Polygon (MATIC): Assessing Possible Outcomes from Development Activity & Various Updates
Polygon has resurrected from its wallows to be the winning project in the cryptocurrency market today. MATIC witnessed some respite on its price charts as the Federal-driven crash calmed down. Coinmarketcap data showed the altcoin changing hands at $0.80, following hikes within the previous 24 hours.
That has significantly lessened Polygon’s carnage over the previous week. The altcoin gained 1% within the past seven days, quite a performance as most assets remain deep in the red. Nevertheless, market players should beware that these upticks emerged due to notable developments within the Polygon network.
Still Building
Polygon Daily suggests that the network saw an impressive activity increase within the previous week. It recorded more than 805K users over the week, with $52.5 average daily revenue. That came as transaction costs lost 1.1% over the timeframe under review.
While writing this content, Polygon’s NFT mints hovered at 5.06 million, indicating a 10% increase since the previous week. Moreover, the network’s NFT volume stood near $165 million, with more than 10.7M transfers last week.
Also, Polygon’s total value locked (TVL) appears solid at a health $2.09 billion, and MM Finance Polygon led the pack with its $510 million. Aave and Quickswap followed MM Finance with $400 million and $318 million, with the network ending the week with enormous inclines.
Some assets on Polygon noted impressive appreciations despite the cryptocurrency turmoil that dominated last week. Stargate Finance (STG) leads the current top-performing coins on the blockchain, as it gained 16.3% over the past day. TRB and SNX followed with 6% and 2.3%, respectively.
Final Thought
The Polygon network appears lucrative as it concluded development activity. The latest MATIC price surge highlighted the network grew into a high-operating low-cos blockchain. Consistency might see Polygon satisfying the Ethereum-killer narrative.
Nevertheless, bears will drive market reactions in the near term. The crypto space succumbed to bearish tendencies after recent upside attempts. Most assets fell hard as Bitcoin declined to hover beneath its crucial $20K mark. While writing these lines, BTC changed hands at $19,831.88.
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