MATIC Gains Momentum Ahead of Polygon 2.0 Upgrade
The Open Interest for MATIC trading pairs has surged from $109 million to $160 million in the past 24 hours.
MATIC Gains Momentum Ahead of Polygon 2.0 Upgrade
MATIC, the cryptocurrency powering Ethereum scaling solution Polygon, surged 10% yesterday (11/07) as the highly anticipated Polygon 2.0 upgrade approaches.
According to data from Binance, MATIC is currently trading around $0.744. Concurrently, trading volume has impressively increased by 62%, reaching $500 million in the last 24 hours, as reported by CoinMarketCap.
1-hour chart of MATIC/USDT pair on Binance at 09:50 PM on July 12, 2023
As reported by Coin68, Polygon has declared that version 2.0 will become the "value layer for the Internet," enabling users to create and exchange information. This update brings substantial changes across the project, including upgrading PoS sidechains to layer-2 zkEVM validium, introducing new utilities for the MATIC token, and transitioning to a higher-level community governance model for protocol and project funds.
Later this week, Polygon will unveil new tokenomics updates for the MATIC token, raising investor expectations for significant enhancements in utility and value.
The aggregated open interest (OI) of MATIC, a metric used to assess the nominal value of open derivative positions, has surged by 47% from $109 million to $160 million, according to Coinalyze. This indicates strong momentum supported by leverage.
Aggregate open interest of MATIC at 10:00 AM on July 12, 2023. Source: Coinalyze
However, it's essential to note that anticipated events such as major upgrades can unpredictably influence price action. The Shanghai upgrade of Ethereum serves as a prime example, where ETH prices surged 16% ahead of the event and experienced volatility in the subsequent week.
