Journalist
Posted:
- Polygon’s captured value has increased dramatically in recent days.
- MATIC rose more than 4%, but some numbers looked bearish.
Polygon [MATIC] recently recorded a huge spike in network usage as daily transactions soared. Thanks to that, Polygon’s strikers were able to enjoy profits.
Polygon’s network activity is increasing!
Sandeep Nailwal, the co-founder of Polygon, recently posted a tweet highlighting the blockchain’s latest achievement, where Polygon was able to process more than 17 million transactions in a single day.
I’m not sure many people noticed that Polygon POS smoothly processed 17 million transactions in one day and generated 1.2 million in revenue for the stakers. Disturbed!
Shout out to the core developers, validators and everyone who participates in running the network🔥🔥 pic.twitter.com/ZAV2gQAEjb
—Sandeep Nailwal | sand deep. polygon 💜 (@sandeepnailwal) November 18, 2023
Thanks to this, the number of daily transactions of the blockchain increased sharply. In addition, several other developments could have played a role in helping the blockchain achieve this milestone.
For example, Polygon PoS recorded an eight-month high in daily DEX volume of over $400 million last week. ChainGPT integrated Chainlink CCIP into Ethereum and Polygon to help unlock the cross-chain AI Hub.
In addition, Obligate, an on-chain bond for regulated DeFi, has launched the first-ever USDC-denominated structured investment product on Polygon.
The last 7 days in Polygon👇👀
💜 @okx uses Polygon CDK to build X1, a Layer 2 built on Ethereum
💜 Polygon PoS recorded a new all-time high in daily transactions with 16.4 million
💜 Polygon PoS recorded an 8-month high in daily DEX volume at $400M+
💜 Polygon zkEVM TVL… pic.twitter.com/Eimi4EG8SQ
— Today in Polygon (@TodayInPolygon) November 17, 2023
Not only did Polygon’s network activity increase, but Sandeep Nailwal also mentioned that the blockchain generated $1.2 million in revenue for the stakers.
This became possible because during Polygon’s transaction peak, the captured value of the blockchain also increased, as evidenced by the increase in fees and revenue.
Source: Artemis
AMBCrypto then checked MATIC’s staking ecosystem to find out its performance. After a sharp decline, the total number of MATIC deployed received an upward boost.
According to AMBCrypto’s analysis of Set up rewardsMATIC’s betting portfolios reached 26.1k, while the betting ratio was 37.9%. At the time of writing, MATIC had a market capitalization of over $2.94 billion.
Source: Staking Rewards
MATIC bulls are there
While the above-mentioned sectors performed well, investors were also pleased as MATIC’s price action remained in their favor. From CoinMarketCapMATIC is up more than 4.5% in the past 24 hours.
At the time of writing, it was trading at $0.8383 with a market cap of over $7.6 billion.
AMBCrypto’s analysis of MATIC also suggested that the uptrend might not last long. The exchange reserve of the token was increasingmeaning the selling pressure was high.
Despite a price increase, MATIC‘s MVRV ratio fell substantially last week. MATIC’s popularity also took a hit, as social volume dropped slightly.
Source: Santiment
Is your portfolio green? Check the Polygon profit calculator
Nevertheless, the token’s derivative metrics looked bullish. For example, MATIC’s Open Interest increased along with the price. When Open Interest rises, it increases the chances of a continuation of the current market trend.
Therefore the chance is up MATIC Continuing the bull rally cannot yet be ruled out.
Source: Coinglass
