Will Polygon’s gaming sector help MATIC stabilize?
- The Immutable zkEVM testnet went live, offering new features and capabilities.
- MATIC’s chart remained red, and metrics were bearish.
Over the last few months, Polygon [MATIC] has made considerable developments in its gaming ecosystem. Its efforts reflected well on the blockchain’s metrics, as it suggested consistent gaming activity.
Read Polygon’s [MATIC] Price Prediction 2023-24
The future of blockchain in gaming has huge potential to grow, but its effects on MATIC remain to be seen.
A deep dive into Polygon’s gaming ecosystem
Dune Analytics’ data suggested that Polygon’s gaming ecosystem was witnessing steady growth at press time. Several metrics supported this notion, including unique addresses, transactions, and unique addresses in gaming dApps.
The above trend remained true with the number of transactions in gaming dApps as well.
DappRadar also revealed that the gaming space contributed a lot to Polygon’s growth. This was evident from the fact that among the top five dApps in the Polygon ecosystem, three of them were from the gaming space in the last 24 hours. The gaming apps were Pandra War, Sunflower Land, and Planet IX.
Interestingly, MATIC also announced a partnership in the recent past that could fuel further growth of the gaming ecosystem over the coming months. Immutable zkEVM testnet recently went live, adding new functionalities.
Users who choose Immutable zkEVM will receive all the advantages of zkEVMs in addition to Immutable’s vertically integrated gaming-specific features designed to make building web3 games simple.
Immutable zkEVM is the gold standard of gaming on Ethereum.
Immutable zkEVM is the first of its kind – a dedicated chain for games that offers EVM compatibility, low cost, massive scale, and enterprise-grade security!
A couple of months ago, the legendary partnership between… pic.twitter.com/YhjXUPM8YG
— Immutable (@Immutable) August 19, 2023
Sandeep Nailwal, co-founder of Polygon, also tweeted about how this partnership was important for Polygon 2.0. As per the tweet, these testnets mark a huge step forward for Polygon 2.0’s vision.
How much are 1,10,100 MATICs worth today?
MATIC continues its struggle
While the blockchain’s gaming ecosystem flourished, its native token, MATIC, couldn’t turn its chart green. As per CoinMarketCap, MATIC was down by more than 14% in the last seven days. At press time, it was trading at $0.5808 with a market capitalization of over $5.4 billion.
A look at Polygon’s metrics suggested that the downtrend might continue. The token’s exchange reserve was increasing. An uptick in the metric means that selling pressure on MATIC remained high. Its active addresses and transfer volume also dropped, which looked bearish.