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Polygon Founder Recaps 2023: MATIC’s Surge Powers Through Resistance With 4% Uptrend

Polygon is closing out 2023 on a high note as its native token, MATIC, experienced a significant surge over the past 24 hours, despite its founder highlighting a “painful ride”.

MATIC’s current price stands at $0.8939, accompanied by a 24-hour trading volume of $701,503,128.22. This represents a notable 4.20% price increase within the last 24 hours and a remarkable 14.10% increase over the past 7 days.

Polygon Founder Embraces Underdog Status

Despite a challenging journey throughout 2023, Polygon’s founder, Sandeep Nailwal, recently expressed his contentment with the platform’s underdog status. In a statement on X (formerly Twitter), Nailwal stated:

Polygon is back to where it’s the best at being an underdog. Not going to lie, it’s been a painful ride, the whole of 2023, but right now, it feels incredibly liberating to be the underdog again.

Furthermore, Nailwal went on to outline several reasons why he believes investors should feel bullish about Polygon’s prospects. 

One key feature is Ethereum Virtual Machine (EVM) Compatibility, which allows Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures that any application running on Ethereum or other EVM-compatible chains can be deployed onto zkEVM, Polygon’s layer 2 solution, with minimal modifications.

Another aspect highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces gas fees, addressing critical pain points experienced by users on other blockchain platforms.

Scalability is a paramount concern in the blockchain industry, and Polygon aims to address this challenge by executing smart contracts using zero-knowledge technology. 

This approach ensures “scalability without compromising decentralization” and security, bolstering the platform’s overall appeal to developers and users alike.

Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the existing ecosystem of over 400 decentralized applications (dApps) within the Polygon network. 

This ecosystem includes a diverse range of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon aims to further solidify its position as a leader in the blockchain space.

Midterm Targets And Strategy For MATIC Price Action

Renowned analyst Captain Faibik has released a comprehensive analysis of the price action for Polygon’s native token, MATIC. In his assessment, Captain Faibik identifies key targets and a strategic approach for investors to capitalize on potential gains.

According to Captain Faibik’s analysis, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets represent potential price levels that MATIC could reach based on historical patterns. 

Notably, to manage risk and protect their investment, Captain Faibik recommends implementing a stop-loss strategy. If the weekly closing price of MATIC falls below $0.55, it is suggested to exit the position.

Furthermore, Captain Faibik advises investors to adopt a long-term mindset and hold their MATIC investment for a minimum of 60 days. This holding period enables investors to ride out short-term price fluctuations and potentially capitalize on the projected targets identified.

Polygon

Featured image from Shutterstock, chart from TradingView.com

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Polygon Labs And NEAR Foundation Partner For zkWasm L2 Prover Integration

Polygon Labs (MATIC) and the NEAR Foundation have recently announced their collaboration on the development of a zero-knowledge (ZK) prover for the WebAssembly (Wasm) blockchain.  

The alliance aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem, providing customization and options for developers building with the Polygon CDK (Chain Development Kit).

NEAR Foundation Joins Polygon As Core Contributor

According to Polygon Labs’ announcement, introducing a zkWasm prover will enable developers utilizing Polygon CDK to choose from various provers when building their projects.

This can be leveraged in various scenarios, including launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for closer alignment with Ethereum and access to liquidity. 

The zkWasm prover will serve as a new runtime, generating zero-knowledge proofs that validate the correctness of native Wasm runtime execution. This advancement is expected to enhance scalability and decentralization, bringing the NEAR protocol closer to Ethereum.

As part of this partnership, the NEAR Foundation is set to become a core contributor to Polygon CDK, expanding the toolkit’s capabilities for developers.

Sandeep Nailwal, the co-founder of Polygon, expressed pride in collaborating with NEAR on this research and emphasized the value of the zkWasm prover in providing developers with increased customization options. 

