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BCW Technologies, a prominent Polygon (MATIC) PoS validator, discusses their infrastructure, mission, and vision in the latest Spotlight Quest series. (Read More)
Polygon (MATIC) Miden Alpha Testnet v4 introduces new features for developers, including Rust compiler support and a block explorer. (Read More)
The CFTCs director warned that other DeFi ecosystems may also be fined for offering illegal trading services, while Polygons native token executed a key technical upgrade.
Polygon’s recent migration from its native token MATIC to POL, completed on September 4, has failed to spark the positive market response typically associated with such upgrades. Instead, the network faces a series of challenges, including declining user activity and large holders offloading their tokens, which continue to exert downward
Th Polygon tm hs bgun migrting th MATIC tokn to nw POL tokn. This tokn will now srv s th ntiv gs nd stking tokn for th Polygon PoS blockchin. Morovr, POL will ssum dditionl rols, including block production, zro-knowldg proof gnrtion, nd involvmnt in Dt Avilbility Committs. Howvr, this trnsition coincids with […]
Polygon developers have officially launched the migration of the MATIC token to its successor, POL. After a year of intense discussions within the community, this transition marks a pivotal moment in the network’s journey toward becoming a ZK (Zero-Knowledge) chain and further integrating with AggLayer. The POL token, now the native gas and staking currency […]
Polygon’s new evolution reached the point of deployment, which is a landmark in the blockchain’s progress. The long-awaited transition from MATIC to POL has been launched and comes with a lot of changes and enhancements for users across the network. After a year of intense community discussions and consensus-building, POL is now the native gas […]
Polygon announces the transition from MATIC to POL, enhancing utility and functionality within the network. The upgrade aims to bolster security and scalability. (Read More)
In today's daily recap, we will discuss the current news development at Polygon.
BitMEX delists MATICUSDT and MATIC/USDT pairs following the MATIC to POL migration on Polygon. (Read More)
ETFSwap (ETFS) is gaining traction in the cryptocurrency space, drawing investor interest with its coin offerings and solid performance. While Ethereum (ETH) and Polygon (MATIC) have long been the go-to options, ETFSwap (ETFS) is beating the odds to rank as the new preferred option. ETFSwap (ETFS) recent success is turning heads, indicating a shift in […]
In a notable development for the crypto community, the Polygon team has officially kicked off the transition from MATIC to the new POL coin.
MATIC suffers another string of losses as the broader market pullback forces the bulls to the defensive. According to CoinGecko, the Polygon Network native coin has bled 16% more since last week as the bears reverse gains made back in August. This move occurred despite Polygon Networks upcoming upgrade that switches MATIC to POL, improving [...]
The post Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade appeared first on Crypto Breaking News.
Bitfinex announces the listing of POL, the native token of Polygon (MATIC), enhancing trading opportunities for users. (Read More)
Polygon (MATIC)'s Ahmedabad upgrade introduces enhanced features for developers and users, including increased code size and improved network observability. (Read More)
Assetera will provide Europe's first regulated secondary tokenized real-world asset marketplace.
Crypto-based prediction market platform, Polymarket is reportedly seeking $50 million in new funding.
