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The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?

Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team.

Polygon Last Unlock Goes To Team

On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at $260 million were released to the Foundation’s wallet.

This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above $9.14 billion with a fully diluted valuation (FDV) of approximately $5 billion.

The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out.

MATIC price chart from Tradingview.com (Polygon)

How Will This Affect The MATIC Price?

The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand.

Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundation’s wallet.

If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much.

At the time of writing, the MATIC token is trading at $0.95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of $2.92.

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Renowned Crypto Expert Reveals Top 3 Altcoins Ready To Breakout In February 2024

A prominent crypto analyst and Bitcoin enthusiast, Michael Van de Poppe, has shared insights on the future trajectory of several altcoins in the space. The crypto analyst’s predictions highlight crucial moments for investors as they watch out for opportune times to buy and sell cryptocurrencies in this dynamic market. 

Altcoins Set To Rise In 2024

Following the approval of Spot Bitcoin ETFs, Bitcoin experienced a substantial surge, rallying to overcome the $45,000 price mark. During this bullish momentum, the prices of several altcoins, including Ethereum (ETH) and Solana (SOL), also witnessed significant increases. 

In a recent X (formerly Twitter) post, Poppe revealed major altcoins to buy or sell in 2024. The crypto analyst shared a chart illustrating the historical price movements and corrections of Solana, Polygon (MATIC) and Chainlink (LINK). 

Poppe revealed that Solana’s consolidation phase appears to have ended after it experienced a major decline from its 2023 peak of over $123 to $95.81 at the time of writing. His analysis suggests that Solana is poised for a higher time frame support test at $80 and is anticipated to surge to new highs, potentially reaching $140. 

Subsequently, the crypto analyst presented a historical performance chart of MATIC, the native token of Polygon. Noting that the cryptocurrency has maintained higher time frame support levels with established liquidity, Poppe predicts an upcoming upward movement despite MATIC’s recent underperformance. 

He forecasts that MATIC’s next rally could propel its price to a range between $1.25 and $1.50. As of now, the price of MATIC is trading at $0.789, reflecting a 2.39% decline in the past 24 hours, according to CoinMarketCap. 

The Bitcoin enthusiast also anticipates a substantial price increase for Chainlink’s native token, LINK. The crypto analyst revealed that the cryptocurrency has consistently held crucial price levels and is positioned for an upward momentum towards $25. At the time of writing, the price of LINK stands at $14.65, representing a 0.12% increase in the last 24 hours. 

Underperforming Crypto In 2024

In his X post, Poppe unveiled a roster of altcoins that has been struggling to surge and maintain crucial resistance levels. The crypto analyst pointed out that Ethereum’s recent slow growth has adversely impacted many altcoins, causing them to experience further declines. 

He mentioned Synthetix (SNX), which is currently depreciating primarily due to Ethereum’s lagging performance. Additionally, there is Arbitrum (ARB) and Polkadot (DOT), which Poppe predicts would have a significant price increase in the future. 

The Bitcoin enthusiast stated that if ARB can return to a price level of around $1.40 and $1.60, it could open up new entries into a more sustainable position. Subsequently, Poppe predicts a rise in the price of Polkadot to $15 despite its current price trading at $6.80. 

The crypto analyst revealed that DOT is currently showcasing a “great weekly candle”, and its previous price corrections present a great opportunity for investors in the ongoing bull market. 

Crypto Total Market Cap on Tradingview.com (Altcoins Analyst)

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How To Buy, Sell, And Trade Tokens on The Polygon Network

Polygon (formerly Matic Network) is a game-changing Layer 2 scaling solution that addresses Ethereum’s scalability challenges. It empowers developers to create and deploy scalable, interoperable decentralized applications (dApps) by utilizing sidechains, plasma chains, and innovative scaling techniques. 

If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available on the Ethereum network. This enables rapid transaction speed and cost-effectiveness while maintaining the security and decentralization of the Ethereum network.

