Polygon’s token, MATIC, is one of the most historic Binance IEOs. Because it yielded an ATH of 1104X (110,384%). But in this bear market, MATIC decreased 56% from its all-time high value. So, this could be your last opportunity to buy it at such dirt cheap prices because Polygon looks like they are making all the right moves in this market.
March 2023 is going to be a big month for MATIC altcoin with the zkEVM thing rolling out. Why is it such a big deal? And besides that, what other things are Polygon making that could lead to its price explosion very soon? Let’s find out.
zkEVM is Coming to Polygon
March 27th is the day. That’s when Polygon’s zkEVM hits the mainnet. We all know its really a big deal, but why? And what does it mean? Most of you must be knowing that Polygon is an Ethereum Layer 2 solution. That means it scales Ethereum and makes the transactions done on Ethereum faster and cheaper without compromising security.
Roses are red 🌹
Violets are blue
Poems are hard 😩
Mainnet Beta is here
ON MARCH 27, Polygon #zkEVM launches the future of Ethereum scaling
— Polygon (@0xPolygon) February 14, 2023
At present Polygon is facing harsh competition from some of the other Layers like Optimisim, Arbitrum, and more. But with the zkEVM mainnet launch, Polygon hopes to beat them all and become Ethereum’s primary scalable system.
To put it across simply – with this move, Polygon will verify transactions off-chain before batching them onto Ethereum for settlement which will drastically reduce transaction time and fees. Why should I believe them? Well, Polygon has been aggressively testing the zkEVM testnet over the last 6 months. So, DeFi bluechips, like Uniswap and Aave, have battle-tested the testnet and I must say the results are super-impressive.
Take a look at these numbers. As per the latest Polygon zkEVM testnet audit report the cost of providing a single transaction on Uniswap using Polygon zkEVM are way down and costs roughly $0.0019. Wow, that’s a massive saving on otherwise super high gas fees and that is why Polygon’s zkEVM mainnet launch is such a revolutionary event for the entire blockchain space.
When this comes online, this is going to be huge. It will help both Ethereum, other EVM chains, and Polygon. All this will make $MATIC more valuable leading to a price pump. And that is why whales have been massively accumulating Matic.
Whales LOVE Polygon
Recently, we’ve been talking about whale activity more and more. Even though no one bats 1.000, they can sometimes be a good source of a hidden gem, an overlooked project, OR a project that’s ready to move higher.
And you can track it all on-chain. That’s the beauty of public blockchains. In the last 4 weeks, from mid-January to mid-February, existing Polygon whales loaded up in their wallets. Santiment, which is a great on-chain tool, made the chart in this tweet.
Whales are still bullish on #Polygon! 🐋💰
— Ali (@ali_charts) February 15, 2023
And it says that huge Polygon whales that already hold between 10 million and 100 million MATIC loaded up in this 4-week period. They went in BIG and bought 55 million MATIC over these 4 weeks. So, the odds that an insider of either a founder, someone on the dev team, or an early investor is among this group of whales is high.
And they are telling us something. There’s an old investing saying in the stock market that says insiders sell for many different reasons but they only buy for one reason. Those that know the most about Polygon and have invested the most in it are bullish and buying more.
And we know because it’s on-chain. Pretty cool huh? We (myself and most of Altcoin Buzz) are bullish anyway but this is a nice confirmation that those ‘in the know’ agree with us. Do you use any on-chain tools to follow whales or other wallets? Let us know what tools you like in the comments below.
Polygon has Real Good Tokenomics
One of the things you don’t hear that often in the zillions of videos about Polygon is that it has good tokenomics. I’m here to change some of that.
The team and advisors only hold 20% of the total tokens. That’s lower than almost every altcoin project. And this is good because this makes sure even when team or advisors sell some of their Matic holdings, MATIC won’t see a major price dump.
No artificial price pumps due to low supply. I know you’ve seen it. That coin where only 15% of the total supply is out in the market and yet it’s pumping like crazy. You and I both know. That can’t last. Eventually, that supply hits the market through unlocking vested tokens or huge chunks of the supply hitting the market. And that creates lots of downside selling pressure.
Also, Polygon’s $MATIC token does not have these issues. Over 90% of the total supply is already in the circulating supply. A little more than 9 billion of the 10 billion total supply is already out there. I think only Bitcoin has a higher % of total supply out there in the market today.
That means the growth is real. The rest will come onto the market within the next 3 yrs.
Matic utility is increasing. Each of the different L2 solutions Polygon has uses MATIC. Whether it’s:
- The new zkEVM.
- Hermez or Miden, both different zk Solutions.
- Nightfall or others.
Next week, there will be an audit-upgraded testnet for Polygon #zkEVM. The coming testnet will feature:
🗂️Support for Etherscan
For more on the upgrades and an update on finality time, click 👇🏼https://t.co/ZUwQrECMPb
— Polygon ZK (@0xPolygonZK) February 24, 2023
All these solutions will be using the $MATIC token to buy, sell, hold, and pay for the solution. And this does not include the token’s use in its growing NFT market and in the many Web2 partnerships like Instagram that we’ve mentioned in other videos.
Overall, people often ignore the great tokenomics because Polygon has so many other great, more flashy things to talk about. Partnering with Starbucks is a cooler thing to talk about than 90% of the supply of coins out there in the market.
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