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MATIC’s price has risen by 16% in the last 24 hours, which is consistent with recent rallies. Traders blame the MATIC price hike to increasing demand and users for the ETH network following the introduction of L2. Based on network activity and transaction volume for both ETH and its scaling solutions, traders predicted that the bulk of MATIC users will come from the ETH network, since it is the main ETH scaling solution.
However, according to the most recent activity and insights from the Polygon network, Polygon’s users are not from the ETH network.
66% of the wallet which is the equivalent of 636,000 users, are unique to Polygon, based on data from nansen. As of March 31, 2021, AAVE’s ETH mainnet had 19000 users and MATIC had no user, to begin with, started with a count of zero. As of May 2021, MATIC has 28500 users; there was over 190% jump in the total users on AAVE.
While practically the entire cryptocurrency market was experiencing a carnage, MATIC, its users, and the network were continually earning gains despite the massacre.
According to the Lunarcrush chart above, a 17 percent rise in MATIC’s social traffic is mirrored in an increase in price and trading volume. Furthermore, the bulk of AAVE news users originated from 0xPolygon rather than ETH, indicating that there is more to Polygon than meets the eye. Based on this, Polygon has emerged as essentially independent of ETH, and the surge has occurred despite ETH seeing a dip during the carnage. Although ETH trading volume has decreased, on-chain sentiment remains pessimistic, according to intotheblock.
Polygon is being pursued by a number of traders, and it may be the best plan to go long on Polygon.
Polygon’s growth has proven to be more organic and less dependent on ETH. Network growth is up 3% despite an altcoin bloodbath. Based on the following chart from IntoTheBlock, there is high inflow of money.
Polygon’s growth is stable at $1.52, as evidenced by 74 percent in and 16 percent out. It is more natural and less reliant on ETH. Going long on MATIC is more likely to be lucrative than going long on other cryptocurrencies.