Polygon (MATIC), a prominent Web3 network, has recently experienced a period of volatility in its price. MATIC is currently trading at $0.625112, with a 24-hour volume of $547,815,952. MATIC has shown an increase of 9.63% in the last 24 hours. The polygon has rebounded from the bearish sentiment earlier in the week. This comes on the back of recent developments within the Polygon ecosystem towards increasing utility and partnerships with major financial institutions.
Polygon Launches “The Value Prop”
Polygon made an important announcement, launching “The Value Prop,” an open database of blockchain use cases. This comprehensive catalog contains over 300 diverse applications and use cases across multiple business verticals, blockchain networks, and geographies. The initiative aims to showcase the positive applications of blockchain technology, presenting it as a versatile tool that goes beyond asset trading.
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Amid negative sentiment surrounding blockchain technology due to regulatory pressures on major market participants like Binance and Coinbase, Polygon’s move to highlight its real-world applications is significant. It is in line with the belief among Web3 experts and industry players that blockchain should be seen as a general-purpose technology that deals with real-world challenges.
Web3 development and positive trends
Polygon’s efforts to promote Web3 development and unlock new use cases are in line with the general trajectory of the industry. Ripple (XRP) recently partnered with Republic Bank, the Central Bank of Colombia, to explore blockchain use cases. This indicates a growing recognition of the potential of blockchain technology beyond cryptocurrencies.
Polygon co-founder Sandeep Nailwal also launched the Nailwal Fellowship, a grant program that provides financial support and resources to early-stage Web3 developers. This initiative offers funding, mentorship, and access to top founders and investors, fueling the growth of the Web3 ecosystem.
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Despite the infection of the US banking crisis, Web3 development has shown resilience. According to Alchemy, a blockchain developer platform, the first quarter of 2023 saw rapid growth in Web3 development. The number of developer teams working on the Alchemy platform has reached a record high, with activity increasing compared to the previous year.
The future probability of the polygon
MATIC, Polygon’s native token, is trading in the positive territory and is up 9% in the last 24 hours. At the time of writing, the price is at $0.6228, according to the TradingView chart. However, amid price volatility, the launch of “The Value Prop” and focus on Web3 development points to potential positive catalysts for Polygon’s future performance.
As the blockchain industry continues to evolve, market participants will closely monitor the progress of Web3 development, the expansion of real-world use cases, and the regulatory landscape. These factors will greatly affect the prospects for Polygon and its native token, MATIC.
Featured image from iStock and charts from Tradingview and Coingecko