Key Points
- Polygon outperformed Ethereum in terms of activity over the last 24 hours.
- However, TVL growth for Polygon remains low as DEX volume declined.
Polygon [MATIC] has emerged as a prominent L2 solution in recent years, with several partnerships and an influx of NFT migrations contributing to its ability to remain competitive with other layer 2 solutions.
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As per the data shared by Token Terminal, Polygon surpassed Ethereum [ETH] in daily active addresses owing to these factors. In the previous 24 hours, the count of daily active addresses on the Polygon network stood at 399,950, while Ethereum recorded 376,350 users.
The surge in activity on Polygon can be attributed to several factors, and one of them is the performance of its dApps. Notably, well-known dApps like Planet IX observed a significant increase in both active addresses and volume, with the latter rising by 15.29% in the last month.
The NFT market of Polygon also experienced a surge in interest, and this can be linked to the migration of y00ts NFT. After the transfer to the Polygon network, the y00ts NFT witnessed a notable rise in both volume and the count of holders.
Since the migration started on 28 March, y00ts’ secondary sales saw $4.6M in volume from 1,043 sales, averaging $4,461 per sale.
Not all roses and sunshine
However, Polygon faced some challenges in the DeFi space, particularly in its DEX volume. Compared to other Layer 2 solutions, such as Arbitrum [ARB], Polygon’s DEX volume saw a significant decline. This had a knock-on effect on the total value locked (TVL) on the network, which also experienced a decrease.
Polygon’s native token, MATIC, was also facing some setbacks. Santiment’s data revealed that the overall transaction count on the network saw a decline, and the price of MATIC dropped from $1.16 to $1.096 during this period.
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Despite the price correction, there was a lack of interest in MATIC among new addresses, which was evident from the declining network growth.
Only time will tell whether Polygon’s surge in daily activity will have a positive impact on the price in the future.
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