In the third quarter of 2023, the Layer 2 (L2) blockchain network Polygon (MATIC) had impressive growth. A new token was activated, network improvements were completed successfully, and non-fungible token (NFT) sales on the platform increased significantly, according to a report from Messari.
Polygon NFT Transactions Explode
According to the research, weekly NFT sales volume at Polygon increased by an astounding 131% on a quarter-over-quarter basis in Q32023, to an astounding $20 million.
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The success of DraftKings’ Reignmaker NFT collection, which rose to the top of the network, was largely responsible for this expansion.
Officially licenced cards from well-known sports leagues such as the Ultimate Fighting Championship (UFC), Professional Golfers’ Association of America (PGA TOUR), and National Football League Players Association (NFLPA) were included in the collection. In addition, Polygon reached noteworthy technological achievements during the third quarter.
Polygon’s NFT Market Booms: $20 Million in Q3 Sales, Up 131%,Polygon’s NFT Market Booms: $20 Million in Q3 Sales, Up 131%,Polygon’s NFT Market Booms: $20 Million in Q3 Sales, Up 131% , Polygon coin Crypto news, Polygon coin News
Additionally, in Q3 2023, Polygon enabled the POL token on its mainnet. By use of a native re-staking protocol, POL, an update to the current MATIC token, gives holders the chance to support network security across several chains in the Polygon ecosystem.
The paper claims that the token’s inflationary mechanism, which has a yearly issue rate subject to community control, improves the platform’s overall security and decentralisation.
Increase in Daily Active Addresses Driven by DeFi Dominance
In Q3, Polygon’s daily active address count increased by 1.4% from the previous quarter to an astounding 364,000. The bulk of the network’s active addresses belonged to the decentralised finance (DeFi) industry, demonstrating the platform’s power and ubiquity in the decentralised finance market.
Additionally, Polygon Labs presented Polygon 2.0, a thorough upgrade path that uses ZK technology to unite all Polygon blockchains and protocols. The goal of this project is to make Polygon the “Value Layer of the Internet” by introducing major changes to tokenomics, governance, and protocol design.
Making the switch to a zkEVM Validium network, which ensures improved security while having the same degree of resilience as Ethereum (ETH), is one of the major changes.
The native token of the network, MATIC, has increased by 3.95% in the last day and is currently trading at $0.6556, indicating that investors are feeling upbeat.
Polygon (MATIC) Navigates Turbulent Crypto Market Waters
The currency has had a noteworthy growth of 13.01% over the last 30 days, suggesting a possible comeback from prior market downturns.
The six-month data, however, reveals a 34.97% decline, highlighting the effect of market volatility on the token’s long-term value.
With a 15.36% rise, Polygon’s circulation market cap is presently $6.00 billion. Nonetheless, there has been a 12.79% increase in the fully diluted market valuation of $6.49 billion, which takes into account the whole supply of tokens.
Over the last thirty days, the network’s fees came to $1.21 million, indicating a little decrease of 8.57%. On the other hand, the fees showed a 20.24% decline to $14.68 million on an annualised basis.
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