Polygon's $MATIC token has risen by 10% in the past 24-hours alongside a 47% increase in open interest as investors anticipate Polygon's 2.0 upgrade. Reporting by oknightcrypto
Matic's aggregated open interest, which is a metric used to assess the nominal value of open derivatives positions, has experienced an even larger uptick over the past 24-hours, rising from $109 million to $160 million, or 47%, according toIt's worth noting that highly-anticipated news events like upgrades can cause volatile price
action as an imbalance of leveraged positions have the potential to get squeezed after the event takes place, with astute traders look to capitalize on unsustainable levels of optimism. Ethereum's Shanghai upgrade was an example of this, with prices rising by 16% in the lead-up to the event before returning to parity less than a week later.
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