Popular blockchain platform Matic Network launched its long-awaited mainnet on the 31st of May to much fanfare within its community. However, the launch of the Mainnet has not resulted in a corresponding increase in price.
In fact, its native token Matic has instead undergone a bearish trend with the coin losing double digits in the last 24 hours of trading. The coin which began the day trading at $0.023 with the price stable until a spike occurred around 15.00 UTC which was the period when the Mainnet launch was announced.
Since then Matic has endured several oscillatory movements within the last 24 hours and briefly touched the support levels of $0.020 in the early hours of today. Subsequently, the coin has embarked on a sideways movement with slight variations and currently trades at $0.215 per unit.
Its market cap has reduced by close to 10% from $81 million at the start of trading to around $73 million as at the time of publication.
Matic Mainnet expected to bring new era and developments to the highly popular blockchain
Matic Network’s mainnet was one of the most highly anticipated events of the year within the blockchain community and resulted in more than two and a half years of work from the Matic technical team and inputs from its community.
The blockchain platform which is one of the fastest-growing in the crypto sphere anticipates that the mainnet would bring about new developments to its ecosystem.
According to Matic, the initial rollout of the mainnet would be restricted to a set of validators with DApp partner nodes set to join in the coming week.
Matic aims to achieve its aims to become the de-facto platform which developers would utilize and run decentralized applications in a secure and decentralized environment.
The blockchain has a conglomerate of partners that have signed up to utilize the features of the mainnet once it is fully functional.
Matic is expected to use the next few weeks to check for software bugs and ensure proper validation before moving to other phases of its rollout plans.