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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

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  • Polygon’s Total Value Locked (TVL) registered a downtick 
  • Metrics were supportive of a continued surge 

DeFiLlama’s recent data revealed that in the past week, Polygon [MATIC] stood out after having the newest Defi protocols listed. This development looked promising for Polygon, which has been witnessing a decline in its total value locked for several weeks now. 

Even though MATIC’s TVL was following a downslope, DeFiLlama’s chart pointed out that the TVL later registered an uptick. And, at the time of writing, it stood at $75.11 billion. 

Furthermore, the top DeFi projects by fees and revenue on the Polygon network in the last 24 hours included Quickswap DCX, Uniswap, and Polygon, sitting at the top of the list. 

Read Polygon’s [MATIC] Price Prediction 2023-24

That said, MATIC’s price also corresponded to these positive developments, as its weekly and daily charts were painted green.

As per CoinMarketCap’s data, MATIC registered over 6% and 5% increases in its price during the last 24 hours and the past week, respectively. At press time, MATIC was trading at $0.9197 with a market capitalization of more than $8 billion.

Though this uptick managed to put a smile on investors’ faces, let’s have a look at MATIC’s on-chain metrics to find whether this surge is sustainable.

Everything seemed fine

On the metrics front, things were looking pretty good for MATIC. Its exchange reserve was decreasing, which is a positive signal as it indicated lower selling pressure.

CryptoQuant’s data revealed that MATIC’s active addresses and the number of transactions were also increasing, which was yet another good signal for the token.

Moreover, MATIC’s volume skyrocketed recently, which reduces the chances of an unprecedented price decline in the coming days. The crypto community’s faith in MATIC also seemed to have increased over the past week as its positive sentiments registered quite a few spikes lately.

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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