- Direct minting and redeeming of native USDC on Polygon PoS will increase capital efficiency and user experience.
- Polygon now works better with Ethereum’s execution logic, thanks to Elderberry and Dencun.
By introducing the first stage of its native USDC integration on its Proof of Stake (PoS) network, Polygon has accomplished a noteworthy milestone that signals a major enhancement in capital efficiency and user experience.
With this version, the Polygon PoS ecosystem may now directly generate and redeem USDC, greatly improving the network’s usability and stablecoin transaction flow.
Phase I of the native $USDC migration on Polygon PoS has begun. The first focus – DeFi protocols
ushering in an era of direct minting/redeeming, enhanced capital efficiency, and unparalleled user experience
Native USDC's adoption has surged recently, marking a significant move… pic.twitter.com/2XP7n1nKw7
— Polygon | Aggregated (@0xPolygon) March 18, 2024
Benefits of the Original USDC Compared to Bridged Versions
To go from the bridged USDC version (USDC.e) to the native version, major ecosystem players such as DeFi platforms, bridge services, and NFT marketplaces are working together to shift to Polygon’s native USDC.
The collective action demonstrates the community’s commitment to improving user satisfaction and the overall performance of the Polygon network.
The launch of native USDC on Polygon offers customers significant benefits over its bridging equivalent, including seamless transactions and improved features like in-network minting and redeeming.
The robust infrastructure and API support of Circle provide the foundation for the native USDC, which is fully backed and redeemable for US dollars one-to-one.
Due to demand and community feedback, the first release of the native USDC on the Polygon PoS network occurred in October. The entire switch to native USDC is anticipated to substantially improve user experiences and promote wider use of the Polygon PoS network, even though the migration is still ongoing.
In addition to the USDC transfer, Polygon has made major network enhancements. Essential Polygon zkEVM enhancements were included in the Elderberry version, reducing several network issues.
Additionally, the Polygon network has also profited from the latest Dencun upgrade, which includes six Ethereum Improvement Proposals (EIPs) pertaining to Ethereum’s execution logic, as ETHNews had earlier detailed.
A Bullish Outlook for MATIC
Amidst these technological breakthroughs, renowned analyst Captain Faibik brought attention to a noteworthy development in the crypto space, particularly MATIC token.
$MATIC is Retesting the Symmetrical Triangle on the Weekly TF Chart. 📈
Expecting Massive Bullish Rally so don't miss the RIDE..#Crypto #MATIC #Polygon pic.twitter.com/3WoO2CJIrL
— Captain Faibik (@CryptoFaibik) March 20, 2024
On the Weekly Time Frame (TF) chart, Captain Faibik saw MATIC retesting the upper edge of a Symmetrical Triangle pattern following a significant breakout. Many people believe that this technical pattern is an indication of an impending rally, with target prices expected to rise beyond $7.
At the press time, the price of MATIC had risen 1.68% in the last 24 hours, fell to $0.9701. But, this represents a drop of 23.12% over the past 7 days.