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Tuesday, October 3, 2023

Polygon surpasses Ethereum in daily active users! Native token MATIC rises 48% in a single month

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Ethereum scaling solution Polygon’s native token MATIC rose 12% earlier today (27th), continuing its strong momentum this year.

At press time, MATIC was trading at $1.10, up 48% since Dec. 31. The rally comes amid an upturn in the cryptocurrency market in January, with Aptos’ APT token surging more than 400%, Fantom’s FTM up about 145%, and Bitcoin up nearly 40%.

According to the data of Token Terminal, the transaction activity on Polygon has been heating up rapidly recently, with daily active users (DAU) as high as 344,500, surpassing Ethereum to become the blockchain with the second largest number of active users, second only to BNB Chain

Polygon zkEVM mainnet is expected to be released early this year, which will allow developers to easily transfer smart contracts from Ethereum to the Polygon environment, which is likely to be a positive factor driving the price of MATIC.

Charles Storry, Head of Growth of Phuture, a cryptocurrency index platform, said, “ There are still many projects built on Polygon that have not yet issued tokens. After these tokens are launched, it is expected to further drive Polygon’s on-chain activity.”

According to DeFi Llama , Polygon currently has a total value locked (TVL) of around $1.1 billion, with Charles Storry adding

We see a substantial increase in TVL for riskier projects and early adopters. In a bear market, investors were more conservative and didn’t want to take huge risks, but now that prices have recovered, they are more open to Polygon’s newer, riskier ecosystem. As the market continues to recover, we will see more events like this.

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