Ethereum

Polygon sets all time record as Nike partnership drives ecosystem

  • The Polygon network is a favourite to most Dapps due to its ability to process fast and secure transactions, where it takes pride in saving $140 million on average daily gas.
  • The Polygon ecosystem has 525,752 holders of $MATIC token, who have made 4,973,023 transfers since inception.

Ethereum’s layer 2 scaling solution Polygon (MATIC) continues to set new records in unique blockchain addresses following the increased adoption of Web3 by institutional investors. According to data from the official website, the Polygon network enjoys over 135 million unique addresses that have staked approximately 4 billion MATIC tokens. 

According to onchain data, unique addresses on the Polygon network have grown exponentially from Below 25 million in June last year to over 100 million in the past few months. The meteoric rise can be attributed to the fast adoption of Web3 applications by both retail and institutional investors despite the sustained bear market.

According to the latest crypto price oracles, Polygon (MATIC) has gained approximately 17 percent in the past 30 days to trade around $0.94. Nonetheless, the $MATIC token has declined approximately 67 percent in the past year after hitting an ATH of $2.92.

The Polygon network is a favorite to most Dapps due to its ability to process fast and secure transactions, where it takes pride in saving $140 million on average daily gas. No wonder over 37,000 decentralized applications have chosen the Polygon network to scale their operations.

Additionally, the future growth prospects of the Polygon network were inked after Nike announced a Web3 NFT platform on the MATIC protocol. 

Polygon sets rails for future adoption

Despite past successes, the Polygon team is hard at building the infrastructure needed for future blockchain scaling. According to information from the company’s website, an enterprise chain and other scaling solutions like Polygon Miden are in the development stage. As such, decentralized applications (Dapps) developers are looking on Polygon to access multi-chains at an affordable rate.

Nonetheless, the risks associated with multichain capabilities, including bridge hacks, have deterred DeFi protocols from scaling to global markets. Moreover, regulators across boards are keen on recent happenings in the crypto industry, including the $600m and $450 million hack on Ronin bridge and FTX, respectively.

According to onchain data by Ethplorer, the Polygon network has 525,752 holders of $MATIC tokens who have made 4,973,023 transfers since inception.

Related: Ethereum’s Polygon will be Web3 king – This is why MATIC should be in your portfolio for longterm profits

Notably, approximately 35 per cent of the existing $MATIC tokens, representing 3,495,827,697 tokens, are held by a single address entity. The remaining Polygon addresses have less than ten percent of the circulating supply each.

At reporting time, the $MATIC token has been exchanging for around $0.93 and has a market capitalization of approximately $8,231,756,569. Ranked at position ten by market cap, the Polygon network is poised to onboard more institutional and retail users before the next bull market.

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