Journalist
Posted:
- This comes two weeks after Chainlink’s integration with Polygon zkEVM.
- Polygon zkEVM’s daily active addresses are up 51% over the past week.
L2 scale solution Polygon [MATIC] zkEVM saw its decentralized exchange (DEX) volumes increase by almost 200% over the past month, reflecting increased preference for projects hosted on the network.
According to AMBCrypto’s analysis of Artemis data, transactions worth $2.89 million were settled on the network on December 27, the highest since the peak of $3.76 million reached on November 14.
In fact, DEX volumes averaged 1.84 million over the past seven days.
Source: Artemis
While these numbers paled in comparison to DEX activity in other L2 chains, the sharp growth caught the attention of industry observers.
Chainlink’s integration the reason?
These developments follow the decentralized oracle network Chainlink [LINK] integration with the zero-knowledge scaling solution.
As part of the agreement, DeFi developers from Polygon zkEVM would have access to Chainlink’s real-time price feeds. This was expected to spur the development of decentralized exchanges, liquidity protocols and other projects along the chain.
As is known, Chainlink is an oracle network that provides real-world data to blockchain-based smart contracts.
While there is no conclusive evidence linking the current increase in DEX volumes to this development, the likelihood of this happening remained high.
Polygon zkEVM sees a 51% increase in users
The explosion of Polygon’s DEX activity also caused an increase in activity in the chain. The number of daily active addresses has increased by 51% in the past week, AMBCrypto found using Artemis data.
Additionally, daily transactions on the network have increased by 22% since last week. More than 31,000 transactions were processed through the scaling solution on December 26, the highest number in almost a month.
Source: Artemis
Meanwhile, the Polygon ecosystem’s native token MATIC retreated 2.32% over the past 24 hours as some weak hands decided to lock in gains, data from CoinMarketCap showed.
However, this was not before an excellent period in December, which saw the coin’s return grow by 33%. At the time of writing, MATIC exchanged hands at $1.01.
Read MATIC’s price forecast 2023-2024
Note that as part of the upcoming Polygon 2.0 mission, MATIC would be upgraded to a more versatile utility token POL.
In a recent one interviewMarc Boiron, CEO of Polygon Labs, discussed the motivation behind the upgrade.