Polygon has risen from the ashes to become the dominant cryptocurrency project of the day. With the Federal Reserve’s intervention, MATIC’s price charts saw some relief. The altcoin’s price increased within the previous day, as shown by statistics from Coinmarketcap, which showed it trading at $0.80.
Due to this, the death toll in Polygon has dropped dramatically in the last week. In a market when most assets are still in the red, the altcoin’s 1% rise over the previous week is particularly impressive. However, market participants should be aware that these increases originated from significant changes within the Polygon network.
Under Construction Still
If the data from Polygon Daily is to be believed, the network saw a dramatic spike in usage just last week. Over the course of a week, it attracted over 805,005 users and generated an average of $52.5 in daily income. That resulted from a 1.1% decline in transaction costs during the period of analysis.
Polygon’s NFT mints have increased by 10% since last week, to around 5.06 million as of this writing. In addition, there were over 10.7M transactions worth close to $165M sent through the network in the previous week.
Also, at $2.09 billion, Polygon’s total value locked (TVL) looks healthy, and at $510 million, MM Finance Polygon is far ahead of the competition. Following MM Finance’s $400 million in funding were Aave’s $318 million and Quickswap’s $28 million, bringing the network’s total for the week to astronomical heights.
Although the bitcoin turbulence that dominated past week, several assets on Polygon experienced notable appreciations. Stargate Finance (STG) has seen the most one-day increase in value among all cryptocurrencies on the blockchain, at 16.3 percent. Next in line was TRB, with 6%, then SNX, with 2.3%.
Closing Remarks
As development on the Polygon network comes to a close, it looks like it will be successful. Recent gains in MATIC’s value have shown that the network has matured into a high-performing, low-cos blockchain. Polygon could finally kill Ethereum if it sticks to the script.
The market will react in the short term based on the actions of bearish. The cryptocurrency market has turned bearish despite recent attempts at an upswing. Bitcoin’s price dropped below the important $20,000 threshold, leading to a widespread sell-off of assets. The current price of bitcoin as of this writing is $19,831.88.
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