The recent trend for Polygon (MATIC) has followed a negative pattern, causing further concern within the industry. In the midst of an extended crypto market correction of 2022, MATIC has a consistent bearish outlook. From its value of $2.92 on December 27, 2021, the coin is down by over 60%.
Volatility is one of the important features of cryptocurrency that has generated mixed opinions within the virtual space. It forms the basis on which the profitability of assets stands. Furthermore, it could lay the foundation for the collapse of an already growing project despite its record.
With the reversal of activities, Polygon Network will be relying on new inductive developments to revive its downtrend. So, it’s in launched Its NFT Minter is the new version that allows users to create NFTs using customizable functionalities. Plus, this NFT execution comes without gas charges for all customers.
The network integrated several functionalities within Minter, such as using the ERC-1155 and ERC-721 standards, regular NFT, and SoulBound. Also, the Polygon team is rolling out their plans to release a complete minting API. In addition, it has Unity SDK integration launch and expanding batch support.
Related Reading | Bitcoin dominates derivatives market to end May on a high note
Polygon is trying to move forward with the crypto space with its move. More people find the option of mining with gas fees very attractive to both interested users and existing coin holders. This is evidenced by the increased investment of ETH wallet holders in MATIC.
Polygon Networks has experienced growth in its customer base through increased gaming and NFT adoption. It registered a growth of 45.5 in its NFT marketplace – OpenC in 2021. But the current result in 2022 shows a different story for the project.
Hopefully Polygon will recover past damages
From Dune Analytics records, you can compare ETH wallet with MATIC token as of June 1st and May 1st. The first shows a significant peak compared to the latter. At least 35,309 ETH wallets now hold over 1,000 MATIC coins. Also, the minimum 134,078 ETH wallet holds more than 100 MATIC coins.
Another significant positive is through its proof-of-stake (PoS), the top Ethereum commit chain. The Polygon PoS chain records an increase in its total number of unique addresses.
Using this chain, customers can do a lot of activities such as token swapping, market predictions, playing games and more. The chain added over 2.5 million new addresses a day in September 2021. Since then, the unique addresses of the polygons have progressively increased.
Related Reading | Institutional Investors Turn to Competitors as Ethereum Tumbles
About 98% of its users may suffer some loss due to Polygon’s bearish trend. However, they still believe in the feasibility of the project. It is interesting to note that the number of unique addresses on a network is not equal to its users. Some users create multiple addresses to suit their preferences.
Currently, Polygon has gone through a fresh 1% correction, bringing the price of MATIC to $0.62 at the time of writing.
Featured image from Pexels, chart from TradingView.com