As the Polygon network reaches new highs, how will MATIC benefit?

  • Activity on the Polygon network reached new highs.
  • The price of MATIC continued to grow along with velocity.

According to a tweet by Today In Polygon on the 13th of March, Polygon’s [MATIC] Proof of Stake (PoS) network achieved a new milestone, with its daily active addresses hitting a record high of 1.23 million.

This marks a significant achievement for the PoS chain, which has maintained over 1 million daily active addresses for a continuous span of 20 days.

Screenshot 2024 03 13 at 11.07.54 AM

Source: X

A surge in activity

Due to the heightened activity on the network, Polygon’s TVL (Total Value Locked) also grew. The increased TVL contributes to the overall liquidity of the Polygon network.

This liquidity is crucial for the smooth functioning of DeFi protocols, enabling users to trade, lend, borrow, and participate in yield farming activities efficiently.

A higher TVL also implies more assets available for use within the ecosystem, potentially attracting more users and projects seeking to leverage the liquidity and functionality offered by Polygon’s blockchain.

Screenshot 2024 03 13 at 11.37.53 AMScreenshot 2024 03 13 at 11.37.53 AM

Source: Artemis

What about NFTs?

AMBCrypto’s analysis of Dune Analytics’ data indicated that the volume at which Polygon NFTs were being traded on marketplaces remained high.

This indicated that, despite market fluctuations and changes in sentiment, Polygon’s NFT ecosystem maintained a consistent level of interest and engagement among users and collectors.

Screenshot 2024 03 13 at 11.58.35 AMScreenshot 2024 03 13 at 11.58.35 AM

Source: @scorz Dune Analytics

Taking a look at MATIC

At press time, MATIC was trading at $1.211696 and its price had grown by 1.05% in the last 24 hours. Its Network Growth had also surged, indicating that new addresses holding were showing interest in MATIC.

Realistic or not, here’s MATIC’s market cap in DOT’s terms

The velocity at which MATIC was trading at had also seen an uptick.

These factors, coupled with the rising activity on the network, may help MATIC sustain its current rally.

Polygon on Polygon MATIC 12.36.30 13 Mar 2024Polygon on Polygon MATIC 12.36.30 13 Mar 2024

Source: Santiment

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