As of Monday, Polygon (MATIC) was trading close to $0.78, with the upcoming Etrog mainnet upgrade drawing attention. The altcoin, which saw a surge in trading volume resulting in a rise above $0.79, remained relatively stable compared to other top 20 cryptocurrencies by market cap, even as Bitcoin declined and mirrored the downturn in US stocks.
MATIC’s Outlook: Etrog Upgrade and Price Movement
Last month, the Polygon Foundation revealed a 10-day countdown to the activation of the Etrog upgrade on the mainnet. The upgrade aims to enhance Polygon zkEVM by introducing support for pre-compiled smart contracts, thus evolving it into a Type 2 ZK-EVM, essentially an EVM-equivalent ZK rollup. This upgrade will enable developers to deploy their code on Polygon zkEVM seamlessly, just as they would on Ethereum, without the need for any modifications.
The countdown indicates that the anticipated mainnet release is scheduled for Tuesday, February 6. Anticipating this milestone, the price of MATIC rose from an intraday low of $0.76 to $0.79 before experiencing a pullback amid the current broader market lull. A potential breakout in the coming days and weeks could propel the Polygon token above the psychological level of $1, while a breakdown could lead to a retest of the 2023 support base at around $0.5.
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##FAQ
###What is the Etrog upgrade for Polygon?
The Etrog upgrade is aimed at enhancing Polygon zkEVM by introducing support for pre-compiled smart contracts to evolve it into a Type 2 ZK-EVM, essentially an EVM-equivalent ZK rollup. This upgrade allows developers to seamlessly deploy their code on Polygon zkEVM, similar to how they would on Ethereum, without the need for any modifications.
###When is the anticipated mainnet release for the Etrog upgrade?
The mainnet release for the Etrog upgrade is scheduled for Tuesday, February 6, according to the Polygon Foundation’s 10-day countdown announcement.
###What is the potential impact on the price of MATIC following the Etrog upgrade?
Anticipating the upgrade, the price of MATIC experienced a rise, and a potential breakout in the coming days and weeks could push the Polygon token above the psychological level of $1. Conversely, a breakdown could lead to a retest of the 2023 support base at around $0.5.