As a Layer 2 solution, Polygon operates in parallel to the Ethereum blockchain. Rather than individually validating each transaction, batches of transactions are sent to the Ethereum blockchain, significantly accelerating the validation process and reducing fees.

Polygon implements a proof-of-stake consensus mechanism wherein users can stake tokens for a predetermined duration to validate transactions. In return for their staking activities, participants are rewarded with MATIC tokens.

To ensure robust security, Polygon implements the advanced technique of “commit-chain” or “checkpointing.” It securely anchors the state of Polygon chains onto the Ethereum mainnet at regular intervals, enhancing data integrity and leveraging Ethereum’s inherent security. By capitalizing on Ethereum’s proven security measures, Polygon provides users with a reliable and resilient platform for their transactions and dApps.

The Polygon Network offers a comprehensive set of features that address scalability, security, and developer-friendliness. In this article, we will delve into the key attributes of the Polygon network and assess its substantial potential within the Ethereum ecosystem.

Features Of The Polygon Network

Cross-Chain Connectivity

Polygon network offers bridges that enable smooth transfers of assets and data across diverse blockchains. This fosters interoperability between chains, empowering users to leverage the advantages of multiple blockchain networks and access a broader array of decentralized finance (DeFi) protocols and applications. 

Polygon presents a Layer 2 scaling solution for Ethereum by leveraging sidechains to address scalability challenges. This solution facilitates quicker and more economical transactions, alleviating congestion and mitigating high fees on the Ethereum network

Ethereum Compatibility

Polygon seamlessly integrates with the Ethereum Virtual Machine (EVM), enabling developers to effortlessly migrate their existing Ethereum decentralized applications (dApps) to the Polygon network. This compatibility guarantees a seamless transition and adoption of Polygon while leveraging the extensive Ethereum ecosystem and developer tools.

Commit-Chain Checkpointing 

Polygon employs commit-chain checkpointing, securing the state of its chains by anchoring them onto the Ethereum mainnet. This approach guarantees the integrity of data, harnesses Ethereum’s robust security measures, and safeguards against any unauthorized alterations or tampering of the sidechain data.

Ethereum Network Security 

Leveraging Ethereum as its anchor chain, Polygon leverages the inherent security and decentralization of the Ethereum network. This integration fortifies the overall security of the Polygon ecosystem, ensuring users have access to a reliable and resilient platform for transactions and decentralized applications (dApps).

Developer-Centric Environment

Polygon provides an array of developer tools and infrastructure that empower developers to create and deploy decentralized applications (dApps) seamlessly. The Polygon Software Development Kit (SDK) offers a streamlined framework for building scalable applications on the network, simplifying the development process. 

Polygon also prioritizes the needs of developers by offering extensive documentation, guides, and resources. This ensures that developers have access to the necessary information and support to comprehend and harness the platform effectively. The availability of comprehensive resources fosters a vibrant developer community, encouraging collaboration and driving innovation on the network.

MATIC Token Utility And Exchange Availability

Polygon’s rebranding decision resulted in the retention of MATIC as its token ticker symbol. MATIC, an ERC-20 token, ensures compatibility with numerous Ethereum projects. Within the Polygon network, users rely on MATIC to secure and govern the network and cover transaction fees.

The MATIC token serves multiple purposes within Polygon’s ecosystem. Users can utilize MATIC for fee payments during transactions on the Polygon platform. MATIC can also be staked to contribute to the network’s security and earn rewards. 

Furthermore, MATIC holders have the ability to engage in governance activities by voting on proposed modifications, influencing the evolution of the network.

In terms of exchange availability, MATIC can be traded on various platforms, including prominent exchanges like UniSwap. This wide accessibility on exchanges enhances liquidity and provides individuals with convenient access to acquire or trade MATIC tokens.

