May 26, 2024


Polygon [MATIC] recorded huge gains in July across the crypto market. Between the beginning of the month and its end, MATIC made over 80% in profits.

It rose from $0.46 to $0.97 within thirty days, according to CoinMarketCap.

Interestingly, the Polygon ecosystem didn’t just contain all the good parts for its token.

According to his weekly modernizePolygon contributed to the huge strides recorded by NFT and Play-to-Earn (P2E) projects developed on its chain.

Partners with returns

In addition to the recent MATIC rally, Polygon increased its daily trade by 2% to 2.89 million.

The web3 infrastructure ecosystem took it further by managing a 13% cheaper transaction fee of $0.02 on average.

In addition, Defense Heroes, the leading P2E based on the Polygon protocol, has increased its user base by 460% in the past week.

In another interesting twist, NFTs on the Polygon chain have taken huge hits despite the downturn in the NFT market.

Analytics team Polygon announced that over 21,000 new NFT wallets were created in the same period.

Also, total NFT trading volume reached $60 million with 4.75 million mint events using the Polygon network.

Mint events were up 13% from last week’s levels.

Likewise, Decentralized Applications (DApps) on Polygon grew in number of unique users and total transactions.

The leading DApp, Sunflower Land has achieved and surpassed the milestone of 50,000 users.

Its weekly trading also increased to 310,972. Others, including QuickSwap and PlanetIX, also achieved good numbers, with Sandbox performing the least.

As Polygon continues to achieve more discoveries, its native token is doing extremely well.

Analysis in the chain

Predictably, development activity at Polygon has seen a significant improvement, moving from 3.35 to 3.52 in the last 24 hours.

This metric followed a rise in the price of MATIC, which was up 5.98% to trade at $0.90 at press time.

Source: Santiment

With this promising start to the first week of August, it may seem that MATIC can lead to another great performance like it did in July.

However, it may be too early to conclude that MATIC’s price performance can break the previous month’s levels.

Hygiene details too revealed that there was also an increase in the supply of foreign exchange.

Even so, the rise between August 1st and August 3rd was not huge enough to confirm the bullish sentiment.

Source: Santiment


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