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Polygon: How far can development activity and other updates take MATIC

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Polygon has come out of the wallows to emerge as a winner in the crypto-market today. As the Fed-induced meltdown calmed down, MATIC’s price saw some relief on the price charts. In fact, according to CoinMarketCap, MATIC was trading at $0.80 following a 3.64% hike in the last 24 hours.

This has effectively reduced MATIC’s carnage during the week, putting weekly gains at over 1%. However, investors should know these returns have come on the back of some crucial developments in the Polygon ecosystem.

Building on

According to Polygon Daily, the network has seen a decent increase in activity over the past week. Polygon saw over 805K users during the week with an average daily revenue of $52.5. This, on the back of a decline in transaction costs, with the same dipping by 1.1% during the period in review.

NFT mints on Polygon stood at 5.06 million at press time – an increase of 10% from the previous week. Furthermore, the NFT volume on Polygon stood at $165 million with over 10.7 million transactions this week.

Polygon’s TVL is also looking healthy at a solid $2.09 billion, with MM Finance Polygon ($510 million) leading the way. MM Finance was followed by Aave at $400 million and Quickswap at $318 million as the network wraps up the week with a huge incline.

Despite the crypto-carnage of the most recent week, some tokens on Polygon have appreciated massively. Stargate Finance’s STG token is the current leader among top-performing tokens on the network today as it ramped up a 16.3% hike. It was followed by TRB (6%) and SNX (2.3%) as they concluded the top gainers on Polygon.

Conclusion

As development activity concludes on Polygon, there is much more to be appreciated on the network. With MATIC’s latest price surge, we can see the network grow into a high functioning low-cost EVEM blockchain.

After a consistent run, Polygon can truly become the Ethereum-killer it has been dubbed by some as.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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