How To Get Started On The Polygon (MATIC) Network

To engage in token transactions on the Polygon network, users must acquire a MetaMask wallet. MetaMask, a widely used browser extension wallet, provides a seamless interface for interacting with blockchain networks, including Ethereum. This user-friendly wallet is accessible as a browser extension for popular browsers like Google Chrome.

To ensure your MetaMask Wallet is added to your browser as an extension, click on the ‘Add to Chrome’ icon located at the top right corner, as depicted below:

Metamask

After installation and setup, MetaMask enables users to effectively manage their cryptocurrency wallets, seamlessly interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks, all directly from within their web browsers. 

Remember to diligently write down your seed phrase on a physical sheet of paper and store it in a secure location. Avoid storing it online or on any electronic device to ensure maximum security.

For the next step, add the Polygon (MATIC) network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On The Polygon (MATIC) Network

In order to execute trades on the Polygon (MATIC) network, you will need to fund your wallet with MATIC so as to enable you to cover gas fees. These fees cover the expense associated with utilizing computational resources related to transaction processing and validation.

To purchase MATIC tokens, you can utilize centralized exchanges like Binance. Simply copy your wallet address from MetaMask and proceed to transfer MATIC tokens from your Binance account to your MetaMask wallet. 

In addition, it is possible to acquire MATIC directly within the MetaMask wallet by utilizing conventional payment methods such as credit or debit cards and other similar options.  

Simply click on the “Buy/Sell” button within the MetaMask interface to access the designated section. Within this interface, you can specify the desired amount of MATIC (or any other token) you wish to purchase in terms of US dollars. Additionally, you can select your preferred payment method before finalizing the transaction by clicking on the “Buy” button. 

It’s imperative for users to be aware that when purchasing cryptocurrencies directly within MetaMask, you will be required to provide information such as your country and state. However, rest assured that this process is simple and can be completed within a minute.

Buy MATIC Metamask

You can expect your MATIC tokens to arrive in your wallet within a few minutes at most. Once they have arrived, you are ready to start trading tokens on the Polygon network. To begin your trading journey, navigate to UniSwap and commence your trading activities.

How To Trade Tokens On The Polygon Network Using UniSwap

Uniswap is an Ethereum blockchain-based decentralized exchange (DEX) protocol that enables users to trade Ethereum-based tokens from their wallets directly, eliminating the necessity for intermediaries or conventional order books. Uniswap provides users with a hassle-free method to purchase and sell various tokens.

To safeguard your wallet against fraudulent activity, ensure that you are accessing the legitimate Uniswap website. 

Begin by clicking on the “Launch App” button located in the top right corner, as depicted in the image below:

Polygon Network

Next, proceed by selecting the “connect” option located at the top right corner of the UniSwap interface, as depicted in the provided image below:

Uniswap

Establish a connection with your preferred wallet, as shown in the image below. In this instance, the suggested wallet is Metamask:

Uniswap buy MATIC

After establishing the connection, adjust your Metamask settings to the Polygon (MATIC) network. (If you are already connected to the Polygon network, there is no need to make any network switches).

Polygon trading

Once you have successfully connected MetaMask to the Polygon network, navigate to UniSwap to begin trading on the Polygon network through the platform.

Moving forward, you need to choose your desired tokens within the UniSwap interface. As Uniswap operates on a token-to-token trading model, click on the “Select Token” button to designate the specific trading pair you wish to trade against.

To illustrate, if you intend to purchase USDT using MATIC, simply choose the MATIC – USDT trading pair, specify the desired amount, and click on “Swap” or “Trade Now.” Confirm the transaction in your Metamask wallet, and you will be able to view the tokens in your wallet’s asset list.

Trading tokens

Buying And Selling Tokens With Metamask

Metamask extension wallet, connected to the Polygon network, allows users to buy and sell tokens seamlessly. To proceed, ensure that you are connected to the Polygon network and possess MATIC tokens for swapping and covering gas fees.

Then, locate the “Swap” button, as illustrated below. Clicking on it will direct you to the Swap interface within the Metamask wallet.

