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Despite Polygon’s DEX milestone, MATIC struggles – Here’s why

2min Read

Polygon’s network activity has risen of late, but MATIC’s struggles continue. 

Despite Polygon's DEX milestone, MATIC struggles - Here's why

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  • Polygon records the highest DEX volume in over a year.
  • MATIC remained in the new price zone despite a decline.

According to Sea Launch on Dune Analytics, Polygon [MATIC] has witnessed a surge in its Decentralized Exchange (DEX) volume in recent weeks. Notably, in the past week, the volume reached $2.25 billion.

AMBCrypto’s analysis of the DEX volume charts showed that the majority of the volume originated from high-value and medium-value trades, accounting for $1 billion and $1.14 billion, respectively.

Polygon DEX volume

Source: Dune Analytics

Polygon volume remains steady

AMBCrypto’s examination of the volume on DefiLlama showed that it did not follow the uptrend observed in DEX volume. At the time of this writing, the volume stood at around $175 million.

Its peak volume in recent times occurred on the 5th of March, when it surged to over $324 million.

Despite the relatively slow trend in volume, the Total Value Locked (TVL) showed a slight rise, as it surpassed the $1 billion threshold weeks ago and has since then continued to climb.

At the time of this writing, the TVL was about $1.13 billion.

Active addresses continue to rise

The active addresses also exhibited growth. According to the Proof of Stake (POS) active address chart on the Polygon scanner, since surpassing 1 million, it has remained within that range.

At the time of this writing, the number of active addresses stood at nearly 1.2 million.

This increase in active addresses aligned with the observed uptrend in DEX volume, indicating a concurrent surge in network activity.

Polygon POS active addresses

Source: Polygon scanner

MATIC struggles in a new timeframe

MATIC also recently experienced a surge in price, reaching a level it hadn’t attained in nearly a year.

How much are 1,10,100 MATICs worth today?

On the 7th of March, MATIC witnessed a 3.85% increase, elevating its price to approximately $1.16. This marked the first time since April 2023 that MATIC reached this price level.

However, a subsequent decline of 2.93% on the 8th of March brought the price down to around $1.12. At the time of this writing, MATIC was trading at approximately $1.13, reflecting a less than 1% increase.

Polygon price trend

Source: TradingView


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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