The Polygon MATIC engine has actively churned out new projects every other week. MATIC, the blockchain’s native currency, price is yet to react to these developments as the 2022 bear market continues to play out.
In the last update, we explored the most significant developments of 2022. These included partnerships with Robinhood, Google’s BigQuery, Reddit, Disney, Meta, Nike, and Starbucks.
Will MATIC go up? In the following sections, we shall explore the ecosystem’s strengths, recent developments, downfalls, and the coin’s probable price action.
Polygon community
The protocol owes its successes to its vibrant community of builders, developers, creators, fans, and enthusiasts.
The platform’s community update indicates the ecosystem aims to continue nurturing the community by collectively building, developing, and sharing best practices in Web3.
Grants played a vital role in the ecosystem’s growth in its early days. The ecosystem will be sunsetting the program for a more sustainable funding source. They will develop a voucher program to bring partners and contributors together to kickstart new programs.
The ecosystem will be expanding the guild’s program into 2023. The program is a way for local communities to connect with the project, and the program has had great success in India.
They will reboot the Advocates program noting its successes in bringing the community together and providing the advocates with resources to continue evangelizing.
Their India tour just came to an end bringing together thousands of developers from all over the country in a community-building affair. The uptake of the protocol was evident at ETH India, whereby out of the 450 projects submitted, developers built 300 on the protocol.
Ecosystem developments
This festive season has been great for developers.
Polygon partnered with OCEEF to advance ocean literacy by finding new and engaging ways to give people exposure to deep-sea missions. The partnership will enable the creation of democratic access to the state-of-the-art RV Odyssey. The community will decide on research, future itineraries, and assignments onboard.
In the first week of December, they partnered with Magic Eden. Shatterpoint will be the first project on the chain to build on Magic Eden. Magic Eden is a leading cross-chain NFT marketplace. You can mint and trade their NFTs with $MATIC, $WETH, and $USDC.
The phantom wallet will be onboarding the protocol soon. Phantom has over 3 million users their partnership will be a big win for the ecosystem.
The platform can perform faster thanks to researchers of their PoS chain. The researchers proposed a parallel EVM engine that will increase gas throughput by 100% on the main chain. They will roll out the product in 2023.
A recent partnership with Flipkart, an e-commerce giant in India, will see the development of an e-commerce Center of Excellence. The Centre will explore all things e-commerce in Web3 and metaverse.
MATIC price outlook
Nansen ai analytics indicate that Polygon continues to lead in bridge volume accounting for about 31% of the $391M total volume. Its top two bridge contracts have seen $30.5B and $10.3B in books, respectively.
MATIC has been affected by the crypto winter. The coin surged on major platform announcements and later retreated to lower prices. It has so far dropped 65% from the year’s opening price of $2.53.
At press time, it was trading at $0.789.
Through chart price analysis, we can deduce falling price momentum from the MACD histogram; the MACD and signal lines are moving south, so prices could drop lower. The 14- day Relative Strength Index shows the coin is neither in oversold/ overbought territory with plenty of room for price movement.
The bear market and ecosystem developments have played the most significant part in MATIC’s performance in 2022. Will MATIC go up? Positive market sentiment in the crypto industry is the missing link for MATIC to rise back to its former glory.
Also, read MATIC price prediction 2023- 2031.