Metamask Swap

Using the image above as a guide, users can search for tokens by name or contract address, just like on UniSwap. Enter the amount of MATIC you want to swap, make sure you have the correct token, and click on “Swap”. Once the transaction is confirmed, the tokens you bought will be sent to your wallet.

Tracking Token Prices on The Polygon  Network

Polygon network users can equip themselves with potential on-chain tools like Dexscreener, which opens up a world of new opportunities for traders. Dexscreener provides users with extensive market insights for specific tokens, ranging from real-time price data to in-depth contract information. It also helps users make well-informed trading decisions based on reliable and up-to-date data.

Stay ahead of the curve on the Polygon network with Dexscreener, keeping track of token metrics and market dynamics. 

Polygon Dexscreener

Dexscreener on the Polygon network offers invaluable features tailored to users. One standout feature is its charting functionality, which provides real-time and historical price data for various tokens.

By utilizing these charts, users can gain valuable insights into price trends, trading volumes, and other important metrics.

Check below for a visual representation:

Dexscreener charts

Conclusion

The Polygon network provides a robust and user-friendly environment for traders to thrive. With its innovative features, growing ecosystem, and commitment to scalability, Polygon is poised to play a pivotal role in shaping the future of decentralized finance.

As Polygon continues to experience growth and wider adoption, we anticipate a broader selection of applications and services tailored to meet the diverse requirements of traders. The network’s dedication to scalability, interoperability, and user satisfaction establishes it as a frontrunner in the ever-evolving blockchain industry.

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Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

Polygon (MATIC) is the altcoin in focus this time around as an analyst provides an analysis of the crypto token. Based on this analysis, there is a feeling that things could soon begin to look up for MATIC.

Polygon Could See Significant Rally Soon

In a video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB noted that MATIC has declined following Bitcoin’s pullback. However, this move is unexpected as he believes that the crypto token’s decline to the particular retracement area sets it up nicely for an upward move. Based on his projection, MATIC could rise to between $0.87 and $1.36.

JB also factored in other things that could suggest that an upward move is imminent. He alluded to the stochastic level, which had initially suggested an overbought condition. However, it has sharply corrected indicating that there could be another push to the upside for MATIC. On the other hand, the crypto analyst was also wary of factors that could spell a move to the downside.

One of them happens to be the volumes that are seen across various cryptocurrencies. JB stated the current volumes aren’t great, and this has weakened the prices of these crypto tokens. This could potentially hinder any projection of an upward move. Another is the possibility of MATIC losing the cross above the 200 EMA, as this suggests that a dump is imminent. 

Earlier in the video, JB had also emphasized the 5-wave pattern that was forming on different timeframes on the MATIC chart. The analyst seemed uncertain about whether or not the fifth wave was just forming. He noted that a push above $94.5 would suggest that the last wave is still to come. There is also the possibility that it could just be an A, B, and C pattern. 

Polygon MATIC price chart from Tradingview.com

MATIC To $100 Still Possible

Still analyzing MATIC’s price pattern on the charts, JB mentioned that he was still bullish on the crypto token ahead of the imminent bull market. He had previously mentioned a target of $100 for MATIC in the next bull run, and he is still standing by the projection. In fact, JB noted that a new structure forming on the charts suggests that the crypto token could rise higher than that. 

As part of this prediction, he sees MATIC being a “powerhouse” in the bull run and being one of the standout altcoins. One of the factors that he believes will contribute to MATIC’s dominance is the potential approval of the pending Ethereum Spot ETF applications. He believes that the crypto token could be a huge beneficiary, considering its role in the Ethereum ecosystem. 

At the time of writing, MATIC is trading at around $0.85, down over 1%, according to data from CoinMarketCap.

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Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over

The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain this year and the stats have corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint took place and the burn figures have been nothing short of impressive. Over 100 million MATIC tokens were incinerated as a result of this event. But data suggests that this rush is far from over.

