Polygon made big improvements to its system in June 2023, like adding a new token and maybe changing its proof of stake blockchain to work as a data availability layer. The protocol has a new project called “AggLayer” that can connect different blockchains together.
Despite important changes being announced, Polygon’s token MATIC is not as successful as Ether (ETH), Optimism (OP), and Arbitrum (ARB). This might seem like bad news for Polygon, but comparing MATIC with other cryptocurrencies like OP and ARB might not be a good idea, according to blockchain researcher Rafael Castaneda.
“As I learn more, I realize that comparing MATIC to tokens like OP or ARB doesn’t really make sense because they are so different. ” MATIC is a token that has been around for a long time, has a high ranking in the market, and has increased in value by 24,000% since it was at its lowest. Castaneda explains this.
Additionally, the new way POL’s token is set up and the project’s new approach to the overall structure may mean it won’t be considered a ‘second-layer token’ anymore.
The true value of MATIC is not widely recognized yet. It has the potential to be a good solution for making Ethereum faster. Right now, people are paying more attention to new second-layer technologies and smart contracts that come with airdrops. Because of this, MATIC isn’t getting as much attention.
Are the promises true?
In the world of cryptocurrency, it’s normal for protocols to make big promises about new features, but then not deliver on them. In the case of Polygon, Castaneda thinks that they have kept all their technical promises up to now.
The most important parts of these deliveries will be gradually put in place. The release of the aggregation layer in February is a big step forward. There are also plans for POL staking, but we’re not sure when it will happen. The Polygon networks are also being updated to save on fees from the new Ethereum upgrade.
Castaneda says that when things take too long or go wrong, it can hurt and make prices go down. But the blockchain researcher says there’s no need to doubt Polygon at the moment. If the goals for the MATIC project are achieved, then we can say that it is following the plan that was made when Polygon 2. 0 was