Concerns about FTX’s asset management surfaced following its bankruptcy filing. They did, however, take a noteworthy step by staking a sizable sum of Polygon[MATIC], which may have repercussions in other areas.
Lots on the queue here
Recent data indicates that the address in the control of FTX’s bankruptcy team staked almost $9.5 million worth of MATIC, yielding 4.6%. By adopting this proactive measure, FTX is displaying its faith in the token and may have a good impact on MATIC’s emotion and stance towards staking.
MATIC’s Potential Boost: How FTX’s Trust Impacts Its Future,MATIC’s Potential Boost: How FTX’s Trust Impacts Its Future
Regarding the larger MATIC staking environment, information obtained via staking incentives showed that an astounding 3.66 billion Total Staked Tokens were attained. This demonstrated how strong the staking environment is around MATIC. The extensive stake involvement laid a strong basis for the security and dependability of the MATIC network.
But in the social sphere, there were some alarming indicators. The Social Volume of MATIC had decreased, suggesting that demand in the token may be fading. This drop in social interaction may cast doubt on MATIC’s capacity to engage the community and maintain its attractiveness over time.
Throughout this time, the MATIC network’s daily activity and transactions had also declined. It is concerning if there is a decline in daily activity and transactions since this might indicate a decrease in network utility or user interest.
Furthermore, throughout the course of the previous month, MATIC’s fees and income both saw a sharp decrease of 26.6% and 43.6%, respectively. The decline in fees and income can be ascribed to a fall in network utilisation and activity. hence potentially having an effect on the MATIC ecosystem’s viability.
The price trend offered some hope in spite of these worries. The price of MATIC has been trending upward over the last several days, and as of this writing, it is $0.53. Rekindled interest in the token was evident from the rise in both trading volume and holder count.
The goodwill around Polygon and MATIC may also be enhanced by the widespread use of Polygon’s zkeVM. Recent data indicates that TVL on Polygon zkEVM increased by 30% in the previous month.
MATIC’s Potential Boost: How FTX’s Trust Impacts Its Future,MATIC’s Potential Boost: How FTX’s Trust Impacts Its Future,MATIC’s Potential Boost: How FTX’s Trust Impacts Its Future,MATIC Coin Crypto news, MATIC Coin News