- Sandeep Nailwal identified the advantages POL will deliver if the PIP will get permitted.
- MATIC’s day by day chart turned inexperienced, and some metrics had been bullish.
Over the past month, Polygon [MATIC] shed a considerable quantity of its market capitalization, pushing it all the way down to the thirteenth spot on the listing of prime cryptos. Nevertheless, if Polygon’s newest PIP is permitted, the blockchain might be one to be careful for, and right here’s why.
Learn Polygon’s [MATIC] Value Prediction 2023-24
Polygon dropping its floor?
Based on CoinMarketCap, MATIC’s worth dropped by greater than 20% within the final 30 days. Compared, Polkadot [DOT] and Tron [TRX], which have considerably comparable 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 worth induced the vast majority of buyers to bear losses. Notably, IntoTheBlock’s data revealed that greater than 95% of the addresses’ common price of buying MATIC was greater than the token’s press time worth.
This episode resulted in a spike in Polygon’s Every day On-Chain Transaction Quantity in Loss within the final month.
Supply: Santiment
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, just lately posted a tweet highlighting what the blockchain’s future may seem like. He primarily talked about POL, which is taken into account to be the successor of MATIC.
For the uninitiated, POL appears to be like to ship the advantages of multi-chain staking with out the added danger of restaking. Furthermore, stakers can use POL in any variety of chains and roles, permitting for greater 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 broaden 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 consumer requested what would occur to the already staked MATIC, Nailwal replied that ideally, as a consumer, one ought to get a 1/2-click improve to staked POL from staked MATIC.
Ideally, as a consumer it is best to get 1/2 click on improve to staked POL from staked MATIC. I believe as soon as the improve is permitted by the governance, solely then all of us would have extra data concerning the mechanism. Some fundamental data concerning how the mechanism would seem like was shared within the…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
Is your portfolio inexperienced? Try the MATIC Revenue Calculator
Whereas the blockchain’s future had immense potential, issues on the bottom additionally began to show in MATIC’s favor as its day by 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. Nevertheless, MATIC’s weighted sentiment remained on the damaging aspect, which was bearish.
Supply: Santiment
