Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
MATIC Surges 10% as Polygon's 2.0 Upgrade Draws Closer

MATIC Surges 10% as Polygon's 2.0 Upgrade Draws Closer

CoindeskCoindesk2023/07/11 16:29
By:Oliver Knight

Open interest for MATIC trading pairs has risen from $109 million to $160 million in the past 24 hours.

MATIC open interest (Coinalyze)

, the native token of Ethereum scaling solution Polygon, has jumped 10% from Monday's low of $0.67 as traders anticipate the upcoming Polygon 2.0 upgrade.

The crypto is currently changing hands at $0.73 following a 62% increase in daily volume on Tuesday, with $500 million being traded over the past 24-hours, according to .

Polygon with aims of creating “the value layer of the internet." It also said that it will transition to greater community governance of the protocol and treasury in a .

Matic's aggregated open interest, which is a metric used to assess the nominal value of open derivatives positions, has experienced an even larger uptick over the past 24-hours, rising from $109 million to $160 million, or 47%, according to . That big jump suggests that the rally is being backed with leverage.

It's worth noting that highly-anticipated news events like upgrades can cause volatile price action as an imbalance of leveraged positions have the potential to get squeezed after the event takes place, with astute traders look to capitalize on unsustainable levels of optimism. Ethereum's Shanghai upgrade was an example of this, with prices rising by 16% in the lead-up to the event before returning to parity less than a week later.

Edited by Stephen Alpher.

138
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Vitalik Buterin's Latest ZK-Focused Statement and What It Means for Blockchain Infrastructure

- Vitalik Buterin advocates integrating ZK proofs with MPC, FHE, and TEE to enhance blockchain privacy and scalability. - GKR protocol reduces ZK verification costs 15-fold, enabling 43,000 TPS on platforms like ZKsync. - Ethereum's "Lean Ethereum" roadmap prioritizes ZK-EVMs and gas optimizations to compete with ZK-native layer 2s. - ZK ecosystem secures $28B TVL in 2025, with institutional adoption and $725M+ VC funding driving growth. - ZKP market projected to grow 22.1% CAGR to $7.59B by 2033, but face

Bitget-RWA2025/12/11 11:24
Vitalik Buterin's Latest ZK-Focused Statement and What It Means for Blockchain Infrastructure

State Street & Galaxy Launch Tokenized Liquidity Fund

State Street and Galaxy Digital unveil a tokenized private liquidity fund using PYUSD, launching on Solana in 2026.How SWEEP Works with PYUSDSolana Chosen as First Chain for Launch

Coinomedia2025/12/11 11:21
State Street & Galaxy Launch Tokenized Liquidity Fund

Bitcoin ETFs See $224M Inflows, Led by BlackRock

U.S. spot Bitcoin ETFs gained $224M on Dec 10, with BlackRock's IBIT leading at $193M. Ethereum, Solana, and XRP ETFs also saw gains.Ethereum and Altcoin ETFs Also Gaining MomentumWhat This Means for Crypto Investors

Coinomedia2025/12/11 11:21
Bitcoin ETFs See $224M Inflows, Led by BlackRock

Stripe Acquires Valora Team to Boost Crypto Plans

Stripe acquires the Valora team to strengthen its crypto capabilities, while Valora wallet remains under cLabs.What This Means for Stripe and Crypto AdoptionValora Wallet Continues as Part of cLabs

Coinomedia2025/12/11 11:21
Stripe Acquires Valora Team to Boost Crypto Plans
© 2025 Bitget