- Polygon responded to SEC’s litigations, emphasizing its international focus and confidence in future growth.
- MATIC sentiment might enhance as social mentions elevated.
The latest litigations by the U.S. Securities and Change Fee (SEC) in opposition to main crypto exchanges like Binance and Coinbase have had a ripple impact on numerous cryptocurrencies. In an try and evade the SEC’s scrutiny, exchanges like Robinhood have delisted tokens similar to Polygon [MATIC].
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Polygon breaks its silence
Responding to this case, Polygon took to Twitter to specific its stance. Of their tweet, Polygon conveyed their delight in being developed and deployed exterior of america, emphasizing their dedication to the worldwide group that helps their community.
We’re pleased with the historical past of the Polygon community – developed exterior the US, deployed exterior the US, and centered to this present day on the worldwide group that helps the community. MATIC was a mandatory a part of the Polygon know-how from Day 1, making certain that the community could be…
— Polygon (Labs) (@0xPolygonLabs) June 10, 2023
Since its inception, MATIC has performed an important function in making certain the safety of the Polygon community, making it an integral a part of their operations. Polygon additionally expressed gratitude in the direction of regulators, policymakers, and the non-U.S. market, whereas showcasing confidence of their previous actions and future growth.
The crypto group has welcomed Polygon’s response and appreciated their stand in opposition to the SEC. This response may probably enhance sentiment surrounding MATIC, which has witnessed a major decline in latest days.
In accordance with LunarCrush’s information, social mentions and engagements associated to MATIC have been rising. If these conversations and engagements flip constructive, it may have a positive influence on MATIC’s long-term prospects.
As of now, MATIC is buying and selling at $0.601. Community progress has notably declined in latest months, indicating an absence of curiosity from new addresses. Nonetheless, the overall variety of MATIC holders continued to extend regardless of the falling costs.
Thus, at press time, there was nonetheless confidence amongst current holders, which may probably contribute to the resilience of MATIC.
Supply: Santiment
State of the protocol
There was a fabric decline in Polygon’s variety of energetic addresses and transactions over the previous few weeks. Nonetheless, there was a resurgence of exercise in latest days, indicating a possible rebound in community utilization.
Supply: Artemis
Practical or not, right here’s MATIC’s market cap in BTC’s phrases
Polygon’s Complete Worth Locked (TVL) has additionally skilled a major decline throughout this era.
Nonetheless, the progress of the zkEVM (zero-knowledge Ethereum Digital Machine) might result in enhancements within the community’s DeFi ecosystem.
Supply: Dune Analytics
