Cryptocurrency watchers are paying attention to Polygon (MATIC) as the leading cryptocurrency this month. experience It’s an upgrade that some believe could have a negative impact on the token price, at least in the short term.
Polygon Naples Upgrade
The Polygon blockchain is undergoing significant changes with the Napoli upgrade, which promises to provide users with better scalability and performance.
last week polygon presentation The Napoli hard fork upgrade, which aims to provide users with a superior experience and improve the overall functionality of the Polygon network, has been completed. The Napoli update, released on mainnet on March 27, aims to allow developers to take advantage of increased on-chain activity on the platform and scale the network.
The Napoli update also bids farewell to the long-running Ethereum Goerli Faucet and Mumbai testnet, which are scheduled to go offline on April 13. Instead, the Ethereum Cancun and Amoy testnets have been launched to provide broader support and offer a variety of benefits. We improve our nodes, improve the developer experience, and improve the overall health of the Polygon platform.
The Napoli upgrade is also set to enhance network parallelism and significantly improve opcode performance and storage management. This integration is expected to be part of Polygon’s upcoming Feijoa upgrade, scheduled for release in May.
Users must be prepared for ongoing changes to continue to use the network effectively.
Polygon (MATIC) Price
Analysts like Coincodex are predicting that MATIC price will adjust as upgrades are updated.
MATIC’s price action has been bearish recently. Coin Codex. With its price down -11.80% over the past 7 days, Polygon has underperformed the global digital asset market, down -4.60%.
According to CoinGecko, the trading volume of MATIC in the last 24 hours was $347,497,703, which is a 25.50% decrease from the previous day, indicating a decline in recent market activity. The recent bearish trend is noticeable because Polygon has recorded 14/30 (47%) green days over the past 30 days, with a price volatility of 8.37%.
According to the chart above CoinMarketCap, it is easy to see that Polygon continues to struggle like many other cryptocurrency markets. The current price of MATIC is around $0.921, down from the local highs earlier this year.
Coincodex predicts that MATIC will surge in price by 8.17% by May 3, 2024, reaching $0.993928. Other market observers reinforce these predictions, predicting that MATIC prices could rise by 20-40% in the months following the Napoli upgrade.
A major upgrade could address scalability issues with the Polygon blockchain and potentially allow the network to handle up to 100,000 transactions per second. These capacities could make Polygon a premier platform for decentralized applications.
The Naples upgrade will also bring new users and developers to the Polygon ecosystem due to its increased transaction processing capacity and reduced transaction fees. This increased adoption will increase demand for MATIC, which will have a positive impact on its price.
However, the token may have more consolidation throughout the year before a breakout later this year.
What is a polygon (MATIC)?
Polygon, formerly Matic Network, is a layer 2 blockchain solution. life On Ethereum. The blockchain aims to be a scaling solution to the Ethereum layer 1 blockchain, enabling lower fees and faster transactions.
- 3 Mumbai-based software developers established It launched Matic Network in 2017, but rebranded to Polygon in 2021.
- Polygon’s layer 2 blockchain addresses Ethereum’s scalability by increasing transaction processing speeds while lowering the costs of the Ethereum layer 1 network.
- MATIC is the native token of the Polygon network used for digital payments, storage of value, and staking purposes.
- polygon network house Among the various DeFi services, the two largest DeFi platforms, Aave and Compound, run on the Polygon network. Polygon’s ability to provide an interoperable and scalable infrastructure allows users to interact seamlessly across a variety of DeFi platforms.
- Polygon also provides an ideal environment for decentralized applications, NTF, metaverse, decentralized exchanges, web3 applications, and gaming services.
conclusion
The Polygon Napoli upgrade is poised to transform the Polygon ecosystem, with a significant impact on MATIC’s market performance.
Expert forecasts for the MATIC update are predicting weakness, but users should remain aware of the potential risks and challenges associated with such a major upgrade.
Users are encouraged to get ahead, implement the right strategies, and weather the cryptocurrency storm wisely.