It’s been a disastrous week for Polygon.
The Ethereum layer-2 scaling solution’s native MATIC token has shed nearly 20% of its value since the weekly open, tanking from the upper $0.80s to the low-$0.70s.
The SEC on Monday said it views Polygon (and a host of other cryptocurrencies) as crypto securities that should be subject to significantly greater regulation in the US as part of its lawsuit against Binance, before repeating this stance in a similar lawsuit versus Coinbase on Tuesday.
MATIC’s pullback from earlier yearly highs in the $1.56 area has now surpassed 50%, with technical selling upon the breakout of a long-term pennant structure also adding to the woes.
If the SEC is able to win its lawsuits versus Binance and Coinbase, legitimizing its claim that Polygon is a security, this could be catastrophic for the network, some analysts have warned.
MATIC could become basically untradable in the US, the largest crypto market in the world.
Meanwhile, a classification, or even the threat of classification as a security could completely kill off the up-until-now strong pace of development seen in the Polygon ecosystem of applications.
MATIC could go to zero, some bears are warning.
That might be a bit of an exaggeration, and the SEC may lose its bid to classify MATIC as a security.
Nonetheless, Polygon faces a highly uncertain future.
But things are going much better for a new green crypto project called ecoterra.
As outlined in the project’s Whitepaper, Ecoterra is building an all-in-one $ECOTERRA-powered web3 ecosystem, designed to encourage recycling via its first-of-its-kind Recycle-to-Earn (R2E) system, facilitate trade in recycled materials and encourage individuals and businesses to offset their carbon footprint.
And the project’s presale of its native $ECOTERRA token is fast approaching the $5 million milestone, a strong vote of confidence in the project’s vision from the crypto investing community.
Nascent green web3 projects like ecoterra are expected to play an increasingly important role in global efforts to address climate change in the decades ahead as crypto’s broader adoption increases.
It’s no wonder then that the crypto presale that ecoterra is currently running in order to fund the development of its platform has been a resounding success.
How Does Ecoterra Work?
When harnessed right, blockchain technology holds an unprecedented ability to promote environmentally friendly behaviors by rewarding recycling, making it easier to offset carbon emissions and tracking environmental impact utilizing the blockchain’s transparency.
And Ecoterra is building an all-in-one application that does all three of these things and more.
Ecoterra rewards users with the platform’s native $ECOTERRA crypto token every time they recycle.
The green web3 start-up’s R2E app is supported in any country that uses Reverse Vending Machines (RVMs), meaning a huge potential market.
The platform features a carbon offset marketplace to make it easier for individuals and businesses to offset their carbon footprint.
Ecoterra also features a recycled materials marketplace to make it easier for businesses to purchase recycled goods using $ECOTERRA or other cryptocurrencies.
Meanwhile, thanks to the transparency of the blockchain, ecoterra allows individuals and businesses to track their environmentally friendly practices via an Impact Trackable Profile.
Observers predict this feature to be very popular amongst environmentally-conscious businesses, who can use Impact Trackable Profile to boost their brand image and bolster customer loyalty.
2023’s Best Crypto Presale?
In only around two months since its launch, ecoterra’s presale has flown through eight stages and raised a massive $4.92 million, with this pace likely to accelerate further in the coming weeks as the project gains more traction across social media.
The signs on this front are promising – Ecoterra’s Discord channel already has over 5,000 subscribers and the project’s Twitter account already has 15.7K followers.
And investors have no time to lose to get involved if they want to get in early on one of web3’s most promising green projects.
That’s because when the presale reaches the $5.7 million mark, the price of ecoterra’s native $ECOTERRA crypto token, which is issued as an ERC-20 on the Ethereum blockchain, will rise 8% to $0.01 from the current $0.00925.
And investors think that $ECOTERRA could perform very well when it goes live across cryptocurrency exchanges later this year thanks to the fact that it is likely to rank as one of the top green utility tokens.
Moreover, ecoterra’s development team intends to launch a staking protocol in the future that allows ECOTERRA holders to generate a passive income stream through their token holdings, adding further reason for investors to hold the token beyond just expected price gains on the public market.
$ECOTERRA’s supply is capped at two billion, with one billion of these (50%) being made available to presale investors.
20% is allocated to ecosystem liquidity, 10% to listings and marketing each and 5% to corporate adoption.
Only 5% is allocated to the team, meaning that if they want to make big money off of the project, they will have to stick with it for a long time in order to really pump the $ECOTERRA price.
Popular British crypto presale analyst Jacob Crypto Bury thinks that $ECOTERRA has the potential to 10x when it launches across cryptocurrency exchanges later this year.