Altcoin
Did Donald make Polygon [MATIC] triumph over other cryptocurrencies?
- Polygon outperformed other major protocols in terms of daily active users.
- It witnessed a spike in NFT activity as well, which could be attributed to the launch of an NFT collection by Donald Trump.
New data by Token Terminal revealed that the number of daily active users on Polygon’s [MATIC] network grew rapidly over the past few days, outperforming popular protocols such as Arbitrum, Optimism [OP], and Solana [SOL].
Daily active users for @arbitrum, @optimismFND, @solana, and @0xPolygon ?⤵️ pic.twitter.com/LCl62PpoEo
— Token Terminal (@tokenterminal) December 15, 2022
Read Polygon’s [MATIC] Price Prediction 2023-24
Polygon users get active
The data suggested that the number of users on Polygon grew steadily after September. However, the number of users on Solana declined during the same period. Even though Arbitrum and Optimism observed growth, it wasn’t enough to compete with Polygon.
One reason for Polygon‘s increasing network activity could be its growing number of technical developments.
In a recent tweet made by Bobbin Threadbare, a developer working on the Polygon technology, it was mentioned that new hash functions were being worked upon. These hash functions would improve the state of zero-knowledge proofs on Polygon and improve the time taken for each transaction to complete.
At Polygon, we constantly work on pushing the state of the art forward. One recent example of this is a new and improved Rescue Prime Optimized (RPO) hash function which we developed in collaboration with @aszepieniec, @Tomerashur, and Willi Meier. https://t.co/FJ88phkgGX
A ?
— Bobbin Threadbare (@bobbinth) December 15, 2022
Despite these developments, Polygon’s price action saw little movement in either direction.
The price for Polygon plummeted by 39% from 7 – 21 November. After this, the price tested the $0.95 resistance and continued to fluctuate within the $0.87 and the $0.95 range.
The high CMF of 0.10 indicated a positive outlook for MATIC. However, the declining revenue hinted that the momentum was still with the buyers at the time of writing.
Source: Trading View
One factor that could regenerate interest in Polygon and could help MATIC’s prices could be Polygon’s activities in the NFT sector.
The Trump card
In a recent update, Sandeep Nailwal, the co-founder of Polygon, announced that the former president of the USA, Donald Trump, launched his NFT collection on the Polygon network. This development could bring more attention to the Layer-2 solution.
Seems like ex US President @realDonaldTrump has issued NFTs
I hear that they are on @0xPolygon,Can anyone confirm?
If yes, another big step for Polygon’s mainstream adoption. Love that most utility NFTs choose Polygon as their base.pic.twitter.com/d0cHqdjlyM
— Sandeep | Polygon ??3️⃣ (@sandeepnailwal) December 15, 2022
At the time of press, 45,000 Trump NFTs were minted, according to data by Dune Analytics. The hype around the new Trump NFT collection, along with the success of the previously launched Reddit Collectibles, could help improve the state of Polygon’s NFT activity.
Due to multiple developments on the NFT end, Polygon’s weekly NFT marketplace transactions increased significantly over the past two weeks.
Source: Dune Analytics
However, it remains to be seen whether these positive developments will impact Polygon’s growth in the long run.
