The zkEVM buzz continues, where is MATIC going? money moguls

• Total transaction fees paid on the network quadrupled in the last 30 days
• MATIC was one of the best performing coins on the market in 2023, jumping 94% from the start of the year.

On February 21, Hinkle, a privacy protocol that allows users to anonymize DeFi transactions, announced on Twitter that Polygon (MATIC) network your home.

We are delighted to announce that we are launching @0xPolygon Mainnet tomorrow – Tuesday February 21!

Once we’re live, you’ll be able to 👇

✅ Deposit/Exchange/Transfer/Withdraw your assets privately

Supported tokens: $usdc, $ dollars, $dai, $wbtc, $WETHAND $matic#DeFi

🧵🎁👇 pic.twitter.com/xAQAFvW12q

– Hinkal Protocol (@hinkal_protocol) February 20, 2023

Is your wallet green? check matic earnings calculator

With an added layer of security, Hinkle’s addition proved helpful to Polygon’s DeFi ecosystem, which has seen significant growth recently. According to data from DeFiLlama, Polygon’s Total Value Locked (TVL) is up 24% since early 2023 and it looks set to recoup losses since the FTX debacle.

Excitement grows as zkEVM gets a release date

Much of the renewed interest can be attributed to the highly anticipated Polygon zkEVM scaling solution, which is considered a game changer for both Polygon (MATIC) AND Ethereum (ETH)The Layer 2 scaling solution is expected to significantly increase network performance and reduce gas prices.

Polygon recently announced that it has set the zkEVM mainnet beta release date for March 27th.

roses are red 🌹
violets are blue
Poems are hard 😩
mainnet beta is here

Polygon on March 27 #zkEVM Ethereum launches the future of scaling

🚢💜🚢💜 pic.twitter.com/kpXavea3ff

Polygon (@0xPolygon) February 14, 2023

The excitement was evident as the total transaction fees paid on the network for token terminal data quadrupled in the last 30 days. With MATIC holders taking a share of the total fees paid on the network, the exponential boom has skyrocketed the protocol’s revenue.

Source: Token Terminal

Polygon has also found good partners in large addresses. According to WhaleStats, the top ETH whale had $208 million worth of MATIC at the time of writing.

🐳 Top 2000 #ETH the whales are floating

$681,037,066 $shib
$208,037,515 $matic
$159,138,991 $link
$146,873,905 $ little
$146,616,720 $better
$144,111,360 $CHSB
$104,702,156 $uni
$79,455,364 $mind

whale classification 👇 pic.twitter.com/YNZ2v2D4BW

– WhaleStats (crypto whale tracking) (@WhaleStats) February 21, 2023

Matic looked set for more profit

Despite this, Polygon’s on-chain activity left a lot to be desired. Sentiment data showed a steady decline in transaction volume over the past week, while the rate of new addresses adopting Matic was not encouraging.

Another issue was the high 30-day MVRV ratio, which indicated that the network was profitable for most token holders and could create selling pressure for the coin.

It was apparent that most holders were in an accumulation mode in anticipation of higher returns that could emerge after the launch of zkEVM next month.

Source: Feeling

MATIC was one of the best performing coins on the market in 2023, having risen 94% since the beginning of the year. Its daily chart looked bullish with higher highs and lower lows.

realistic or not, here it is Matic market cap in terms of BTC

The RSI (Relative Strength Index) has risen sharply in the past few days and is seen to be moving towards the overbought region. On Balance Volume (OBV) has been trending higher since last week, indicating that buying was the flavor of the season.

Short-term bulls looking for profit could trigger a pullback, but a reversal seems unlikely at this stage.

Source: TradingView Matic/USD