Polygon teases new launch even as MATIC plummets
- Polygon’s daily active addresses and transactions have been moving up for quite a few weeks.
- MATIC’s price declined along with its Open Interest, suggesting a trend reversal.
Polygon’s [MATIC] network activity has gained upward traction for quite a few months now, reflecting higher usage. The growth could be further fueled by the blockchain’s upcoming launch, Polygon Miden, which is expected to go live by the last quarter of this year.
How much are 1,10,100 MATICs worth today?
The update will not only add new capabilities but will also lend a helping hand to improve privacy. However, the hype around the launch is yet to be reflected on the blockchain’s native token’s price chart, as its 24-hour chart was painted red at press time.
Polygon’s network activity looks promising
As per Artemis, Polygon’s daily active addresses metric has been on an increasing trend for weeks. The same remained true for its daily transactions, which reflected high usage of the network. The network’s value also went up, which was evident from the blockchain’s TVL.
Moreover, after a plummet on 8 July, Polygon’s fees gained upward momentum, which was an optimistic sign.
Amidst this, a recent blog post from the blockchain revealed that Polygon Miden continued to make progress toward a public testnet. It will likely be released in Q4 2023.
Notably, Polygon Miden prioritizes zk-friendliness over EVM compatibility. It also uses a novel state model to exploit the full power of a zk-centric design.
Ether is Ethereum’s native asset. Ether is the only asset for paying fees & the only asset stored directly in accounts
In contrast, Polygon Miden treats all assets as native
— Polygon Developers (@0xPolygonDevs) July 17, 2023
A quick look at MATIC’s state
While Polygon’s network stats looked encouraging, MATIC investors were not happy as the bull rally came to an end. As per CoinMarketCap, the token’s price declined by more than 3% in the last 24 hours. At press time, it was trading at $0.7552 with a market capitalization of over $7 billion.
CryptoQuant’s data revealed that the token was under selling pressure at the time of writing. MATIC’s exchange reserve was on the rise as well, which could be a cause for trouble.
Read Polygon’s [MATIC] Price Prediction 2023-24
However, the rest of the metrics favored a price uptick. For instance, as per Coinglass, MATIC’s Open Interest was declining. A decline in the metric means that the current price trend might soon end.
Polygon’s active addresses were also high at press time, which is, by and large, a positive signal.