Polygon (MATIC) Regains, Can it Maintain the Bullish Momentum?
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- A price break of $2.43 would mean a new all-time high.
- MATIC regained the May price peak with a 16% climb on December 16.
India-based Polygon (MATIC) is used to power the Polygon Network, a scaling solution for Ethereum. Polygon intends to speed up and lower the cost of transactions on Ethereum by leveraging Layer 2 sidechains, which are blockchains that operate alongside the Ethereum main chain.
Users could deposit Ethereum tokens into a Polygon smart contract, interact with them inside the platform, and then withdraw them to the Ethereum main chain. Stake consensus and transaction fees may both paid using the MATIC token.
Temporary Relief But Long Way to Cover
After a week of losses, the framework’s token, which promises to facilitate interoperability between the Ethereum blockchain and other networks, is again recovering. MATIC regained the May price peak with a 16% climb on December 16 since it surged for the last three days.
A price break of $2.43 would mean a new all-time high. After overcoming the $2.43 barrier. MATIC faces two key obstacles in the $3.25-$3.96 trading zone. Moreover, recent remarks by Federal Reserve Chairman Ben Bernanke on monetary policy may be contributing to the current spike.
Furthermore, polygon provides an update via a fee-burning scheme. Similar to Ethereum (ETH) and Binance Coin (BNB). A testnet version of Ethereum Improvement Proposal 1559 was launched by Polygon’s core development team. To enable the burning of its MATIC token and enhanced fee disclosure. Moreover, in the Mumbai testnet, the deployment took place around 8 a.m. UTC on December 14.
The Mumbai Testnet is the network’s upgrade test version. A testnet blockchain may be used for testing and experimentation. Moreover, the EIP-1599 update on Ethereum’s blockchain addressed two crucial aspects of transaction fees: network load-dependent fee burning and gas price volatility.
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