POLS Mint Triggers Massive MATIC Burns

The POLS token mint saw a massive turnout from the Polygon community as thousands of investors clamored to mint their tokens. As a result, the fees on the network skyrocketed and the ensuing token burn crossed 100 million MATIC.

According to reports, the fees on the Polygon network skyrocketed by over 13,000% sending fees as high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart that showed that the network had processed over 6 million transactions in a 24-hour period, amounting to a 170 transactions per second (TPS) rate.

EVM data shows that the POLS mint saw over 100 million MATIC burned which translated to over $80 million in fees alone. The NFT collection is rising in popularity and by Friday, a total of 10.32% of the collection has been minted.

Why Polygon Is Just Starting

One of the major drivers of the POLS popularity is its similarity to the BRC-20 standard that allowed for minting NFTs on the Bitcoin network which has been incredibly successful so far. Given the success of the BRC-20 tokens, this bullishness has translated to the PRC-20 tokens.

With only 18,480 owners of the POLS tokens and over 400,000 daily users on the Polygon network, there is still a lot of room for the new Polygon standard to catch on. When this happens, the expectation is that more investors will get into the tokens.

Polygon users are also actively awaiting the rebranding of the MATIC tokens into the new POL token. This rebranding is expected to give the token a sort of ‘fresh start’ that could propel the price upward. Users will have to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this.

The MATIC price initially benefitted from this surge in user activity by rising above the $0.94 level on Thursday. However, the altcoin has managed to lose some of those gains after falling 6.61% on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, albeit with a 2.67% gain on the weekly chart.

MATIC price chart from Tradingview.com (POLS Polygon)

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Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?

It’s been a relatively quiet period of price action for Polygon (MATIC) in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market. 

Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period.

After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC. 

Polygon Network Metrics Explode

Data from various market analytics platforms have shown a spike in transactions on the polygon network. Cryptoquant puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to the analytics website, this is a surge of more than 3,800% compared to 30 days ago.

The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month. 

As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC’s price rising significantly in the future.

Polygon network metrics

MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In/Out of the Money Around Price” metric show that 71.23% of MATIC addresses that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit.

MATIC price profit

MATIC Price To Reach $2?

Technical analysis of MATIC’s price chart shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet. 

MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher.

According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.

MATIC price chart from Tradingview.com (Polygon network metrics)

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Crypto Analyst Says MATIC Price Will Rocket Above $1.5 If This Happens

The MATIC price has gained quickly making it one of the top gainers in the last day. But even after growing so much, crypto analysts think that the main event is only beginning, expecting the token to cross the $1 mark once more and make it above $1.5.

MATIC Price Could Mount 76% Rally To $1.5

Crypto analyst Babenski has laid out a scenario where the MATIC price could rise back above $1.5. The token has seen investors eagerly await its return and it is expected to be glorious. As the analyst outlines, the Polygon native token is still facing a bit of a resistance but a breakout above the $0.9 would spark a surge.

The analyst explains that the price is being held back but is trying to break out of the A&V pattern. Even the fact that the altcoin is trying to break out of this pattern is bullish and a complete break could see it rise up and clear the coveted $1 level.

MATIC price chart from Tradingview.com

Also, this breakout could see the price rise as high as 76%, as Babenski notes. Such a surge would bring MATIC above $1.5. If this happens, it will be the first time in almost a year that the MATIC price has crossed this level and could signal the start of another bull rally.

Maintaining A Bullish Outlook

In addition to Babenki, another crypto analyst has taken to TradingView to share their own bullish outlook on the MATIC price. This time around, Nathan at MyCryptoParadise presents their analysis with the fact that MATIC seems to have a well-executed rounding bottom pattern.

Then using the daily candle, the analyst predicts a potential to break out from its current supply area. “A successful breakout would pave the way for MATIC to probability advance toward our targeted supply area,” Nathan said. The outcome and the expected peak of this breakout, although not as high as Babenski’s forecast, also put the price above $1.1.

