Polygon: Will the good news for the network make MATIC grow?
According to a recent tweet from Token Terminal, on September 16th. Polygon ranked second in blockchains and DApps with the most daily active users. Aside from numerous partnerships with companies like the Coinbase cloud and the advent of the vix protocol , is the future bright for Polygon?
Second only to Ethereum, Polygon has surpassed many of its competitors to have the most daily active users. In fact, it is advancements that have surprised many crypto enthusiasts by this update.
One of the reasons that Polygon has been able to maintain and grow its number of daily active users is because of the scale of its updates and continuous improvement. Each of these was made by the team under construction at Polygon.
As Santiment has revealed, there has been a huge increase in developer activity in recent days. This is proof that there is a lot of focus on upgrading and upgrading Polygon.
However, it was not only the Polygon development team that helped cause Polygon. External entities such as 0Vix , a cryptocurrency lending protocol, have also contributed to the growth of Polygon.
On September 16, they announced a pre-mining program , one that will help reward vendors and borrowers with bounties. The higher the user's trading volume, the higher the reward.
Polygon has also been seeing some traction in the social media scene. Over the past week, Polygon's social media engagements increased by 36.19% and its social mentions increased by 94.1%. This can be seen as a positive indicator for those who want to invest in Polygon.
More than eye contact
However, there are also some areas of interest to investors. MATIC volume has dropped sharply in recent weeks. Volume has dropped 85.39% over the past seven days, which can be taken as a bearish sign.
Unfortunately, that's not all. MATIC's market capitalization has also depreciated 7.94% over the past 7 days.
MATIC is trading at $0.823 which, at press time, is up just 1% in the nearest 24-hour window.
In the past 7 days alone, the MATIC price has dropped by 7.94%. Ergo, it remains to be seen whether these updates will have a positive impact on crypto prices in the future.
Readers are encouraged to research and dig into past Polygon developments to get a clearer picture of what the future of altcoins will look like.
Sep 19, 2022