Polygon Defies Crypto Sell Pressures, Matic Up 5% Today, Here is Why
- Reportedly, the Polygon network has approximately 37,000 decentralized applications (Dapps), up 400 percent from the beginning of this year.
- According to Alchemy data, 74 percent of DeFi developers integrated exclusively on Polygon, while 26 percent deployed on both Polygon and Ethereum.
- The number of monthly active teams on the Polygon network clocked over 11,800 at the end of July, up from just over 8,000 in March.
The global cryptocurrency market cap is $1.07 trillion, down 1.8 percent in the past 24 hours. However, the Polygon ecosystem is recording a different vibe with its native token, Matic, up over 5.1 percent in the past 24 hours. According to our data, Polygon Matic is exchanging hands around $0.8 and has a market capitalization of $6,013,240,134 as of publication time.
The Web3 industry is expanding and smart contract-enabled blockchains are fighting for the largest market share. Ethereum, the leading smart contract ecosystem, is readying for its biggest upgrade dubbed the Merge. Arguably, the Ethereum ecosystem will require scaling solutions even after the Merge event scheduled for the mid-next month.
Hereby giving the Polygon network real-world utility aside from the cryptocurrency speculation.
Moreover, the Polygon network is the first well-structured, and easy-to-use platform for Ethereum scaling and infrastructure development.
Closer Look at Polygon Network in the Recent Past
According to onchain data, the Polygon network has approximately 37,000 decentralized applications (Dapps), up 400 percent from the beginning of this year.
The number of monthly active teams on the Polygon network clocked over 11,800 at the end of July, up from just over 8,000 in March. Notably, the number of monthly active teams is the most direct measure of developer activity on the Polygon PoS chain.
According to Alchemy data, 74 percent of DeFi developers integrated exclusively on Polygon, while 26 percent deployed on both Polygon and Ethereum.
Notably, the Polygon network has over 142 million unique user addresses and $5 billion in assets secured. According to onchain data, the Polygon PoS has processed more than 1.6 billion transactions to date.
Remember, the Polygon PoS serves as a hub for some of the most important Web3 projects, including Aave, Uniswap V3, and OpenSea, as well as Mark Cuban-founded Lazy.com.
Following the network’s thriving and resilient nature, it has attracted notable institutional investors including Meta, Adobe, Stripe, Telefonica, and Dolce Gabbana.
On August 18, the Gemini cryptocurrency exchange announced that it has unveiled a staking program and Matic will be its first token. Although other tokens will be made available later, the Polygon Matic staking program will be available to users across the United States (excluding New York), Singapore, and Hong Kong.
The Polygon network has made significant investments in the Web3 industry to ensure future growth prospects. Recently, the Polygon network led other investors in a $25 million funding round for Web3 venture studio, SuperLayer.
“Given SuperLayer’s focus on speed and quality, Polygon is a natural partner with industry-leading protocols designed to fix blockchain scalability issues that have slowed innovation,” said Kevin Chou, Managing Partner of SuperLayer.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
