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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

MATIC: Market Dip Translates To 18% Losses Despite Network Upgrade – Details

Christian Encila
Christian Encila
8 months ago
3 mins read
MATIC

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Este artículo también está disponible en español.

Although the market downturn has somewhat slowed, the effects are still amplified within the altcoin market. MATIC, Polygon’s native token, has suffered greatly from the recent bearish market sentiment that spread within the past couple of days. 

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According to CoinGecko, MATIC has fallen 18% since last week, marking a big slash on the token’s upward trajectory. Despite MATIC’s poor performance in the last couple of days, Polygon continues to innovate, cementing its position within the crypto community. 

Polygon Releases New Details About Network Upgrade

According to Polygon’s official X post, the MATIC upgrade to POL will yield benefits, including new features that improve the network’s usability and security. One of the most notable addition to the network is the inclusion of new roles for validators, improving upon the network’s incentives for the latter while also creating motivation for broader on-chain participation. 

POL goes beyond the traditional and introduces the concept of a hyperproductive token — enhancing utility, scalability, and productivity across the Polygon network.

What this means as the network transitions from MATIC to POL, for an aggregated blockchain network 🧵👇 pic.twitter.com/TzrFtuA4ra

— Polygon | Aggregated (@0xPolygon) August 26, 2024

The upgrade will enable validators to secure multiple chains, which enhances the overall security and efficiency of the network. It also improves Polygon on the scalability aspect as once it attracts more validators on the platform, more chains can be secured in one go fostering a new era of improved user experience. 

POL will also be used to fund on-chain projects with a controlled emission schedule. 

MATIC market cap currently at $4.3 billion. Chart: TradingView

“With a controlled emission schedule and a portion of rewards directed to the Community Treasury, POL supports ongoing development, funding grants, and initiatives to ensure long-term growth,” said Polygon within their thread.

MATIC holders can expect the upgrade to be seamless and automatic on the Polygon Proof-of-Stake (PoS) network. However, holders of Ethereum and centralized exchanges (CEXs) may take some action before the upgrade is applied to their wallet as some dApps may integrate the upgrade smart contract with their user interface. 

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Downward Trajectory May Halt On $0.43, Stabilizing Within The Coming Weeks

As of writing, MATIC’s downward trajectory forced the token to touch $0.43 in the short term as the bears continue to wreak havoc in the market. This price floor might be broken through by the bears within the coming days, which brings a host of new problems for investors in the long term.

However, with the market’s bearishness grinding to a halt, the relative strength index remaining stable might enable the bulls to regain lost ground in the coming days. That is if the market sentiment flips to bullish. 

If bullishness does return to the market, MATIC may see a renewed September rally as the market environment improves. Its high correlation with Bitcoin will also bode well for the token as any swing made by the prime cryptocurrency will enable MATIC bulls to eye $0.55 in the medium term. 

Featured image from Welona, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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