Polygon launches Polygon 2.0 with major blockchain upgrades.
MATIC’s price surged over 10% the last week and 1.1% over the past 24 hours.
Bearish signals appear with a red Binance Funding Rate and rising Exchange Reserve.
Polygon (MATIC) has taken a significant leap forward with the launch of Polygon 2.0, a game-changing upgrade that promises to shape the future of the blockchain. This development, highly anticipated by the crypto community, is already profoundly impacting MATIC’s price, driving it into bullish territory.
In a recent post on X, Polygon Labs announced that POL contracts are now live on the Goerli testnet, following extensive community consultations.
Today, as a result of community consultations, POL contracts will be live on Goerli testnet.A major step towards bringing Polygon 2.0 to life.Based on the community’s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy & PIP-25: Adjust POL Total Supply,… pic.twitter.com/li8OF0o3jC
— Polygon Devs DevX Global Tour (@0xPolygonDevs) October 4, 2023
These contracts mark a pivotal step in revamping MATIC, enabling an ecosystem of zero knowledge-based Layer 2 chains while introducing features such as staking, community ownership, and governance.
The governance process, known as the PIP (Polygon Improvement Proposal) process, has led to the release of PIP-24, which changes the EIP-1559 policy, and PIP-25, which adjusts POL’s total supply. These decisions were based on valuable community feedback, demonstrating Polygon’s commitment to its user base.
MATIC responded positively to these developments. Its price witnessed a remarkable surge of over 10% in the past week, with a 1.1% increase in the last 24 hours. Currently trading at $0.5611, MATIC boasts a market capitalization exceeding $5.2 billion. The increased trading volume further supports the bullish sentiment surrounding MATIC.
However, amidst the optimism, bearish signals have emerged. Polygon’s Binance Funding Rate turned red, indicating that derivatives investors were cautious about buying MATIC at its current price.
Additionally, the rising Exchange Reserve suggests increased selling pressure on the token. These elements introduce an element of unpredictability into MATIC’s prospective price fluctuations, notwithstanding its recent achievements.
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The post Polygon’s Game-Changing 2.0 Upgrade Sends MATIC Price Soaring! appeared first on Crypto News Land.
