Deep Dive
1. Circulating Supply API Fix (3 September 2025)
Overview: A codebase error in MAT’s API misclassified BNB Chain balances as circulating supply, inflating reported figures. The team rebuilt the API logic to align with on-chain vesting schedules.
The bug emerged after a routine API update, initially showing ~19M MAT circulating (vs. actual ~8.7M). Community reports triggered a multi-step fix:
- Hotfix reduced supply to ~14M (partial correction).
- Full audit traced the error to token classification logic.
- Final patch resynced data with CoinMarketCap and aggregators.
What this means: This is bullish for MAT because accurate scarcity metrics (8.7% circulating vs. 12% projected) reinforce tighter supply dynamics. Transparent fixes also strengthen trust in MAT’s reporting.
(Source)
2. Multi-Exchange Token Launch (19 June 2025)
Overview: MAT’s codebase enabled cross-chain interoperability via bridges like Hyperlane Nexus, supporting its multi-exchange debut.
The launch required EVM-compatible smart contracts for BNB Chain and Matchain Network integration. Code optimizations ensured seamless token bridging and liquidity provisioning across 10 exchanges.
What this means: Neutral for MAT – while broader access boosted initial liquidity, the technical focus was on infrastructure, not novel protocol upgrades.
3. Staking Mechanism Rollout (24 June 2025)
Overview: The team deployed audited staking contracts offering delegated or liquid staking, with yield mechanics hardcoded into the protocol.
Decurity-audited smart contracts auto-compound rewards for liquid staking (stMAT). Code ensures uniform APR across pools to prevent centralization risks.
What this means: Bullish for MAT – staking reduces sell pressure and incentivizes long-term holding, while audited contracts minimize security risks.
(Source)
Conclusion
Matchain’s codebase updates emphasize accuracy (supply fix), accessibility (bridges), and incentives (staking). These align with its focus on scarcity and user trust. How will slower token unlocks impact MAT’s volatility as adoption grows?