Polygon Believes Ethereum’s Merge Upgrade Is Good For Layer 2 Solutions
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“99.95%, That’s how much the switch to PoS will shrink Ethereum’s energy consumption, making Ethereum future-proof, just like Polygon. This lines up with our commitment to becoming a carbon negative chain by the end of 2022.”
The Merge is a long-awaited upgrade for Ethereum, transitioning it from a Proof-of-Work consensus mechanism to a Proof-of-Stake (PoS) system. Ethereum developers recently announced that the groundbreaking upgrade will go live on September 15.
Polygon explained that the upgrade will significantly slash Ethereum’s carbon footprint and inflation, though explaining that it would not solve scalability and has few issues. The blockchain project further explained that the upgrade would make Ethereum a more sustainable and secure blockchain, which it noted benefits the scaling solution.
Polygon added that one of Ethereum’s visions was to become a settlement layer for Layer 2 networks, asserting that it will always heed the scalability needs of users.
It is worth mentioning that despite the ongoing crypto downturn, Polygon has continued to expand its base, clinching numerous Web3 partnerships. A report in Q2 showed that the network was welcoming well over 1,000 developers daily.
Key Polygon Levels to Watch — August 24
MATIC has traded in a recovery mode over the past few days, following its descent from the $1 area last week. While the cryptocurrency has consistently recorded higher lows since it bottomed near $0.7500, it has had little luck with painting any high above the 100 EMA.
I expect to see more retests of the 100 EMA barrier in the coming days, and a possible breach of that mark as market sentiment improves ahead of the Ethereum Merge. Also, MATIC is steeped in oversold conditions and would likely push to ease this sentiment soon.
Meanwhile, my resistance levels are $0.9000, $1.0000, and $1.2500, and my support levels are $0.7500, $0.6000, and $0.5000.
Total Market Capitalization: $1.04 trillion
MATIC Market Capitalization: $6.68 billion
MATIC Dominance: 0.64%
Market Rank: #15
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