{"id":638529,"date":"2024-08-29T14:00:08","date_gmt":"2024-08-29T14:00:08","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=638529"},"modified":"2024-08-29T11:44:03","modified_gmt":"2024-08-29T11:44:03","slug":"matic-market-dip-translates-to-18-losses-despite-network-upgrade-details","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/matic-market-dip-translates-to-18-losses-despite-network-upgrade-details\/","title":{"rendered":"MATIC: Market Dip Translates To 18% Losses Despite Network Upgrade &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Although the market downturn has somewhat slowed, the effects are still amplified within the altcoin market. MATIC, Polygon\u2019s native token, has suffered greatly from the recent bearish market sentiment that spread within the past couple of days.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/fet-on-chain-development-fuels-44-surge-in-just-a-week\/\" target=\"_blank\" rel=\"noopener \">FET: On-Chain Development Fuels 44% Surge In Just A Week<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/polygon\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, MATIC has fallen 18% since last week, marking a big slash on the token\u2019s upward trajectory. Despite MATIC\u2019s poor performance in the last couple of days, Polygon continues to innovate, cementing its position within the crypto community.\u00a0<\/span><\/p>\n<h2><strong>Polygon Releases New Details About Network Upgrade<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">According to Polygon\u2019s <\/span><a href=\"https:\/\/x.com\/0xPolygon\/status\/35152671\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">official X post<\/span><\/a><span style=\"font-weight: 400\">, the MATIC upgrade to POL will yield benefits, including new features that improve the network\u2019s usability and security. One of the most notable addition to the network is the inclusion of new roles for validators, improving upon the network\u2019s incentives for the latter while also creating motivation for broader on-chain participation.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">POL goes beyond the traditional and introduces the concept of a hyperproductive token &#8212; enhancing utility, scalability, and productivity across the Polygon network.<\/p>\n<p>What this means as the network transitions from MATIC to POL, for an aggregated blockchain network \ud83e\uddf5\ud83d\udc47 <a href=\"https:\/\/t.co\/TzrFtuA4ra\" rel=\"nofollow\">pic.twitter.com\/TzrFtuA4ra<\/a><\/p>\n<p>\u2014 Polygon | Aggregated (@0xPolygon) <a href=\"https:\/\/twitter.com\/0xPolygon\/status\/35152671?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 26, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The upgrade will enable validators to secure multiple chains, which enhances the overall security and efficiency of the network. It also improves Polygon on the scalability aspect as once it attracts more validators on the platform, more chains can be secured in one go fostering a new era of improved user experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">POL will also be used to fund on-chain projects with a controlled emission schedule.\u00a0<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/m4caitiv\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">MATIC market cap currently at $4.3 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<blockquote>\n<h4><span style=\"font-weight: 400\">\u201cWith a controlled emission schedule and a portion of rewards directed to the Community Treasury, POL supports ongoing development, funding grants, and initiatives to ensure long-term growth,\u201d said Polygon within their thread.<\/span><\/h4>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">MATIC holders can expect the upgrade to be seamless and automatic on the Polygon Proof-of-Stake (PoS) network. However, holders of Ethereum and centralized exchanges (CEXs) may take some action before the upgrade is applied to their wallet as some dApps may integrate the upgrade smart contract with their user interface.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/crypto-crash-320-million-wiped-out-as-bitcoin-and-ethereum-nosedive\/\" target=\"_blank\" rel=\"noopener \">Crypto Crash: $320 Million Wiped Out As Bitcoin And Ethereum Nosedive<\/a><\/div>\n<h2><strong>Downward Trajectory May Halt On $0.43, Stabilizing Within The Coming Weeks<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">As of writing, MATIC\u2019s downward trajectory forced the token to touch $0.43 in the short term as the bears continue to wreak havoc in the market. This price floor might be broken through by the bears within the coming days, which brings a host of new problems for investors in the long term.