Bear markets are excellent for ecosystem development, as Snowfall Protocol (SNW), Polygon (MATIC), and Shiba Inu (SHIB) have demonstrated. Snowfall Protocol (SNW) has recently launched its highly anticipated DEX, Polygon has undergone a hard fork, and Shiba Inu’s Shibarium layer-2 network is coming soon. In this article, we’ll explore what these developments mean for their respective ecosystems.
Polygon Hard Fork Will Enhance Network Performance and Boost MATIC Price
Ethereum scaling protocol Polygon recently completed a hard fork to reduce gas spikes and address chain reorganization in the network. The January 17 upgrade was a significant milestone in the Polygon network and for MATIC as it promises to significantly improve Polygon’s network performance and thus attract more users and developers. As a result, the value of MATIC may rise as demand for the token increases.
However, a week later, this hasn’t yet happened. This could be due to the crypto market rally finally cooling down and the possibility that Polygon investors had already priced in this news. Nonetheless, from a long-term fundamentals standpoint, the hard fork will add value to MATIC and the Polygon network, paving the way for future developments.
Most Shiba Inu Holders Are Still in The Red Despite Shibarium-Induced Rally
Shiba Inu has been on a price rally for the majority of January since the ecosystem’s developers announced the upcoming launch of Shibarium, an Ethereum layer-2 scaling network. However, despite inducing a price increase from $0.000008 on January 1 to $0.000012 today, most Shiba Inu investors remain in the red.
According to data from blockchain analytics firm IntoTheBlock, only 35% of Shiba Inu holders are profiting, while 55% sit in losses at the current price. Moreover, 63% of these Shiba Inu holders invested in Shiba Inu more than a year ago, while only 34% invested in the last year. Only 3% purchased Shiba Inu in the last month.
However, Shiba Inu’s prospects still look promising thanks to Shibarium’s promises of scalability, quicker transaction times, lower fees, and an expanded development framework.
Investors Are Apeing Following Release of Long-Awaited Snowfall DEX
The Snowfall Protocol (SNW) much-anticipated DEX is now live, and investor interest has never been higher!
Snowfall DEX facilitates a secure and transparent transfer of assets across the most widely used Ethereum Virtual Machine (EVM) and non-EVM compatible chains. Users can easily use any token address to swap with another token.
The release of Snowfall’s dApp has increased interest in Snowfall Protocol and its native token, (SNW). Investors are pouring into the protocol to get a piece of the less than 15% remaining presale tokens before they are all gone.
Snowfall Protocol (SNW) is your one-stop shop for interoperability and cross-chain communication. It is the first cross-chain bridge for crypto assets and NFTs. Users can exchange stablecoins, bridge assets, stake assets, wrap NFTs for cross-chain swaps, and transfer their assets to any cryptocurrency all in one place.
Snowfall’s unique use case has been a key price driver during the protocol’s presale campaign and is expected to continue pushing it even higher after launch. Snowfall Protocol (SNW) goes live on February 3 with the first listing on PancakeSwap. According to post-launch technical analysis, Snowfall Protocol will easily return 1000% to 5000% returns in 2023. In January alone, Snowfall Protocol (SNW) is up 500% and currently going for $0.191. The launch price will be $0.22 so the current price is a bargain. Take advantage of the discounted price and invest in the next big thing today
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