The Polygon (MATIC) price has suffered crash after crash in recent months, pushing it down to levels not seen since June 2022. This price crash has led to an 86.27% drop from it all-time high price of $2.92 recorded back in 2021. However, positive sentiment is slowly starting to creep up among Polygon investors who have struggled with losses for the better part of the year, especially as one crypto analyst has predicted a revival for the altcoin. Polygon On Its Way To A Revival Crypto analyst CobraVanguard has pointed out a bullish formation on the Polygon (MATIC) chart that could send the price flying from here. This formation known as the Ascending Triangle pattern has appeared at a time when investors seem to have given up hope on the altcoin. Related Reading: Uptober Is Just Around The Corner: Heres Where Bitcoin Price Is Headed According to the chart shared on TradingView, the Ascending Triangle began back in the month of August. Mainly, the formation was first picked up as the price crashed alongside the crypto market toward the end of the bearish month of August. This formation continued into the month of September as prices had begun to recover once more. Not only has the bullish Ascending Triangle formed on the Polygon chart, the crypto analyst points out that this is taking place inside of a Broadening Wedge pattern. This is important because a Broadening Wedge pattern is equally as bullish for the altcoins price. Naturally, when the Polygon price starts to recover inside the Broadening Wedge, it is expected to reach all the way to the top of the pattern. The first target for this bullish recovery is $0.4671, which is an increase of around 15% from here. The next target is $0.5442. Finally, as the Polygon price moves to completely fill in the Broadening Wedge, the crypto analyst expects the price to hit $0.6821. A breakout from here would no doubt be a welcome development for Polygon investors, 95% of whom are currently sitting in losses. According to data from IntoTheBlock, only 3% of wallets holding MATIC tokens are in profit, while 2% are sitting at breakeven. This makes it one of the worst altcoins in terms of profitability so far this year. MATIC Becomes POL Earlier in the month, on September 4, the Polygon network team carried a successful migration that converted MATIC tokens to POL. POL is purported to be a hyper productive token which is expected to help move the Polygon network forward. Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone Despite the anticipation that followed the migration, the POL (formerly MATIC) token has failed to move in a positive way. The price is only up around 5% from its $0.38 price at the time of the migration, showing that the migration had little effect on the price. However, expectations remain high for the altcoin as investors expect the fact that the POL token is now an altcoin with a whole new chart, and no much price history, to be one of the things that propels its recovery next. Featured image created with Dall.E, chart from Tradingview.com
According to Colin Butler, financial institutions that don't embrace blockchain technology will lose their relevancy and competitive edge.
On-chain data shows the whales of these altcoins have been shifting their supply from exchanges to cold wallets recently, a sign that may be bullish for their prices. Whales Of These Altcoins Have Been Moving Into Self-Custody Recently In a new post on X, the on-chain analytics firm Santiment has discussed the trend in the Top Exchange/Non-Exchange Wallet Holdings for three altcoins: Polygon (MATIC), Injective (INJ), and Render (RENDER). Related Reading: Bitcoin Investors Succumb To Fear As BTC Erases $60,000 Weekend Recovery The “Top Exchange/Non-Exchange Wallet Holdings” here refers to an indicator that keeps track of the ratio between the balance of the ten largest wallets associated with centralized exchanges and that of the ten largest self-custodial addresses. The ten largest wallets of either type would naturally belong to the whales, the largest of the entities in the sector. In fact, these addresses wouldn’t be just any ordinary whales, but rather investors that are humongous even by whale standards. As such, the Top Exchange/Non-Exchange Wallet Holdings tells us about how the supply held by the exchange-related mega whales compares against the ones keeping their coins in cold wallets. Below is the chart shared by Santiment that shows the trend in this indicator for the altcoins over the last couple of years: As is visible in the above graph, the Top Exchange/Non-Exchange Wallet Holdings has registered sharp plunges for all three of these altcoins in the last two years, with Polygon seeing the latest one. The plunge in question had come for MATIC on the 9th of this month, with the mega whales moving a pretty significant amount to self-custody. In the days since then, the indicator has continued to decline for the altcoin, although the scale of the drawdown has been nowhere near what was witnessed during the aforementioned plummet. Render’s mega whales made a massive transfer towards cold wallets back on the 21st of July, and the ratio has since maintained at low levels. INJ’s plunge was much earlier, back on August 21st of last year, but the large hands have continued to gradually offload more supply from exchanges since then. Related Reading: Ethereum In Danger: Analyst Explains What Could Trigger Crash To $1,800 Generally, investors keep their coins in the custody of exchanges whenever they plan to participate in trading activities in the near term. Thus, the exchange supply of any asset may be considered as a reflection of its potential sell supply. In this view, the shift that the mega whales of these altcoins have shown towards self-custody can be a bullish sign. The indicator may be to monitor in the near future, however, as any reversals would imply that the mega whales want to sell again and, hence, that a bearish outcome may be waiting for the coins instead. Render Price At the time of writing, Render is floating around $4.8, down 8% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
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