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-638560\" src=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_1b43e0.png?resize=564%2C255\" alt=\"\" width=\"564\" height=\"255\" srcset=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_1b43e0.png?w=564 564w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_1b43e0.png?w=460 460w\" sizes=\"(max-width: 564px) 100vw, 564px\"><\/p>\n<p><span style=\"font-weight: 400\">However, with the market\u2019s bearishness grinding to a halt, the relative strength index remaining stable might enable the bulls to regain lost ground in the coming days. That is if the market sentiment flips to bullish.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">If bullishness does return to the market, MATIC may see a renewed September rally as the market environment improves. Its high correlation with Bitcoin will also bode well for the token as any swing made by the prime cryptocurrency will enable MATIC bulls to eye $0.55 in the medium term.\u00a0<\/span><\/p>\n<p><em>Featured image from Welona, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although the market downturn has somewhat slowed, the effects are still amplified within the altcoin market. MATIC, Polygon\u2019s native token, has suffered greatly from the recent bearish market sentiment that spread within the past couple of days.\u00a0 Related Reading: FET: On-Chain Development Fuels 44% Surge In Just A Week According to CoinGecko, MATIC has fallen 18% since last week, marking a big slash on the token\u2019s upward trajectory. Despite MATIC\u2019s poor performance in the last couple of days, Polygon continues to innovate, cementing its position within the crypto community.\u00a0 Polygon Releases New Details About Network Upgrade According to Polygon\u2019s official X post, the MATIC upgrade to POL will yield benefits, including new features that improve the network\u2019s usability and security. One of the most notable addition to the network is the inclusion of new roles for validators, improving upon the network\u2019s incentives for the latter while also creating motivation for broader on-chain participation.\u00a0 POL goes beyond the traditional and introduces the concept of a hyperproductive token &#8212; enhancing utility, scalability, and productivity across the Polygon network. What this means as the network transitions from MATIC to POL, for an aggregated blockchain network \ud83e\uddf5\ud83d\udc47 pic.twitter.com\/TzrFtuA4ra \u2014 Polygon | Aggregated (@0xPolygon) August 26, 2024 The upgrade will enable validators to secure multiple chains, which enhances the overall security and efficiency of the network. It also improves Polygon on the scalability aspect as once it attracts more validators on the platform, more chains can be secured in one go fostering a new era of improved user experience.\u00a0 POL will also be used to fund on-chain projects with a controlled emission schedule.\u00a0 \u201cWith a controlled emission schedule and a portion of rewards directed to the Community Treasury, POL supports ongoing development, funding grants, and initiatives to ensure long-term growth,\u201d said Polygon within their thread. MATIC holders can expect the upgrade to be seamless and automatic on the Polygon Proof-of-Stake (PoS) network. However, holders of Ethereum and centralized exchanges (CEXs) may take some action before the upgrade is applied to their wallet as some dApps may integrate the upgrade smart contract with their user interface.\u00a0 Related Reading: Crypto Crash: $320 Million Wiped Out As Bitcoin And Ethereum Nosedive Downward Trajectory May Halt On $0.43, Stabilizing Within The Coming Weeks As of writing, MATIC\u2019s downward trajectory forced the token to touch $0.43 in the short term as the bears continue to wreak havoc in the market. This price floor might be broken through by the bears within the coming days, which brings a host of new problems for investors in the long term. However, with the market\u2019s bearishness grinding to a halt, the relative strength index remaining stable might enable the bulls to regain lost ground in the coming days. That is if the market sentiment flips to bullish.\u00a0 If bullishness does return to the market, MATIC may see a renewed September rally as the market environment improves. Its high correlation with Bitcoin will also bode well for the token as any swing made by the prime cryptocurrency will enable MATIC bulls to eye $0.55 in the medium term.\u00a0 Featured image from Welona, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":638541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1558,40670,83584,3504],"class_list":["post-638529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-cryptocurrency","tag-matic","tag-polygon","tag-price"],"acf":[],"yoast_head":"\n<title>MATIC: Market Dip Translates To 18% Losses<\/title>\n<meta name=\"description\" content=\"Although the market downturn has somewhat slowed, the effects are still amplified within the altcoin market. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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