- Polygon’s network costs and revenues have fallen in recent weeks
- MATIC’s weekly chart turned green and bullish sentiment increased
the past three months, Polygons [MATIC] key network metrics leveled off, signaling a halt in growth. The blockchain’s recorded value has also partially declined in recent weeks.
However, as the blockchain plans a major update, the table may soon turn in Polygon’s favor in the coming months.
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Polygon’s network activity continues to stagnate
Artemis’ data indicated that over the course of three months, some of the most important network metrics, such as daily active addresses, stagnated. In addition, the daily number of transactions has also not increased substantially.
While this indicated stable network activity, it also suggested that blockchain growth had stalled. There was also a slight drop in terms of blockchain fees and revenues. Things may lighten up for Polygon in the coming months, though, as it had a ruse up its sleeve.
Source: Artemis
Polygon 2.0 could be a game changer
Polygon announced its next step into the crypto space a few weeks ago, called Polygon 2.0. The upgrade has a lot of potential and can help MATIC experience tremendous growth in the coming months. Today In Polygon recently posted a tweet highlighting some of the benefits and benefits of the update. First and foremost the introduction of the Polygon 2.0 Community Treasury.
Polygon Labs has proposed an exciting new token upgrade: the POL Token
The core of this symbolic evolution lies in the introduction of the Community Treasury.
Let’s see the details straight from the Polygon POL whitepaper…
(2/11) pic.twitter.com/cHCy1rhSLc
— Today in Polygon (@TodayInPolygon) August 12, 2023
The Community Treasury is an innovative in-protocol ecosystem fund driven by community governance. It is designed to provide three key benefits to the blockchain, such as self-sustaining economic support, improved decentralization by reducing reliance on the Polygon Foundation, and increased transparency and community participation.
As the blockchain’s capabilities improve and become more transparent, it can lure new users on board, which in turn fuels growth. Another big change is the introduction of MATICsuccessor, Pol. The blockchain sees POL as a tool for the coordination and growth of the ecosystem.
MATIC is showing signs of recovery
At the same time, market sentiment around MATIC slowly turned optimistic. This was evident from LunarCrush’s data, which showed that MATIC’s bullish sentiment was up more than 25% last week. Her social involvement also followed the same upward trend, which was optimistic.
Source: Lunar Crush
Read Polygons [MATIC] Price Forecast 2023-24
The price of Polygon also increased slightly last week. According to CoinMarketCap, MATIC is up more than 1.3% in the past seven days. At the time of writing, it was trading at $0.6806 with a market cap of over $6.3 billion.
It may get even better as CryptoQuant’s in the coming days facts be aware that MATICS foreign exchange reserves declined. A decline in the metric means that buying pressure around the altcoin could increase.