After entering a shortened bleed phase, the market has since recovered to a stable position in preparation for a potentially bigger rally towards the end of the year. However, some altcoins continued to trend downwards, MATIC being one of them. According to Coingeckothe token has fallen by almost 10% in the weekly time frame.
While the bears have a slight stranglehold on the MATIC market, there is some on-chain news keeping the token afloat.
Update on Polygon’s Chain Development Kit (CDK).
Polygon recently added on their blogging about the latest addition to their CDK. gate, a blockchain infrastructure-focused team, integrated cdk-erigon into Polygon’s CDK. According to the blog post, Erigon is a fast, highly efficient node that will provide a better user experience for developers building on Polygon.
Need for a public RPC infrastructure #defi? We’ve got you covered
Our team is happy to announce that we have become the RPC provider infrastructure for Stellar @StellarOrg /Soroban @SorobanOfficial Public RPC infrastructure. @gateway_eth head of infrastructure,… pic.twitter.com/c3jEMToFoP
— Gateway FM (@gateway_eth) September 28, 2023
“Erigon is known for being memory optimized, and so is cdk-erigon. Compared to the zkNode on Polygon zkEVM (of which Polygon CDK is a fork), cdk-erigon uses 10x less disk space with +150x faster sync times on mainnet,” the Polygon team said in the blog post.
MATIC market cap currently at $7.424 billion. Chart: TradingView.com
This new addition will attract more developers to the platform. It can already be seen happening, with six projects testing the new Polygon CDK with the cdk-ergon integration.
Polygon also reiterated that the system will be available as an RPC node for the protocol’s zkEVM Mainnet Beta next year.
Generally positive news, but what now?
At the time of writing, MATIC bulls are attempting to reverse the token’s current downtrend. However, they may have to settle for a lower, more stable price around $0.7550. This will provide investors and traders with a stable starting point for higher profits before the end of the year.
From MATIC to POL
But MATIC bulls must take into account the current phase of the network. Last September, the Polygon development team announced the implementation of Polygon 2.0, an upgrade that would change the network’s token from MATIC to POL. According to MATIC’s Coingecko page, the upgrade from MATIC to POL has started on the Ethereum mainnet.
Once the upgrade is in full swing, investors and traders will migrate their MATIC shares to POL. This will inevitably hurt the price as more and more investors will try to extract value from MATIC before it goes to the trash.
For now, investors and traders should be cautious about any major decision-making as any major investment decision made now will hurt long-term profits.
Featured image from Shutterstock
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