The Polygon platform has seen many developments in recent weeks. However, one might well wonder if these changes could affect the MATIC token. Follow our explanations in this article.
The latest notable advances from Polygon [MATIC]
Over the past few days, the Polygon [MATIC] network has experienced several major developments. Several changes have been implemented to optimize its performance. Among the most notable, we find:
- The launch of POL contracts on the test network
- The partnership between Polygon and Google Cloud
- The rapid increase in unique transactions and addresses on zkEVM
The arrival of POL contracts on Testnet and the PIP-24 and PIP-25 proposals
The implementation of Polygon 2.0 is undoubtedly one of the main events that have taken place recently. The famous POL contracts, long awaited by the community, are now available on the Goerli test network. Two proposals to change the native token destruction mechanism for future upgrades have also been floated. These are proposals PIP-24: Change policy EIP-1559 and PIP-25: Adjust total POL supply.
The collaboration between Polygon and Google Cloud
Another important development concerns the partnership between Polygon and Google Cloud. This alliance will allow Google Cloud to become a validator of Polygon, thus strengthening the security and reliability of the blockchain network.
New records for zkEVM
Polygon's rollup, called zkEVM, is also experiencing rapid development. The total number of transactions on it recently surpassed the 6 million mark, while the number of unique addresses reached 450,000.
The impact on the price of MATIC
Curiously, the price of the MATIC token recorded a decline despite these notable advances. However, its MVRV ratio remained relatively high last week. A look at the token's daily chart shows that Chaikin money flow has seen a marked decline, moving significantly below the neutral mark.
The outlook for MATIC in the face of these developments
Although it is difficult to predict exactly how these major developments will impact MATIC in the long term, it is undeniable that they are encouraging for the ecosystem and can potentially contribute to a future increase in the value of the token.
- POL Contracts: The launch of POL Contracts on Testnet and the PIP-24 and PIP-25 proposals could improve network efficiency, which could indirectly increase demand for the token.
- Partnership with Google Cloud: Having Google Cloud become a Polygon validator could boost investor confidence and make the network more attractive to developers. This would also improve awareness of the Polygon ecosystem.
- Evolution of zkEVM: The rapid increase in the number of transactions and unique addresses on Polygon's rollup, zkEVM, demonstrates its increased usage by users. This is very positive for the ecosystem as a whole and can therefore promote growth in the value of the token.
It appears that several factors could have a positive long-term impact on the value of MATIC. Recent developments in the Polygon network show a positive development, even if this has not yet translated into an increase in the price of the token. It will be interesting to continue to follow the evolution of these advances as well as their potential impact on the value of MATIC.
