đšPolygon's Triumph Over Ethereum: The Future of MATIC Revealed! đ
In a remarkable turn of events, Polygon has surpassed Ethereum in terms of gas usage. But thatâs not allâPolygon also boasts more monthly active users than Ethereum. This shift is largely driven by users flocking to Polygon for its lower fees and faster transactions. Could this momentum slow down Ethereumâs adoption rate? đ
It's crucial to remember that Polygon isnât a direct competitor to Ethereum. Instead, itâs a Layer-2 scaling solution built on top of Ethereum. A thriving Polygon ecosystem could ultimately benefit Ethereum, fostering a symbiotic relationship between the two. đ
Despite Polygon's impressive progress, MATIC, its native token, has faced challenges. The price of MATIC moved sideways for most of the period, with a notable decline when it hit $0.7413 on June 6th. During this time, the On Balance Volume (OBV) for MATIC also declined, indicating that selling pressure outweighed buying pressure. đ
Interestingly, there are signs of positivity for MATIC. The Chaikin Money Flow (CMF) indicator, even at a low value of 0.03, suggests that there is still money flowing into MATIC. This could mean that larger investors, or whales đ, are accumulating MATIC despite the short-term price dip. Additionally, retail interest in MATIC is on the rise. Data shows that addresses holding between 0 and 100 coins have increased their accumulation rates đ, indicating that traders view the recent price dip as an opportunity to buy MATIC at a discount. đž
While MATIC has struggled with price growth, Polygon has excelled in the DeFi sector. Polygonâs Proof-of-Stake (PoS) đĄïž, zero-knowledge Ethereum Virtual Machine (zkEVM) đ§ , and Coconut Development Kit (CDK) đ„„ have become the preferred choices for DeFi developers, further solidifying its position in the market. đȘ
What do you think about Polygon's rapid rise and MATICâs potential? đ€
