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Matic’s price drops 20% as the mainnet is introduced

June 1, 2020

The decentralized application platform (DApp) Matic Network (MATIC) has successfully started its mainnet after two and a half years of development.

A blog post published by Matic on June 1 states this Your mainnet is implemented in a series of phases to “ensure that mainnet deployment and onboarding of validators are as smooth as possible”..

“Above all, it ensures that DApp can successfully deploy its products to Matic from day one,” the publication added.

MATIC falls by 20% in two days

Matic’s price drops 20% as the mainnet is introduced
Matic’s price drops 20% as the mainnet is introduced

Although Matic Network has started the first phase of its mainnet launch, The MATIC price has fallen by around 20% since it was trading at $ 0.260 on May 29.

MATIC / USDT on Binance

MATIC / USDT pair on Binance: TradingView

As a result of the collapse, MATIC fell 30% and tested $ 0.200. However, the token recovered 8% to trade at $ 0.216.

The downward movement reversed most of MATIC’s 38% rally last week.

Matic enters the first phase of the main network deployment

In the first step of the deployment, the delegated DPoS network (Proof of Participation Network) works with a restricted group of validators.

Currently, The Matic Foundation has implemented all seven operating nodes in the network. “However, any rewards received from the Foundation nodes will return to the task force.”

Ether (ETH) and ERC-20 tokens are also interoperable between Matic Network and Ethereum chains.

DApp partner to deploy nodes later

Before proceeding to the second phase of deploying the core network, Matic wants to ensure that DApp can be deployed and multiple rounds of security patches can be performed.

The assigned DApp nodes are configured to join the network in stacks of five to ten starting this week.

“The selected validator nodes that worked closely with the Matic team, including professional validators and DApp frameworks, were shortlisted and will shortly be integrated into the core network.”

Once the network DApps are activated and users are registered, the Matic Foundation nodes are shut down and the network is again delegated to the public reviewers who operate the Matic nodes afterwards.

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