Chain Activity Signals Positive Change
Cryptocurrency analytics agency Santiment has noticed indicators that Polygon (MATIC) might be approaching a reversal level in its worth. According to Santiment, there was a major improve in lively addresses and the motion of cash that had been dormant, widespread indicators that precede pattern adjustments available in the market. Currently, MATIC is buying and selling at 0.42 and has seen a drop of over 2% over the previous 24 hours.
This on-chain transfer coincides with Polygon’s preparations for a major rebrand scheduled for September 4. On this date, the MATIC token shall be changed by POL because the chain’s native gasoline and staking asset.
This rebranding is a part of the community’s transition to Polygon 2.0, which seeks to place the mission because the “Internet value layer”. With the proposal of Polygon 2.0, first launched in July final yr, the Polygon ecosystem will develop from a single chain to an ecosystem of Layer-2 (L2) options that may simply interoperate and share liquidity.
Impact of the New Proposal
Sandeep Nailwal, co-founder of Polygon Labs, highlighted final yr that POL is designed to “to offer the benefits of multichain staking without the additional risks of resttaking.” With these adjustments, Polygon seeks to foster better connectivity and liquidity inside its ecosystem, strengthening its place within the cryptoasset market.
This set of developments at Polygon indicators an thrilling and probably transformative interval for the platform because it seems to innovate and develop its affect within the blockchain area.