MATIC polygon price chart from Tradingview.com

However, it is not a completely smooth road for the MATIC price here. This is because the analyst says that if the altcoin comes across any difficulty in breaking the supply area, then it could trigger a downtrend. This would cause the price to dip and head toward demand at $0.69.

“The undesirable scenario unfolds if, during the retesting at the demand of $0.69, MATIC struggles to sustain its position and breaches the demand area,” says Nathan. “In such a case, MATIC would revert to a bearish movement, potentially retracing to the robust support area.”

MATIC price chart from Tradingview.com (Crypto analyst)

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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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A Chance At Redemption: Analyst Puts MATIC Price At $1.5

The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5.

MATIC Price To Make A 220% Break

The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.

FieryTrading pointed to the fact that the altcoin has been caught in a sell-off trend throughout the year. However, this sustained selling has been broken through after Bitcoin showed strength, and altcoins like MATIC followed. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held back the token all year.

MATIC price chart from Tradingview.com

However, not everyone agrees with the crypto analyst’s prediction for the Polygon native token. One user took to the comment section to share their own expectation, explaining that the MATIC price is going to fall further and $1 would not be reached.

When FieryTrading inquired why the user believed MATIC would fall, they explained that they had insider information from working on a major project in the last year. According to the user, it’s not just MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user cautioned.

MATIC’s Struggles Continue

Although the MATIC price has been able to follow the recovery trajectory of Bitcoin as well, it has not held on as well as others. After touching $0.661 on Tuesday, MATIC went into a sustained downtrend, and at a time when large altcoins are still seeing gains, MATIC is nursing 2.88% losses in the last day.

Additionally, the altcoin’s daily trading volume fell approximately 29% to $426 million on Thursday, which suggests traders and investors are going into a cooling-off period. So it is likely the MATIC price will continue to fall before it picks up steam again. However, if FieryTrading’s analysis is correct, then this downtrend would not last long.

As for MATIC investors, the price recovery has done little to amend the low profitability. As IntoTheBlock data shows, only 11% of all MATIC holders are seeing profit. The vast majority of 87% are deep in losses, with only 2% holding bags at the same price at which they purchased them.

MATIC price chart from Tradingview.com (Crypto analyst)

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MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move.

Whales Move Tens Of Millions To Exchanges

The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million.

Mostly, it was the destination of these tokens that was important which turned out to be the Binance crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit.

MATIC would later recover and move into the green, a price increase that seemed to have prompted more whales to take advantage of the situation. Over the course of the day, whale transaction tracker Whale Alert would report multiple whale transactions all carrying millions of dollars worth of the token toward exchanges.

The next large transaction was one carrying 11,000,888 tokens worth $5.7 million to the Binance exchange. Another transaction followed shortly carrying the exact number of MATIC tokens also headed for the Binance exchange.

Within the same hour, the whale tracker also reported 15,826,267 million MATIC being shifted once again to Binance. This transition was carrying approximately $8.2 million worth of tokens. This pointed toward whales looking to dump large portions of holdings.

Polygon MATIC price chart from Tradingview.com (MATIC whales)

MATIC Price Could Suffer Drawdown

The massive amounts of tokens being shifted toward centralized exchanges could mean that the whales are beginning to offload some of their holdings to avoid further losses. In this case, it is not farfetched to say that the altcoin’s rally over the last day might be a brief one. Such a fall could easily see the MATIC price fall back to $0.51 as bears retest the support at $0.5.

However, all hope is not lost for the MATIC price as the coin still holds some bullishness. As one TradingView analyst points out, if the altcoin is able to break out from its current descending triangle, then the price could rally over 50%.

MATIC price prediction chart from Tradingview.com

The analyst puts the first target of this rally at the $0.9 level as well, which is an almost 100% price increase from here. But MATIC will continue to face opposition from bears, making it a tricky situation.

At the time of writing, the MATIC price is resting above $0.5232, enjoying 3.06% gains in the last day.