Matic Network partners with Gitcoin to boost mainnet adoption, MATIC/USDT faces bearish correction

In a bid to foster its mainnet adoption, Matic Network has joined forces with Gitcoin to launch “Large Scale Developer Initiatives.” Matic is looking to encourage blockchain developers to build projects on its mainnet and incentivize decentralized applications (dApp) developers at all protocol development stages. 

Matic said that instead of just operating as a scaling solution, it aims to build its ecosystem of developers and dApps. The campaigns driven towards developer adoption include a Build-n-Earn initiative - a recurring monthly incentive program for developers to bootstrap their teams. A security hackathon called Matic Layer 2 Security Hackathon has also been launched to attract protocol developers to Matic with bounty rewards of >$50,000.

Matic has also unveiled numerous accelerators and incubators to provide budding blockchain projects with necessary funds. The firm has already initiated an accelerator program dubbed T-Block with the government of Telangana in India. Commenting on this, the Matic team said: 

Organized by Tech Mahindra and the Telangana government, the initiative will further the Telangana government’s mission to make Telangana the ‘Blockchain Capital of the World’. Matic, along with Harmony, will be providing T-Block startups with support and the infrastructure required to build DApps with the performance required to facilitate mass adoption.

MATIC/USDT daily chart

MATIC/USDT dropped from 0.02113 to 0.02096 in the early hours of Saturday. In the process, the bears managed to take the price below the SMA 50 curve. The MACD shows sustained bullish momentum, despite bearish price action. 

Support and Resistance

MATIC/USDT has strong resistance at 0.02113, 0.02165 and 0.02104 (SMA 50). The bears will want to conquer support at 0.02061, 0.02038 (SMA 20) and 0.02026 to continue downward movement.