{"id":348575,"date":"2023-10-05T12:00:08","date_gmt":"2023-10-05T06:30:08","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348575"},"modified":"2023-10-05T11:08:54","modified_gmt":"2023-10-05T05:38:54","slug":"as-polygon-2-0-goes-live-on-testnet-heres-how-matic-responded","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/as-polygon-2-0-goes-live-on-testnet-heres-how-matic-responded\/","title":{"rendered":"As Polygon 2.0 goes live on testnet, here&#8217;s how MATIC responded"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">The first steps of the new proposed governance for Polygon 2.0 will be shared soon.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC was up by more than 10% over the last seven days, and most metrics were bullish.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> recently announced an update that will play a crucial role in shaping the blockchain\u2019s future. The development was related to the much talked about Polygon 2.0 upgrade, which will also change MATIC\u2019s fate when it\u2019s launched fully. In fact, MATIC\u2019s price action has already turned bullish in the recent past, thanks to the market condition.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon\u2019s [MATIC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h4><b>Polygon 2.0 is now live<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Polygon Labs revealed in its latest tweet that, as a result of community consultations, POL contracts will be live on the Goerli testnet. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">POL contracts have been deployed on the Goerli testnet, and two proposals setting forth potential changes to the native token burning mechanism necessary for future upgrades went live as well.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, as a result of community consultations, POL contracts will be live on Goerli testnet.<\/p>\n<p>A major step towards bringing Polygon 2.0 to life.<\/p>\n<p>Based on the community\u2019s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy &amp; PIP-25: Adjust POL Total Supply,\u2026 <a href=\"https:\/\/t.co\/li8OF0o3jC\">pic.twitter.com\/li8OF0o3jC<\/a><\/p>\n<p>&mdash; Clawin Clawenberg\ud83e\udd9e (@DablClaw) <a href=\"https:\/\/twitter.com\/DablClaw\/status\/1709534316320227772?ref_src=twsrc%5Etfw\">October 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">For starters, POL is the blockchain\u2019s next step in revamping MATIC. It will accommodate an ecosystem of zero knowledge-based Layer 2 chains by enabling staking, community ownership, and governance. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the official announcement, the PIP governance process also resulted in the release of PIP-24: Change EIP-1559 Policy and PIP-25: Adjust POL Total Supply, which were both based on community feedback. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The blockchain stated that in the coming weeks the first steps of the new proposed governance for Polygon 2.0 will be shared, the core of which will be a new Ecosystem Council composed of thought leaders and technology experts.<\/span><\/p>\n<h4><b>MATIC&#8217;s response is optimistic<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">MATIC\u2019s reaction to the latest development looked positive as it managed to sustain its upward trend. According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, MATIC\u2019s value surged by more than 10% last week. In fact, in the last 24 hours alone, the token\u2019s price surged by 1.1%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, <\/span><a href=\"http:\/\/ambcrypto.com\/polygon-zkevm-registers-growth-but-theres-more-to-the-story\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\"> was trading at $0.5611 with a market capitalization of over $5.2 billion. While the price surged, MATIC\u2019s trading volume also increased, which is typically a positive development. Thanks to the price uptick, MATIC\u2019s 1-week price volatility spiked last week.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><a href=\"http:\/\/ambcrypto.com\/matic-may-take-a-while-to-respond-to-this-polygon-news-heres-why\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\"> remained popular in the crypto space last week, which was evident from its high social volume. However, a bearish signal was Polygon\u2019s Binance Funding Rate, which turned red. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This suggested that derivatives investors were not buying MATIC at a higher price, which can cause a drop in its price. As per<\/span><a href=\"https:\/\/cryptoquant.com\/asset\/matic\/summary\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, MATIC\u2019s Exchange Reserve was increasing, meaning that the token was under selling pressure.<\/span><\/p>\n<figure id=\"attachment_348576\" aria-describedby=\"caption-attachment-348576\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-348576 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Polygon-on-Ethereum-MATIC-10.35.56-05-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-348576\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Polygon 2.0 went live on Goreli testnet on 4 October while MATIC\u2019s price remained in the buyers\u2019 favor.<\/p>\n","protected":false},"author":75,"featured_media":348577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[1266],"class_list":["post-348575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-matic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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