The Polygon platform has undergone many developments in recent weeks. However, we might well wonder if these changes can affect the MATIC token. Follow our explanations in this article.
The latest notable advances of Polygon [MATIC]
Over the past few days, the Polygon [MATIC] network has undergone several major developments. Several changes have been implemented to optimize its performance. Among the most striking are:
- The launch of POL contracts on the test network
- Polygon’s partnership with Google Cloud
- The rapid increase in transactions and unique 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, so much awaited by the community, are now available on the Goerli test network. Two proposals to modify the mechanism for destroying native tokens for future upgrades have also been launched. These are the PIP-24 proposals: Change the policy EIP-1559 and PIP-25: Adjust the total supply of POL.
The Polygon and Google Cloud partnership
Another important development concerns the partnership between Polygon and Google Cloud. This alliance will allow Google Cloud to become a Polygon validator, enhancing the security and reliability of the blockchain network.
New records for zkEVM
The Polygon rollup, named zkEVM, is also undergoing rapid evolution. The total number of transactions on it recently exceeded 6 million, while the number of unique addresses reached 450,000.
The impact on MATIC’s price
Curiously, the price of the MATIC token has registered a decrease despite these notable advances. However, its MVRV ratio remained relatively high last week. A look at the token’s daily chart shows that the Chaikin money flow has recorded a sharp decline, moving sharply below the neutral mark.
The prospects 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 token value.
- 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: The fact that Google Cloud becomes a Polygon validator could strengthen investor confidence and make the network more attractive to developers. This would also improve the reputation of the Polygon ecosystem.
- Evolution of zkEVM: The rapid increase in the number of transactions and unique addresses on Polygon’s rollup, zkEVM, demonstrates the increased use of it by users. This is very positive for the ecosystem as a whole and can therefore promote the growth of the token value.
It appears that several factors could favorably impact the long-term value of MATIC. Recent developments in the Polygon network show a positive trend, even if this has not yet been reflected in a rise in the token price. It will be interesting to continue monitoring these advances and their potential impact on the value of MATIC.
