It’s been a rough week for Polygon, the Ethereum layer-2 scaling solution, with its native MATIC token experiencing a nearly 20% dip in value. The drop resulted from the SEC announcing that it views Polygon, along with numerous other cryptocurrencies, as securities that need stricter regulation in the US. This announcement occurred during lawsuits involving Binance and Coinbase this past Monday and Tuesday. Polygon’s pullback has now exceeded 50%, and some analysts warn that if the SEC proves successful in its claims, it could be disastrous for the network.
MATIC could essentially become untradable in the US, the largest crypto market globally. Furthermore, the classification or even the threat of classification as a security might significantly impair the development of the Polygon ecosystem. While there’s a possibility that the SEC may not be successful in classifying MATIC as a security, Polygon’s future remains uncertain.
In contrast, a new, eco-friendly crypto project, Ecoterra, is enjoying major success. Ecoterra is developing an all-in-one web3 ecosystem powered by its native $ECOTERRA token, aimed at promoting responsible recycling and encouraging individuals and businesses to offset their carbon footprint. The project’s presale has almost reached the $5 million milestone, demonstrating strong support from the crypto community.
As the world continues to tackle climate change, green web3 projects like Ecoterra are anticipated to play an increasingly significant role. To achieve its goals, Ecoterra harnesses blockchain technology to incentivize sustainable behaviors such as recycling, simplifying the carbon offset process, and utilizing transparency to track environmental impact.
Within only about two months since its launch, the Ecoterra presale has raised an impressive $4.92 million. This amount is likely to grow even faster as the project gains traction on social media platforms. The project has already garnered considerable attention, with over 5,000 subscribers on their Discord channel and 15.7K followers on Twitter.
As the presale approaches the $5.7 million mark, the price of Ecoterra’s native $ECOTERRA token will increase by 8%. Investors believe the token has the potential to perform well when it’s listed on cryptocurrency exchanges later this year, thanks to its position as one of the top green utility tokens.
Furthermore, Ecoterra’s development team plans to introduce a staking protocol that enables $ECOTERRA holders to generate passive income streams through their token holdings. This offers additional incentives for investors to hold onto the token beyond expected price gains on the public market.
Crypto presale analyst Jacob Crypto Bury has even speculated that $ECOTERRA could see a 10x increase when it debuts on cryptocurrency exchanges later this year. With a promising green tech project on the horizon and the ongoing controversy surrounding Polygon’s security classification, only time will tell how each project’s future unfolds in the crypto space.
Source: Cryptonews
