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Home Altcoins

As the Polygon network reaches new highs, how will MATIC benefit?

March 13, 2024
in Altcoins
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As the Polygon network reaches new highs, how will MATIC benefit?
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  • Activity on the Polygon network reached new highs.
  • The price of MATIC continued to grow along with velocity.

According to a tweet by Today In Polygon on the 13th of March, Polygon’s [MATIC] Proof of Stake (PoS) network achieved a new milestone, with its daily active addresses hitting a record high of 1.23 million.

This marks a significant achievement for the PoS chain, which has maintained over 1 million daily active addresses for a continuous span of 20 days.

Source: X

A surge in activity

Due to the heightened activity on the network, Polygon’s TVL (Total Value Locked) also grew. The increased TVL contributes to the overall liquidity of the Polygon network.

This liquidity is crucial for the smooth functioning of DeFi protocols, enabling users to trade, lend, borrow, and participate in yield farming activities efficiently.

A higher TVL also implies more assets available for use within the ecosystem, potentially attracting more users and projects seeking to leverage the liquidity and functionality offered by Polygon’s blockchain.

Source: Artemis

What about NFTs?

AMBCrypto’s analysis of Dune Analytics’ data indicated that the volume at which Polygon NFTs were being traded on marketplaces remained high.

This indicated that, despite market fluctuations and changes in sentiment, Polygon’s NFT ecosystem maintained a consistent level of interest and engagement among users and collectors.

Source: @scorz Dune Analytics

Taking a look at MATIC

At press time, MATIC was trading at $1.211696 and its price had grown by 1.05% in the last 24 hours. Its Network Growth had also surged, indicating that new addresses holding were showing interest in MATIC.

See also  This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why

Realistic or not, here’s MATIC’s market cap in DOT’s terms


The velocity at which MATIC was trading at had also seen an uptick.

These factors, coupled with the rising activity on the network, may help MATIC sustain its current rally.

Source: Santiment

Next: Tether’s USDT hits first-time $100B valuation record as BTC hits ATH

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

  • Activity on the Polygon network reached new highs.
  • The price of MATIC continued to grow along with velocity.

According to a tweet by Today In Polygon on the 13th of March, Polygon’s [MATIC] Proof of Stake (PoS) network achieved a new milestone, with its daily active addresses hitting a record high of 1.23 million.

This marks a significant achievement for the PoS chain, which has maintained over 1 million daily active addresses for a continuous span of 20 days.

Source: X

A surge in activity

Due to the heightened activity on the network, Polygon’s TVL (Total Value Locked) also grew. The increased TVL contributes to the overall liquidity of the Polygon network.

This liquidity is crucial for the smooth functioning of DeFi protocols, enabling users to trade, lend, borrow, and participate in yield farming activities efficiently.

A higher TVL also implies more assets available for use within the ecosystem, potentially attracting more users and projects seeking to leverage the liquidity and functionality offered by Polygon’s blockchain.

Source: Artemis

What about NFTs?

AMBCrypto’s analysis of Dune Analytics’ data indicated that the volume at which Polygon NFTs were being traded on marketplaces remained high.

See also  DOT Price (Polkadot) Jumps 10%, Why Bulls Can Pump It To $12

This indicated that, despite market fluctuations and changes in sentiment, Polygon’s NFT ecosystem maintained a consistent level of interest and engagement among users and collectors.

Source: @scorz Dune Analytics

Taking a look at MATIC

At press time, MATIC was trading at $1.211696 and its price had grown by 1.05% in the last 24 hours. Its Network Growth had also surged, indicating that new addresses holding were showing interest in MATIC.


Realistic or not, here’s MATIC’s market cap in DOT’s terms


The velocity at which MATIC was trading at had also seen an uptick.

These factors, coupled with the rising activity on the network, may help MATIC sustain its current rally.

Source: Santiment

Next: Tether’s USDT hits first-time $100B valuation record as BTC hits ATH
Tags: benefitHighsMATICnetworkPolygonreaches

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