In this article, we discuss the prediction made by a prominent analyst regarding the potential collapse of Polygon (MATIC) as new DeFi projects emerge. One such project, Pullix (PLX), recently announced that it will be listed on Bitmart when the current presale event ends. Let’s dive into the details and determine what this means for this DeFi space.
The Hybrid Exchange Model of Pullix (PLX)
Centralized crypto exchanges are easy to use but are often prone to security breaches and regulations. On the other hand, decentralized exchanges (DEXs) offer greater security but generally come with liquidity and user experience issues. Pullix (PLX) aims to bridge this gap by offering a hybrid exchange model that combines the best of both worlds.
Another revolutionary aspect of Pullix is its revenue-sharing model. While exchanges tend to retain all revenue for themselves, Pullix will distribute a portion of its profit to PLX token holders who contribute liquidity to the platform. This structure creates a win-win situation for both the exchange and its users.
It’s important to note that Pullix isn’t only made for the crypto industry. The team has added support for stocks, commodities, forex, and other assets to attract a wider audience. Such a comprehensive approach could bring significant growth opportunities for Pullix and its investors.
Anticipated Price Surge Post Bitmart Listing
PLX is the native token of the Pullix platform and is a key component of its ecosystem. It can be used for trading fees, staking, governance rights, and to access premium features on the platform.
While the platform is due to launch next month, the PLX token has been available to buy during a presale event that’s raised $8.50 million so far. The current token price of $0.14 is the final presale price before listing on the Bitmart exchange and price discovery takes over.
Anticipation is high as industry insiders forecast a huge volume for the PLX token once listed on Bitmart. Some optimism experts suggest a potential 100-fold increase in 2024 as it disrupts the status quo and gains mass adoption.
Polygon (MATIC)’s Market Valuation Questioned Amid Rising Competition
Ethereum’s scalability issues became apparent during the 2020/21 DeFi bull run. People started needing alternative solutions to avoid paying high gas fees and waiting for long transaction times.
Polygon (previously known as Matic) launched at the perfect time to service this need. Those who recognized this narrative early captured 100x gains as Polygon went from obscure to one of the most popular scaling solutions in the space.
However, since then, the 2024 DeFi space has come on leaps and bounds. Polygon is battling against other scaling solutions that promise low fees and fast transactions, such as Arbitrum, Optimism, zkSync, Startknet, Base, and Manta.
While Polygon has one of the highest market caps at $10.20 billion, Polygon ranks 12th in market share compared to other scaling solutions. These opposing figures suggest that Polygon may be overvalued compared to its competitors.
Recent revelations have come to light that Polygon compensated DraftKings in exchange for its role as a network validator. It was originally communicated to investors that DraftKings’ choice was based on Polygon’s notable tech, so this disclosure has raised a few eyebrows.
The Polygon chart shows the $1.10 level as resistance that must be broken before any upside toward the 2023 high of around $1.56 can resume. Analysts note that Polygon could reach an all-time peak of $2.68 in 2024, but it must continue to innovate to stay ahead of the competition.
For more information regarding Pullix’s presale see links below:
