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- Polygon’s network fees and revenue witnessed a decline over the last few weeks
- MATIC’s weekly chart turned green, and bullish sentiment increased
Over the past three months, Polygon’s [MATIC] key network stats flattened, which indicated a halt in growth. The blockchain’s captured value also declined partially over the past few weeks.
However, as the blockchain plans for a major update, the table can soon turn in Polygon’s favor in the months to follow.
Is your portfolio green? Check the Polygon Profit Calculator
Polygon’s network activity remains stagnant
Artemis’ data pointed out that over the course of three months, a few of the key network stats, such as daily active addresses, remained stagnant. Additionally, its daily number of transactions also did not move up substantially.
Though this indicated stable network activity, it also suggested that blockchain growth was halted. A slight decline was also seen in terms of the blockchain’s fees and revenue. However, things can light up for Polygon over the coming months as it had a trick up its sleeves.
Source: Artemis
Polygon 2.0 can be a game changer
Polygon a few weeks ago announced its next step in the crypto space, named Polygon 2.0. The upgrade has much potential and can help MATIC skyrocket its growth over the months to follow. Today In Polygon recently posted a tweet highlighting a few advantages 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
At the heart of this token evolution lies the introduction of the Community Treasury.
Let’s explore the details directly 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 the community’s governance. It’s designed to bring three major advantages to the blockchain, such as self-sustainable economic support, enhanced decentralization by lessening dependence on the Polygon Foundation, and elevated transparency and community participation.
As the capabilities of the blockchain improve and become more transparent, it can lure new users onboard, in turn, fueling growth. Another major change will be the introduction of MATIC’s successor, POL. The blockchain envisions POL as a tool for the coordination and growth of the ecosystem.
MATIC shows signs of recovery
Amidst this, market sentiment around MATIC was slowly turning bullish. This was evident from LunarCrush’s data, which revealed that MATIC’s bullish sentiment increased by over 25% last week. Its social engagement also followed the same increasing trend, which was optimistic.
Source: LunarCrush
Read Polygon’s [MATIC] Price Prediction 2023-24
Polygon’s price also increased slightly last week. According to CoinMarketCap, MATIC was up by over 1.3% in the last seven days. At press time, it was trading at $0.6806 with a market capitalization of more than $6.3 billion.
Things can get even better in the days to come as CryptoQuant’s data pointed out that MATIC’s exchange reserve was decreasing. A drop in the metric means that buying pressure around the altcoin could be on the rise.
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