2024-04-04 14:09:01
- Polygon far surpassed other ETH scaling networks in daily active user count.
- MATIC was in the red, falling more than 12% for the week.
The bull market has made users return to Polygon [MATIC]and how!
Polygon sees great user interest
The proof-of-stake (PoS) network recorded more than one million daily active addresses on average last month, with only two days experiencing fewer than 1 million users, according to AMBCrypto’s analysis of Artemis data.
In fact, Polygon far outperformed others Etereum [ETH]
scale networks in user participation.
To get an idea of the domain, the second best chain on the list, Era zkSyncrecorded about a third of Polygon’s daily active user count last month.
Since the beginning of 2024, the number of users interacting with Polygon has more than doubled.
This was a sharp turnaround from last year’s bear market drought, when daily active addresses fluctuated between 300,000 and 400,000.
Increased liquidity at Polygon
The addition of users also caused a significant increase in Polygon’s liquidity. According to AMBCrypto analysis of DeFiLlamaAccording to data, the total value locked (TVL) exceeded $1 billion last month, for the first time since June 2023.
Current levels were closer to 2023 peaks, meaning losses incurred last year have been effectively erased.
The next goal would be to reach the $2 billion mark in August 2022 and subsequently the all-time high (ATH) of $9.8 billion in June 2021.
MATIC remains in the red
But despite Polygon’s exploits on the network front, the native MATIC token continued on a downward trend.
The 17th largest cryptocurrency plummeted 12% over the week and more than 21% in the last 30 days, according to CoinMarketCap.
Is your wallet green? Review the MATIC benefits calculator
Whale engagement has decreased significantly since mid-March, as evidenced by the drop in large transactions worth more than $100,000.
Interestingly, large whales, i.e. those with holdings of more than 100,000, sold their MATICs in this period. They were probably caught by smaller whales with a wallet size of between 1,000 and 100,000.
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