To provide further context, WebAssembly is a widely used framework for running complex programs in web browsers, offering performance comparable to native computer applications. In the context of Web3, the Wasm Virtual Machine serves as a runtime for blockchains like NEAR and Polkadot, differing from the Ethereum Virtual Machine.

Scalability And Decentralization Boost?

Per the announcement, in the future, an in-development interop layer will allow chains to join a unified ecosystem of Layer 2 solutions deployed through Polygon CDK. 

This ecosystem will encompass alternative layer-1 chains, EVM layer-2 solutions, and Wasm chains, providing interoperability and defragmentation of liquidity across different chains.

Illia Polosukhin, co-founder of NEAR Protocol, expressed optimism about the collaboration, emphasizing that it will bring the benefits of zero-knowledge proofs not only to NEAR but to the entire Web3 ecosystem. Polosukhin stated:

We are very excited to work with Polygon Labs to bring all the benefits of zero-knowledge proofs not just to NEAR but all of Web3. NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of these two teams will bring a much-needed expansion of the ZK landscape and defragmentation of liquidity across chains. And by creating and using the zkWasm prover, NEAR will also improve the scalability and decentralization of the NEAR L1.

Overall, the collaboration between Polygon Labs and the NEAR Foundation holds significant implications for both protocols. Integrating the zkWasm prover will enhance the capabilities of Polygon CDK, providing developers with more options in building “custom blockchains.” 

Additionally, it will bring NEAR Protocol closer to Ethereum, expanding its interoperability and liquidity opportunities. 

Polygon

As of the latest update, MATIC, the native token of Polygon, is on the verge of reaching the $0.800 level, a milestone that has not been attained since July. The token currently trades at $0.7903, showcasing a noteworthy upward trajectory. 

This positive movement is further bolstered by an impressive 11% uptrend recorded over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023

Polygon (MATIC), a  Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token. 

Polygon NFT Sales Skyrocket

Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection, which became the top collection on the network. 

Polygon

The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements. 

Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol. 

The token features an inflationary model with an annual issuance rate that is subject to community governance, which, according to the report, enhances the overall security and decentralization of the platform.

Daily Active Addresses Surge Fueled By DeFi Dominance

During Q3, Polygon experienced a 1.4% quarter-on-quarter growth in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, showcasing the platform’s strength and popularity within the decentralized finance space.

Polygon

What’s more, Polygon Labs unveiled Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all Polygon protocols and blockchains using ZK technology. This initiative seeks to establish Polygon as the “Value Layer of the Internet” and introduces significant updates to protocol architecture, tokenomics, and governance. 

One of the key upgrades includes transitioning the network to a zkEVM Validium network, ensuring enhanced security while sharing the same level of robustness as Ethereum (ETH).

Furthermore, according to Token Terminal data, Polygon has shown positive momentum in price performance, network fees, and circulating market cap.

Polygon

The network’s native token, MATIC, has experienced an increase of 3.95% over the past 24 hours, trading at $0.6556, reflecting positive sentiment among investors. 

Over the past 30 days, the coin has experienced a notable increase of 13.01%, signaling a potential recovery from previous market downturns.

However, the six-month data shows a decrease of 34.97%, indicating the impact of market volatility on the long-term value of the token.

Polygon’s circulating market cap currently stands at $6.00 billion, exhibiting a 15.36% increase. However, the fully diluted market cap of $6.49 billion, which considers the total supply of tokens, has grown by 12.79%. 

The network’s fees over the past 30 days amounted to $1.21 million, representing a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, indicating a downward trend of 20.24%. 

Featured image from Shutterstock, chart from TradingView.com 

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Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1?

A major Korean finance powerhouse, Mirae Asset Securities, has joined hands with a popular blockchain network, Polygon. This partnership has ignited curiosity about how it might impact the price of Polygon’s native cryptocurrency, MATIC. 

