This year saw an exponential expansion in the Polygon ecosystem, which provides users with the best of Ethereum and sovereign blockchains. The Ethereum blockchain’s severe volatility and growing costs deterred many people from utilising it, and they instead adopted Polygon. Meanwhile, the price of its token MATIC has risen in response to the expansion of the ecosystem.
The crypto market is recovering, but MATIC’s price has managed to enter a consolidation phase, averting a large loss. Users were able to interact with the platform more effectively as a result of this. The increased user involvement was evident in Polygon’s daily active user [DAU] rise.
According to Our Network analyst Raphael, DAU increased by 5.91 percent week over week. Furthermore, for the third week in a row, the network reported that the number of daily active addresses remained above 100k. This implied that once the price stabilised, the network would see a steady influx of consumers.
Source: Our Network
This tendency, however, did not apply to all cryptocurrencies, including those that have withstood dramatic price movements like as Binance Coin [BNB] and Ethereum. At the time of writing, Polygon had 20.38 percent of Ethereum’s DAU and 20.09 percent of Binance Smart Chain’s, highlighting consumers’ preferences.
Although the weekly number of users rose by 6% and transactions increased by almost 2.11 percent, the cost per transaction fell by a significant -12.52 percent. With average daily sales of 11,325 MATIC [$12,395], this was the first weekly revenue decline since May 31st.
Source: Our Network
According to the data presented above, Polygon’s MATIC token has maintained on the growth curve and may continue to do so. Although Polygon was significantly smaller in terms of scale than Ethereum and Binance Smart Chain, it generated 0.28 percent of ETH and 1.12 percent of BSC income.
Meanwhile, MATIC, a digital asset with a market value of $6.57 billion, was trading at $1.03.