More On: matic
It is a new cryptocurrency called Polygon Network that is based on a blockchain with high scalability. Polygon is powered by MATIC, an Ethereum ERC-20 token.
It has been a good investment because Polygon has strong fundamentals and good use cases, so people have been optimistic about it. However, recently, the token has been bothering investors, which is not good for them.
After dropping more than 58% from its all-time high, the MATIC token looked like it had hit bottom. However, the token was trading just short of the $1.65 mark; it even lost 2% in 24 hours.
Even though this picture looks like it's red, on-chain data shows that there's a big obstacle in the way that could turn out to be the opposite.
It turns out that more than 27,500 addresses bought 3.41 billion MATIC at an average price of $1.72 from IntoTheBlock's In/Out of the Money model before the price went up. As you can see, 48.25 percent made money, while 41.55 percent lost money.
The gain share was bigger than the other, but MATIC still needed a reason to get the red ship sailors to join the wagon.
This might help.
Polygon told its fans about two big products that will be out soon. It also gave some hints about its multichain ecosystem, which left the community in a mess. In a tweet on March 25, the team said, "We also added, "
It also talked about the EIP-1559, which will bring a much-needed upgrade to the network. It would allow people to burn MATIC tokens and show more information about fees. This isn't the only thing that changed. There were also a few changes made to validators.
It was in January that the London hard fork arrived on the Polygon mainnet. This is how it works: Thus, the native MATIC token can be burned and fees can be seen more clearly, taking its cues from the Ethereum platform.
Was it worth it?
Well, it did some good for the company's main platform to get some attention. Analytic firm Nansen says MATIC was in third place in a list of seven-day active addresses by chain.
Following this, the community said that they were still bullish on the same thread. A lot of people thought that Polygon would soon be in first place on the bullish side. On the other hand, some people thought MATIC would make up for its recent losses soon.
Nonetheless, these changes meant a big rise for the "troubled" platform. First, the Polygon network had a problem that affected everyone on the network. This caused a transaction to be blocked and some downtime. Later, Polygon's team released a "hotfix," which was a small update that fixed problems caused by the last one.
The new patch also unblocked the Bor chain, which made it possible to make new blocks on the Polygon chain.
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