Assessing Polygon’s state ahead of USDC’s integration
Journalist
Posted:
- Polygon’s USDC integration can have fairly a couple of advantages, akin to help by Circle Account and its APIs.
- MATIC was up by greater than 3% within the final 24 hours, and metrics had been optimistic.
Polygon [MATIC] not too long ago revealed that USD Coin [USDC] will quickly launch on its PoS chain. Whereas the blockchain labored on integrating a brand new stablecoin, its native token’s worth motion turned bullish, thanks partially to the present market situation.
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Polygon to combine USDC
As per the most recent announcement, native USDC will launch on Polygon PoS on 10 October. This may provoke a transition away from bridged USDC for ecosystem apps, builders, and customers.
October tenth – save the date. Native $USDC will launch on Polygon PoS.
Native USDC, issued by @circle, would be the official type of USDC for the Polygon PoS ecosystem.
The advantages?
– Totally reserved & at all times redeemable 1:1 for US {dollars}
– Supported by Circle Account & its APIs… https://t.co/yCSf4gmaab— Polygon (Labs) (@0xPolygonLabs) September 28, 2023
From 10 October, USDC issued by Circle will likely be native to Polygon PoS and would be the official type of USDC for the ecosystem.
As per the official announcement, forward of the launch of native USDC, the Ethereum [ETH]-bridged type of USDC on block explorers like PolygonScan will likely be renamed as USDC.e.
Native USDC liquidity will enhance over time and finally take the place of bridged USDC liquidity obtained from Ethereum utilizing the Polygon PoS Bridge.
This will even present a number of advantages, akin to help by Circle Account and its APIs, enabling institutional on/off-ramps, and extra.
Nonetheless, it was shocking to see that whereas the blockchain was getting ready to combine USDC, the Improvement Exercise metric dropped. The Dev. Exercise Contributor Rely metric additionally adopted the identical declining development within the final week.
Supply: Santiment
Furthermore, Polygon PoS’s community exercise has considerably flattened over the previous couple of months. This was evident from Artemis’ information, which confirmed that the blockchain’s each day lively addresses and transactions failed to maneuver up by an enormous extent.
However as soon as USDC will get built-in, the state of affairs would possibly change as it may possibly lure new customers onto the community.
Supply: Artemis
MATIC is now registering positive aspects
Because of the crypto market’s situation, MATIC’s worth motion turned bullish earlier than the most recent integration. In accordance with CoinMarketCap, MATIC was up by greater than 3% over the past seven days.
On the time of writing, it was buying and selling at $0.5224 with a market capitalization of over $4.8 billion. Because of the worth uptick, Polygon’s MVRV Ratio improved as effectively.
Learn Polygon’s [MATIC] Value Prediction 2023-24
As per CryptoQuant, MATIC’s web deposits on exchanges had been low in comparison with the final seven days’ common, which means that it was not beneath promoting strain at press time.
Its Open Curiosity additionally elevated whereas its worth went up, which by and huge steered that the upward development would proceed. Nonetheless, the uptick didn’t change MATIC’s weighted sentiment, which dropped within the final week.
Supply: Santiment
