Polygon teases new launch even as MATIC plummets

  • Recently, Polygon’s number of daily active addresses and transactions has been on the rise.
  • The price of MATIC declined along with its open interest, suggesting a trend reversal.

Polygon’s [MATIC] network activity has been increasing for several months, indicating more utilisation. The imminent introduction of the blockchain, Polygon Miden, which is anticipated to go online in the fourth quarter of this year, could stimulate further growth.

The upgrade will not only provide new features, but it will also aid to improve privacy. However, the excitement around the debut has yet to be reflected on the price chart of the blockchain’s native cryptocurrency, which was painted red at press time.

Polygon’s network activity looks promising

Polygon’s daily active addresses metric, according to Artemis, has been climbing for weeks. The same was true for its daily transactions, indicating substantial network usage. The network’s worth increased as well, as evidenced by the blockchain’s TVL. Furthermore, following a drop on July 8, Polygon’s fees began to rise, which was a positive indicator. A recent blockchain blog post revealed that Polygon Miden continuing to make progress towards a public testnet. It is expected to be released in the fourth quarter of 2023. Polygon Miden, in particular, prioritizes zk-friendliness over EVM compatibility. It also employs a revolutionary state model to fully utilize the potential of a zk-centric architecture.

A quick look at MATIC’s state

While Polygon’s network statistics appeared promising, MATIC investors were dissatisfied as the bull market came to an end. According to CoinMarketCap, the token’s price has dropped by more than 3% in the last 24 hours. It was trading at $0.7552 at the time of publication, with a market capitalization of more than $7 billion.

According to CryptoQuant data, the coin was under selling pressure at the time of writing. MATIC’s exchange reserve was also increasing, which could be a source of concern. The remainder of the metrics, on the other hand, favoured a price increase. According to Coinglass, MATIC’s Open Interest was dropping. A drop in the measure indicates that the current price trend may be coming to an end. 

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