The Shanghai Shapella upgrade is one of the most significant Ethereum developments since the merge last year. The April 12 upgrade was just one step closer to Ethereum becoming more scalable after switching to a Proof-of-Stake (PoS) network last year. The long-awaited update will pave the way for new features such as Ether unstaking.
In a live stream following the hard fork, Ethereum founder Vitalik Buterin stated that Ethereum’s developers will now prioritize delivering significant scalability improvements to the network. But what about Polygon (MATIC) and other Ethereum Layer-2 scaling networks? With this question in mind, investors have begun to exercise caution when investing in Polygon, as evidenced by the token’s price drop. Analysts believe Polygon (MATIC) will suffer in the coming days.
Polygon Price Prediction as MATIC Drops 5%
Polygon (MATIC) was specifically designed as a Layer 2 (L2) network to address Ethereum’s scalability issues. However, Polygon is threatened by Ethereum’s transition to a PoS network and the recent move to allow unstaking, paving the way for scalability. Skeptical investors have been moving their funds away from the Polygon (MATIC), fearing further fall.
Polygon fell by more than 5% in the week leading up to the Shapella upgrade, as investors continued to take bearish positions. Santiment, a blockchain data analytics company, reports that over the past week, Polygon’s transactions worth $100,000 or more have decreased by more than 50%. A drop in whale activity indicates that investors are hesitant to make risky bets on the network. DeFi activity related to Polygon (MATIC) has also decreased significantly in recent weeks. This is according to Glassnode, which has recently reported a significant drop in MATIC tokens locked in smart contracts.
Analysts predict that Polygon’s price will continue to fall below $1. According to IntoTheBlock, the large number of Polygon investors with a breakeven at the $0.90 range could end the token’s price decline. The breakeven point is the point at which the cost of purchasing a digital asset equals its current market value.
RenQ Finance (RENQ): The Perfect Hedge Against Polygon’s Bleak Future
With Polygon (MATIC) on the decline, investors are looking for more profitable alternatives. RenQ Finance is one of the best bets against Polygon’s bleak future (RENQ). Despite its infancy, RenQ Finance (RENQ) has performed admirably in its presale.
RenQ’s presale has raised more than $10 million in the first five stages of its presale campaign. This campaign presale has only two stages left, making now the best time to invest. After the launch, market analysts anticipate a quick price rally to trade between $2.5 and $3. Furthermore, its utility is expected to propel market value and place it among the top 25 coins in terms of market capitalization.
What is RenQ Finance About?
RenQ Finance is a multi-chain non-custodial decentralized exchange (DEX) that aims to disrupt trading by providing users with a direct trading option via the RenQ Wallet app. Through the wallet app, RenQ Finance (RENQ) unites all single DEXes under one platform. This provides users with a larger pool of liquidity, allowing for a more profitable trading experience.
RenQ Finance (RENQ) has a comprehensive suite of DeFi products and services to address interoperability and DeFi’s liquidity issues. These include a cryptocurrency data aggregator, perpetual futures, a vault, a lending protocol, a DeFi and NFT Launchpad, and various forums. These tools work together to provide users with an enjoyable and seamless DeFi experience.
RenQ Finance (RENQ) has a thriving development team working tirelessly to ensure that the new star remains a DeFi sensation. RenQ Finance (RENQ) intends to launch its mainnet in the first quarter of 2024. The platform also aims to introduce additional DeFi services, such as a desktop wallet plugin and a mobile wallet app, for a more streamlined user experience. RenQ’s innovative tools and unwavering commitment to disrupting DeFi position it well to become a market leader.
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