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The cryptocurrency sector has expanded dramatically over the years. Polygon, a relatively recent enterprise, has arrived, conquered, and dominated the space. The network’s solutions have, for the most part, been pretty appropriate.
The Polygon network was created to address the issues that the Ethereum network was experiencing, such as excessive fees, low transaction rates, and a bad user experience. It has already been able to build a multi-chain ecosystem of interoperable blockchains over time. Polygon now has a foothold in all key crypto-related areas, from DeFi and dApps to DAOs and NFTs.
MATIC, the network’s native token, has already established itself as one of the top 25 coins. The 22nd largest cryptocurrency, with a market valuation of more than $8.6 billion, was trading at $1.33 at the time of publication.
Breaking down its performance
Polygon has done well in the DeFi and dApps area, as mentioned in a recent piece. According to the most recent statistics, the network has also been making tremendous progress on the NFT front.
Despite the fact that Ethereum NFTs have recently received more public attention, it should be highlighted that more than a quarter of NFT authors [about 27 percent] now use the Polygon network on OpenSea. As shown in the attached chart, the number of creators has increased dramatically since early August, when it was only 4%.
It was revealed less than three weeks ago that the Polygon network was unable to keep customers on its network. The aforementioned tendency, however, has already begun to show symptoms of reverse.
Its week-on-week retention figure was as high as 60.65% at the time of writing. Last week, this metric made a massive jump from 7.13% to 13.8%, while the same surged from 13.8% to 22.17% this week. In retrospect, Polygon has successfully been able to break out from the bottom quartile for the first time in over 5-weeks.
Inevitably, the network’s daily active users have increased as well. In terms of the oldest cohorts, they continue to show a “smiling curve” on the chart. Addresses belonging to comparatively fresher cohorts, on the other hand, appear to be dropping in lockstep with cohort size.That being said, it should also be noted that the same is still significantly higher than anything before August 1.
At the end of the day, Polygon’s strength is its users. In fact, one of the network’s cofounders – Mihailo Bjelic specified the same in a recent tweet and said that a “scaling juggernaut” was in the making.
The network has been able to preform quite well on the monetization front too. Dune Analytics’ data highlighted that the revenue generated by Polygon has surged by 70.56% in the last 7-days alone.
Further, the number of MATIC tokens locked in the PoS bridge has been increasing of late. As seen from the chart attached, the current levels already crossed June’s highs and are almost at par with that of July’s.
Polygon has recovered flawlessly from its sluggish phase, as indicated by the data above. If the current rate of growth continues, MATIC’s value will almost certainly rise. As a result, token HODLers benefit directly from the same.