Polygon (MATIC) Hits Record Highs in Daily Active Users and Transactions, Despite Drop in TVL

The Polygon PoS chain has been performing very well in the past few weeks, hitting new highs in daily active users and transactions. As reported by PolygonScan, the daily active address count on the Polygon network is also skyrocketing.

The Polygon (MATIC) network has seen impressive growth in recent times, with daily active addresses skyrocketing. According to data from PolygonScan, the daily active address count reached 1.669 million, a 227% increase since the beginning of the year. This significant rise in user activity highlights the network’s growing importance in the blockchain sector.

This growth is evident in several metrics. According to Dune data from cryptokoryo, Polygon had the most active users on any blockchain platform. This statistic indicates the platform’s increasing popularity and the growing attention that Polygon is garnering.

Other metrics include the active user count, which stood at 2.4 million, and the daily transactions on Polygon, which were 3.78 million. However, there was a 14.1% drop in daily transactions from the previous week. This change in the number of transactions signifies the active usage of the platform by users, capturing the short-term as well as the long-term trends. The increase in unique active addresses from 356,000 a year ago shows the network’s growth.

Despite the records in daily active users and transactions this week, Polygon’s Total Value Locked dropped by 4.8% to $818.88 million within the past week. This decline in the TVL points towards the fact that there is a short-term change in user behavior and investment planning, which can be due to global market fluctuations.

However, the sale volume of NFTs on Polygon in a week went up by 29.6% to $25.1 million. This jump in NFT sales is indicative of the increasing demand for digital assets and the increasing demand of NFTs on the Polygon network.

The top three NFT collections in sales were “Base Ape Polygon” with $3.6 million, “Poker NFT” with $2.2 million, and “Sea Dragon” with $1.9 million. These figures illustrate the variety of NFT products available on the platform and the continued interest in one-of-a-kind digital collectibles.

Polygon’s MATIC token has had a rollercoaster of a year so far, reaching its yearly peak of $1.27 in March. This surge offered a brief ray of hope for its holders. However, since the peak, MATIC’s price has been on a downward trend, and it has reversed most of the gains that it made during the bull run.

As of this writing, MATIC is currently trading at $0.502, registering a 1.22% surge in the past 24 hours. Additionally, the trading volume has gone up by 45% to $250 million, and the market capitalization is currently at $4.9 billion.

With the current trends of increased active addresses and user interaction on Polygon, it is crucial for developers and new users in the blockchain industry. Therefore, the network’s growing user base provides an appealing target for developers to create and launch new applications.

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