Journalist
Posted:
- Polygon’s captured value shot up in the last few days.
- MATIC was up by over 4%, but a few metrics looked bearish.
Polygon [MATIC] recently registered a massive spike in network usage as its daily transactions surged. Thanks to that, Polygon’s stakers were able to enjoy profits.
Polygon’s network activity is on the rise!
Sandeep Nailwal, the co-founder of Polygon, recently posted a tweet highlighting the blockchain’s latest achievement, wherein Polygon was able to process more than 17 million transactions in a single day.
I am not sure if a lot of ppl noticed that Polygon POS smoothly processed 17mn transactions in a single day, generated 1.2mn revenue for the stakers. Insane!
Shout out to core devs, validators and everyone participating in running the network🔥🔥 pic.twitter.com/ZAV2gQAEjb
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 18, 2023
Thanks to this, the blockchain’s daily transaction count spiked sharply. Besides this, a few other developments could have also played a role in helping the blockchain achieve this milestone.
For instance, Polygon PoS recorded an 8-month high in daily DEX volume of more than $400 million last week. ChainGPT integrated Chainlink CCIP across Ethereum and Polygon to help unlock its cross-chain AI Hub.
Other than that, 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 is using Polygon CDK to build X1, a Layer 2 built on Ethereum
💜 Polygon PoS recorded a new all time high in daily transactions with 16.4M
💜 Polygon PoS recorded an 8 month high in daily DEX volume with $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 spike, the blockchain’s captured value also increased, as evident from the rise in its 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 staked MATIC gained upward momentum.
As per AMBCrypto’s analysis of Staking Rewards, MATIC’s staking wallets reached 26.1k, while its staking ratio stood at 37.9%. At press time, MATIC had a staking market capitalization of over $2.94 billion.
Source: Staking Rewards
MATIC bulls are here
While the above-mentioned spaces performed well, investors also rejoiced as MATIC’s price action remained in their favor. As per CoinMarketCap, MATIC was up by more than 4.5% in just the last 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 token’s exchange reserve was increasing, meaning that selling pressure was high.
Despite a hike in price, MATIC’s MVRV ratio dropped substantially last week. MATIC’s popularity also took a blow as its social volume fell slightly.
Source: Santiment
Is your portfolio green? Check the Polygon Profit Calculator
Nonetheless, the token’s derivatives metrics looked bullish. For example, MATIC’s Open Interest went up along with its price. Whenever Open Interest rises, it increases the chances of a continuation of the current market trend.
Therefore, the chances of MATIC sustaining its bull rally can’t be ruled out yet.
Source: Coinglass
Source: https://ambcrypto.com/how-matic-reacted-to-polygons-surging-network-activity