Polygon attracts new users’ attention


The number of unique Polygon [MATIC] addresses hit new heights as of the 18th of December, per an update. The evolution of Polygon’s ecology may be a contributing factor.

According to statistics supplied by Polygon co-founder Sandeep Nailwal, the number of unique addresses on the Polygon network has surpassed 200 million. The NFT market and decentralized applications on Polygon may have had a significant impact on the accumulation of these new addresses.

According to statistics collected by Nansen, the number of users who had traded or created NFTs on the Polygon network every week had surged dramatically and reached 332,00 users as of press time.

dApps were another method via which Polygon garnered the attention of its consumers. Various dApps on Polygon, such as QuickSwap and Planet IX, have grown during the last 30 days.

According to data given by DappRadar, the number of unique active users on Planet IX has increased dramatically during the previous 30 days. The number of transactions conducted on the decentralized application grew throughout the same time period.

QuickSwap’s activities followed a similar pattern. In the last week, the number of unique active users on QuickSwap increased by 37.76%. During the same time period, the number of QuickSwap transactions climbed by 9.02%.

According to Santiment statistics, MATIC’s price dropped significantly during the last week. There was also a significant increase in price volatility.

The price fall precedes the increase in price volatility. The increasing price volatility suggested that MATIC’s future movement might be subject to significant fluctuations.

Along with the increase in volatility, the lowering of prices affected the Market Value to Realized Value (MVRV) ratio of MATIC. During the previous month, the MVRV ratio for MATIC holders fell drastically. This meant that the majority of Polygon holders who sold their MATIC would incur a loss.

It remains to be seen if Polygon’s expanding ecosystem will have a favourable effect on MATIC’s pricing. Despite the rise of Polygon’s ecosystem and NFT market, there were a few updates that might spread fear, uncertainty, and doubt about Polygon’s NFT marketplace.

Donald Trump, the former president of the United States, just debuted his own NFT collection on Polygon. After the collection was revealed, statistics were published that supposedly indicated foul play at work.

Also Read: The XRP Army is ready for a verdict in the SEC lawsuit against Ripple

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