Top Financial Organizations Join Forces With Polygon To Create Tokenized Securities Network

In the early hours of today, September 7, 2023, South Korea’s largest financial group, Mirae Asset Securities, with over $500 Billion under manager, announced they are connecting to the Polygon network. According to the report, the collaboration aims to increase the adoption of Web3 technologies and develop a tokenized securities community.

In a press release, the asset manager said that Polygon Labs will be the chief technical consultant in the Token Working Group of Mirae Asset Securities. The asset manager said the group would work “efficiently” to create infrastructure to issue, exchange, and distribute token-based securities. 

According to the Head of the digital assets division at Mirae Asset Securities, Ahn In-sung:

Polygon Labs is a leading global blockchain technology development company that is innovating throughout all aspects of Web3. Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.

Notably, several financial companies are included in this collaboration. These include Linger Studio and Coin Plug, Hana Financial, and SK Telecom’s security token consortium, Next Finance Initiative (NFI).

According to the report, Big finance names like Franklin Templeton and Hamilton Lane, a big investment company with over $823.9 billion in assets, are already using Polygon for tokenization projects. 

MATICUSD price chart

Will Polygon’s Partnership With Mirae Asset Securities Affect MATIC’s Price?

The Partnership between Polygon Labs and Mirae Asset Securities to advance tokenization will benefit Web3 adoption within the ecosystem and could boost MATIC’s price.

On September 5, Polygon 2.0 was announced with Zero Knowledge L2 chains, three Governance pillars, and the Polygon Business Model part of the new upgrades. This upgrade will likely attract investors like Mirae Asset Securities to rely on Polygon for different purposes. 

From September 1-3, MATIC traded in the $0.54 range but has increased to $0.56 today, September 7. It implies that the partnership is likely driving the slight gains noticed in the last 24 hours and might signal an uptrend ahead for MATIC. 

MATIC has formed six consecutive green candles on the daily chart, suggesting buyers defend current levels. Also, it found critical support at $0.55, with its next price moves likely to send it to the $0.57 resistance level. 

If the buyers persist, MATIC can break above the $0.57 resistance level and move into an uptrend. The Relative Strength Index (RSI) indicator, with a value of 41.57, shows a neutral sentiment among investors. However, the Moving Average Convergence/Divergence (MACD) displays a buy signal confirmed by the green Histogram bars. 

MATIC will likely record a positive price action in the coming days based on a more positive investor sentiment and valuable partnerships.

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Polygon (MATIC) Holds Its Gains While Market Turns Red

Polygon’s MATIC has struggled to keep its weekly gains despite the entire crypto market trading in the red zone. The crypto market plunged into an endless decline yesterday after FTX’s acquisition by Binance was made known. The FTX saga has shaken many crypto investors for days due to rumors that the platform had liquidity issues. This resulted in mass liquidation, especially of the platform’s native token, FTT. 

Although the acquisition news pushed prices up, bearish sentiments held sway, pulling the market downward. As of writing, MATIC and OKB were the only tokens still holding substantial gains across the top-100 board. Specifically, MATIC is still up by over 2% from last week’s run. However, it was trading at an intraday loss of 26.70%.

Polygon Adds Over 40 Million Wallets In Six Months Despite Bearish Market Sentiments

While much of the cryptocurrency market is again plunging into the red, Polygon still keeps measurable weekly and monthly gains. In addition, it has enjoyed strong network expansion over the previous several months. Specifically, more than 46 million new wallet addresses have been added to the network in the past six months. The data was pulled from the protocol’s network explorer, PolygonScan.

There are now over 188 million unique addresses on the Polygon network, up significantly from the 143 million in May. At the beginning of the year, it had about 130 million different addresses. According to the statistics, the Proof-of-Stake (PoS) network expanded by over 30% within six months. It added approximately 250,000 new unique addresses every single day on average.

During this time span, the value of MATIC, the network’s native cryptocurrency, has skyrocketed. Since the beginning of this year, $MATIC has seen a price increase of nearly 58%, according to market statistics. Whereas Bitcoin (BTC) and Ethereum (ETH) have both had price decreases of 35.6% and 37.6%, respectively.

