MATIC Enters Correction Phase, Bleeds 10% In The Past Week
20 Dezember 2023 - 3:00PM
NEWSBTC
After the market entered a shortened bleeding phase, it has since
rebounded to a stable foothold in preparation for a possibly bigger
rally by year’s end. However, some altcoins continued to trend
downward with MATIC being one of them. According to Coingecko, the
token is down almost 10% in the weekly timeframe. Although the
bears have a slight chokehold on MATIC’s market, there is some
on-chain news that keeps the token afloat. Related Reading:
Woo-ing Buyers: Woo Network Token 75% Rally Sparks Investor
Interest Update On Polygon’s Chain Development Kit (CDK)
Polygon recently posted on their blog about the newest addition to
their CDK. Gateway, a blockchain infrastructure-focused team,
integrated cdk-erigon into Polygon’s CDK. According to the blog
post, Erigon is a fast, high-efficiency node that will bring a
better user experience for developers building on Polygon.
Need for a Public RPC infrastructure in #defi? We got you covered 😎
Our team is happy to announce that we have become the RPC provider
infrastructure for Stellar @StellarOrg /Soroban @SorobanOfficial
Public RPC infrastructure. @gateway_eth head of infrastructure,…
pic.twitter.com/c3jEMToFoP — Gateway FM (@gateway_eth) September
28, 2023 “Erigon is known for being memory-optimized, and so is
cdk-erigon. Compared to the zkNode on Polygon zkEVM (of which
Polygon CDK is a fork), cdk-erigon uses 10x less disk space with
+150x faster sync times on mainnet,” the Polygon team said in the
blog post. MATIC market cap currently at $7.424 billion.
Chart: TradingView.com This new addition will attract more
developers to the platform. It can already be seen happening, with
six projects testing the new Polygon CDK with the cdk-erigon
integration. Polygon also iterated that the system will be
available as an RPC node for the protocol’s zkEVM Mainnet Beta next
year. Positive News Overall, But What Now? As of writing, MATIC
bulls are trying to reverse the current downward trend that the
token is on. However, they might need to settle for a lower, more
stable price point around $0.7550. This will provide investors and
traders with a stable jump-off point for higher gains before the
year’s end. From MATIC To POL But MATIC bulls should consider
the current phase of the network. Last September, the Polygon dev
team announced the implementation of Polygon 2.0, an upgrade that
would change the network’s token from MATIC to POL. According to
MATIC’s Coingecko page, the upgrade from MATIC to POL has been
initiated on the Ethereum mainnet. Related Reading: Ethereum
Whales Scoop Up $230 Million In ETH In One Week – Price Hike Next?
Once the upgrade is in full swing, investors and traders will
migrate their MATIC holdings to POL. This will inevitably harm the
price as more and more investors will try to take value out of
MATIC before it goes to the bin. For now, investors and
traders should be cautious of any major decision-making as any big
investing decision made now will hurt gains in the long run.
Featured image from Shutterstock
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