In recent times, Polygon’s MATIC has experienced significant fluctuations. The market has seen intense battles between the bulls and the bears, resulting in mainly sideways trading. The bears, unfortunately, have maintained an upper hand, exerting consistent downward pressure on the cryptocurrency.
Crypto analysts and educators known on Twitter as CryptoBusy shared a post providing insights on MATIC’s market movement:
This bearish sentiment has taken a toll. Over the past month, MATIC’s value dropped by a staggering 22%, with the past week alone witnessing a decline of 4.28%. Alarmingly, the cryptocurrency has been dangling near a crucial support level of $0.5100, and if bears break this support, MATIC could plunge further.
On the other hand, if bulls take control again, MATIC could surge to new highs and break the $0.5300 resistance level in the coming days. At the time of writing, MATIC is trading at $0.522, with a 24-hour surge of 1.7%. The current market capitalization stands at $4.86 billion, ranking 11th among all cryptocurrencies.
The crypto community’s anticipation has culminated as Polygon initiates its 2.0 implementation. With the roll-out of the first trio of Polygon Improvement Proposals (PIPs) and the Phase 0 roadmap, the evolution has formally begun.
Earlier this summer, the roadmap for Polygon 2.0 was presented by Polygon Labs, highlighting an ambitious objective. This next-generation platform aspires to expand the Ethereum block space, transforming it into the Internet’s Value Layer. The platform intends to offer limitless scalability along with unified liquidity.
Key enhancements to the platform include the transition from MATIC to the POL token. Notably, POL is poised to be the native token for PoS transactions. Additionally, it will be the designated staking token for PoS. Coupled with this is the impending launch of the Staking Layer, empowering validators to fortify many chains in the revamped Polygon ecosystem.
Polygon’s audacious 2.0 version, announced this past June, presents a blueprint to overhaul nearly all facets of the existing ecosystem. The PIPs, released today, delve into the intricate details of Phase 0. Their focus is on constructing a series of intertwined L2 chains, underpinned by zero-knowledge proofs, aimed at scaling Ethereum to parallel the vast expansiveness of the Internet. Besides outlining this monumental transition, the PIPs shed light on the forthcoming token in the Polygon 2.0 framework and crucial updates to the Polygon PoS native token.
With introducing the PIP framework, Polygon emphasizes its commitment to inclusivity. This system encourages the vast community to share feedback, playing a pivotal role in the evolution of the next-gen platform. After all, a collective effort is paramount in shaping the Internet’s Value Layer.
