Polygon (MATIC) experienced a significant turning point in Q2 2023, with the Polygon 2.0 upgrade, new tokenomics, and a POS upgrade. Despite a recent decline in price, long-term bullish sentiment remains, pointing to positive prospects for Polygon (MATIC). The coin saw a 3.3% drop in the last 24 hours and a 7.5% decline in the past week.

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Polygon (MATIC) has emerged as a prominent player in the crypto-verse, impressing the community with its utility and strong growth in the ever-changing crypto market.

The platform has redefined perceptions of layer-2 protocols and established itself as a key player for emerging layer-2 solutions in the crypto industry.

The second quarter of 2023 proved transformative for Polygon, with groundbreaking announcements like the highly anticipated Polygon 2.0 upgrade, new tokenomics, and a successful Proof of Stake (POS) mechanism upgrade.

In July, Polygon Labs continued to make significant updates and strategic partnerships, making waves in the market.

On July 2, Polygon Labs and Warner Music Group launched a Music Accelerator Program, offering new opportunities for music creators in the blockchain space.

Four days later, on July 4, Polygon’s Proof of Stake (POS) mechanism made remarkable progress, paving the way for an imminent upgrade to Zero-Knowledge Validium, promising increased scalability and efficiency.

On July 13, Polygon proposed to replace its native token, “MATIC,” with a new token named “POL,” reshaping the platform’s ecosystem and unlocking novel possibilities for users and investors.

The much-anticipated Polygon 2.0 upgrade announcement on July 11 triggered a MATIC surge of over 10%, reaffirming Polygon’s trailblazing status in the crypto market.

On July 14, MATIC surged from $0.7154 to $0.87, reclaiming the 10th position in the market and attracting investor and trader attention.

Italy’s Central Bank partnered with Polygon on July 26 to explore DeFi and tokenized assets for financial institutions, recognizing Polygon’s potential to revolutionize traditional finance.

On July 27, the Palm Network announced the launch of its NFT creators’ platform on the Polygon Supernet, fueling anticipation for a transformative NFT ecosystem in collaboration with Polygon Labs and Consensys.

When analyzing the weekly time frame, a negative outlook emerges as MATIC has failed to break through a long-term horizontal resistance level.

The daily Relative Strength Index (RSI) shows MATIC approaching neutral territory, currently standing at 50.

Additionally, the short-term bull-bear power suggests the presence of more powerful bulls, hinting at a notable uptrend.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #MATIC #Polygon #PolygonzkEVM $MATIC

In a groundbreaking move, the innovation center of the Bank of Italy has taken a significant step towards embracing the decentralized finance (DeFi) revolution. Their support has been extended to a remarkable DeFi project, developed in collaboration with Cetif Advisory, Polygon Labs, and Fireblocks.

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Since 2017, the decentralized finance (DeFi) ecosystem has experienced exponential growth, witnessing the emergence of numerous pioneering projects that have garnered a widespread user base. This growth has also piqued the interest of traditional financial institutions, prompting them to explore potential avenues within the DeFi space.

Recognizing the immense potential and value that DeFi brings to the financial landscape, the Milano Hub, the innovation center of the Italian central bank responsible for fostering innovation in the financial sector, has thrown its weight behind a DeFi project. Developed by Cetif Advisory, the initiative aims to facilitate seamless integration for traditional financial institutions into the thriving DeFi ecosystem.

The collaborative efforts of Cetif Advisory, Polygon Labs, and Fireblocks have resulted in a project that holds promise in bridging the gap between traditional finance and DeFi. By leveraging the expertise and innovation of these organizations, the project seeks to unlock new possibilities for financial institutions, enabling them to tap into the benefits and opportunities offered by the decentralized finance landscape.

With the Bank of Italy’s support, this DeFi project is poised to make a significant impact on the financial industry, ushering in a new era of integration and collaboration between traditional institutions and the decentralized finance ecosystem. As the interest in DeFi continues to grow, this strategic move by the Bank of Italy represents a bold and visionary step towards shaping the future of finance.

In a recent press release, Milano Hub, the innovation center of the esteemed Bank of Italy, made a significant announcement regarding their support for a project aimed at fostering the development of the corporate DeFi ecosystem. Notably, this project will see the participation of Italy’s largest banking group, Intesa Sanpaolo, which manages an impressive total asset portfolio exceeding 1 trillion dollars (975 million euros). Additionally, several other prominent Italian banks, asset managers, and financial institutions are set to be actively involved.

Imanuel Baharier, the CEO of Cetif Advisory, also shared his insights on the matter, emphasizing the project’s overarching vision. According to Baharier, the primary goal is to establish a secure and transparent operational landscape for regulated organizations within the realm of DeFi. This visionary approach underscores the significance of creating the necessary conditions for the seamless integration of traditional financial entities into the dynamic world of decentralized finance.

By garnering support from Milano Hub and fostering collaboration with major players like Intesa Sanpaolo and other esteemed institutions, the project is poised to pave the way for enhanced synergies between DeFi and traditional finance. Through these efforts, the corporate DeFi ecosystem is expected to flourish, offering a promising trajectory for regulated organizations to harness the advantages of DeFi within a robust and reliable framework.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #DeFi #PolygonzkEVM #Polygon

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Polygon Labs has introduced smart contracts for its forthcoming cryptocurrency, POL, on the Ethereum mainnet.Polygon Labs has reached a significant milestone by deploying contracts for its new cryptocurrency, POL, on the Ethereum mainnet. This comes after a successful testnet deployment, showcasing Polygon’s dedication to innovation.
In September, the Polygon community approved several Improvement Proposals, including PIP-17 and PIP-19. These proposals outlined the transition from MATIC to POL and were aligned with the architecture of the eagerly awaited Polygon 2.0 upgrade. POL, designed to replace MATIC, seamlessly integrates with the advanced features of Polygon 2.0, setting the stage for the next phase in Polygon’s development.
Matic and Pol
The key differences between MATIC and POL are in their intended functions. MATIC has been the foundational cryptocurrency in the Polygon ecosystem, while POL aims to take things to the next level. POL will not only be the primary cryptocurrency for Polygon 2.0 but will also support a wide network of zero-knowledge-based Layer 2 chains.
A standout feature of POL is its native re-staking protocol. This protocol empowers POL holders to validate multiple chains and take on various roles on each chain, increasing its usefulness in the ecosystem. In Polygon Labs’ words, “POL, a next-generation, high-efficiency token, will power a broad ecosystem of zero-knowledge-based Layer 2 chains. Its native re-staking protocol gives POL holders the flexibility to validate on numerous chains and assume diverse roles on each.”
It’s important to note that POL won’t immediately replace MATIC. Such a significant transition requires governance approval and will coincide with the launch of Polygon 2.0. As the upgrade draws near, there are several crucial steps to be taken. These include introducing a new staking layer for Polygon’s Layer 2 chains, transitioning from Polygon’s proof-of-stake to zkRollup, and implementing a zk-based interoperability and shared liquidity protocol for all Layer 2s, as outlined by Polygon Labs. This roadmap sets the stage for an exciting new chapter in Polygon’s journey.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Polygon #PolygonzkEVM #matic #POL #POLtoken