Cryptocurrency

Matic price drops 20% when Mainnet launches


The News or Article published here is property of the givenSource and they have all the ownership rights Source link https://cointelegraph.com/news/matics-price-crumbles-20-amid-mainnet-launch

Matic Network Decentralized Applications Platform (DApp) (MATIC) successfully launched its main network after two and a half years of development.

June 1 blog post published by Matic notes that the mainnet will be deployed over a series of phases to “ensure that the deployment of the mainnet and the integration of the validator are carried out as easily as possible”.

“More impatiently, it guarantees that from day one that DApps are able to successfully deploy their products on Matic,” added the message.

MATIC plants 20% in two days

Despite the launch by Matic Network of the first phase of its deployment on the main network, the price of MATIC has dropped by around 20% since its exchange of $ 0.260 on May 29.

MATIC / USDT on Binance: TradingView

The crash saw MATIC drop 30% to test $ 0.200. However, the token rebounded 8% and is trading at $ 0.216.

This downward trend reversed most of the 38% rally in MATIC compared to last week.

Matic enters the first phase of mainnet deployment

The first stage of exit will see the delegated proof of participation network (DPoS) working with a limited set of validators.

Currently, Matic Foundation has deployed the seven operational nodes of the network. However, “all the rewards won by the nodes of the Foundation will return to the betting pool”.

The Ether tokens (ETH) and ERC-20 are also interoperable between the Matic network and the Ethereum chains.

DApp partners will deploy the nodes next

Before proceeding to the second phase of the deployment of the main network, Matic intends to ensure that the DApps can be deployed and to carry out several series of security examinations.

DApp partner nodes are expected to start joining the network in batches of five to ten starting this week, with the message stating:

“The selected validator nodes that have worked closely with the Matic team, which include professional validators and renowned DApps, have been pre-selected and will soon be integrated into the main network.”

Once the network DApps have been successfully brought online and integrated with the users, the Matic Foundation nodes will be deactivated – with the redelegation of the network to public validators who will operate the Matic nodes from there.

loading...

Source link

Show More

Legend

Hey, I am Usama Younus founder of Usama Younus Inc. I am a full-time web developer and content writer. I'm very passionate about news and sports stuff, Also I love to cook new recipes.

Related Articles

Leave a Reply

Back to top button
Close