MATICUSD

MATIC’s price is currently hovering at $0.8894. | Source: MATICUSD price chart from TradingView.com

Crypto Community Feels Bearish About MATIC Despite Growing Usage

Despite the network’s expansion, price estimates for the cryptocurrency indicate a negative reversal by the end of the year. The crypto community at CoinMarketCap predicted that MATIC might fall to an average of $0.899 before the year ends. But the MATIC price has already touched that level today and currently stands at $0.8894. 

These forecasts stand in stark contrast to the rapidly expanding usage of the Polygon network. This week, the international banking group JPMorgan conducted the institution’s first-ever transaction using decentralized finance on a public blockchain. Polygon was used with a customized version of the primary decentralized finance lending protocol Aave to complete the transaction.

Meta also announced that it has started working on how to mint and trade non-fungible tokens (NFTs) through its Instagram app. Users will be able to generate their own NFTs and sell them on the platform thanks to this new feature. At launch, the social media giant will use the Polygon blockchain for the NFTs. It’ll import metadata from NFT marketplace OpenSea to make collection names and descriptions accessible.

Featured image from Pixabay and chart from TradingView.com

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Polygon (MATIC) Among Top Performers, Can It Sustain The Rally?

Popular Ethereum layer-2 token MATIC has surged over 17% in the last 24 hours, leading the crypto market in gains. Its price jumped from the previous day’s low of $0.815 to a local high of above $1. However, the price succeeded in breaking through the $1 barrier, settling at $1.13 at press time.

MATIC’s price had fallen for five days in a row beginning on October 29th. However, it has recently seen a remarkable uptick due to several positive developments. Meta’s recent announcement about supporting NFTs on Instagram leveraging Polygon was the main catalyst. The social media platform’s newest Web3 integration comes amid fierce competition from TikTok and Alphabet’s YouTube.

Meta Starts Testing Instagram NFT Sales Powered By Polygon

Instagram owner Meta announced plans to mint, display, and sell Polygon-powered digital collections and NFTs on the platform. This should provide artists with a fresh approach to interacting with and profiting from their fan bases. According to Meta, the photo-sharing app’s latest features will be tested by a handful of US creators. The goal is to reach more people in more nations as quickly as possible. Instagram intends to incorporate a whole end-to-end toolbox that can be utilized throughout the process. This would cover NFT production to NFT display and sales on and off social media.

In May 2022, Meta (then known as Facebook) began testing the service, and by the end of September, it had expanded to 100 nations. This allowed Facebook and Instagram users in the United States to connect their wallets and share their digital collections on platforms. Users can automatically tag makers and collectors without incurring network expenses.

For artists, NFTs offer a way to convert their social capital into monetary reward. This way, fans may appreciate artists by collecting and curating digital art collections. Polygon noted that 50 million individuals worldwide consider themselves to be online producers. They also highlighted that NFTs enable these people to own their digital works published online. Polygon’s co-founder Sandeep Nailwal hailed the agreement as a major milestone on the road to bringing one billion people to web3.

Can MATIC Leverage Meta’s Deal To Sustain The Rally?

Following Meta’s Instagram post that it will support Polygon NFT, MATIC investors woke up to a 12% gain. Last week, MATIC’s price surged beyond $0.88, which is now acting as support.

Since then, the price of MATIC has risen past $0.95. Since October 29th, the cryptocurrency has provided enormous returns for its holders. Analyst and crypto trader Avramis predicts that MATIC’s price will rise to $1.25 this November. Many market watchers see this as confirmation that MATIC’s recent positive trend reversal will persist.

However, not everyone is bullish about Polygon’s price trend; some see a potential correction phase ahead. A decline to the $0.88 level would prove bears’ dominance and discredit the bullish thesis. If bulls cannot maintain their pace, the MATIC price might fall below the $0.72 level.

Featured image from Pixabay and chart from TradingView.com