POL in any variety of chains and roles, permitting for larger rewards with their staked capital.
POL is a large technical improve to MATIC
POL delivers the advantages of multi-chain staking with out the added dangers of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will increase from a single chain to an ecosystem of L2s that may simply interoperate and share…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
When a Twitter person requested what would occur to the already staked MATIC, Nailwal replied that ideally, as a person, one ought to get a 1/2-click improve to staked POL from staked MATIC.
Ideally, as a person you must get 1/2 click on improve to staked POL from staked MATIC. I believe as soon as the improve is accepted by the governance, solely then all of us would have extra data concerning the mechanism. Some primary data relating to how the mechanism would appear like was shared within the…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
Is your portfolio inexperienced? Try the MATIC Profit Calculator
Whereas the blockchain’s future had immense potential, issues on the bottom additionally began to show in MATIC’s favor as its every day chart turned inexperienced. MATIC’s provide on exchanges dropped, whereas its provide outdoors of exchanges elevated barely.
The token’s provide held by prime addresses additionally shot up, reflecting whales’ belief. Nonetheless, MATIC’s weighted sentiment remained on the damaging aspect, which was bearish.