Polygon (MATIC), a Layer 2 (L2) blockchain community, skilled outstanding development within the third quarter of 2023. In response to a report by Messari, the platform witnessed a big improve in non-fungible token (NFT) gross sales, profitable community upgrades, and the activation of a brand new token.
Polygon NFT Gross sales Skyrocket
Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter improve in weekly NFT sales volume, reaching a powerful $20 million. This development was primarily attributed to the success of DraftKings’ Reignmaker NFT assortment, which turned the highest assortment on the community.
The gathering featured formally licensed playing cards from famend sports activities organizations just like the Nationwide Soccer League Gamers Affiliation (NFLPA), Skilled Golfers’ Affiliation of America (PGA TOUR), and Final Preventing Championship (UFC). Moreover, by way of Q3, Polygon achieved important milestones by way of technological developments.
Furthermore, Polygon activated the POL token on its mainnet throughout Q3 2023. POL serves as an improve to the present MATIC token and presents holders the chance to contribute to community safety throughout varied chains throughout the Polygon ecosystem by way of a local re-staking protocol.
The token options an inflationary mannequin with an annual issuance charge that’s topic to neighborhood governance, which, in keeping with the report, enhances the general safety and decentralization of the platform.
Day by day Energetic Addresses Surge Fueled By DeFi Dominance
Throughout Q3, Polygon skilled a 1.4% quarter-on-quarter development in day by day lively addresses, reaching a powerful 364,000. The decentralized finance (DeFi) sector accounted for almost all of the lively addresses on the community, showcasing the platform’s energy and recognition throughout the decentralized finance area.
What’s extra, Polygon Labs unveiled Polygon 2.0, a complete improve roadmap aiming to unify all Polygon protocols and blockchains utilizing ZK know-how. This initiative seeks to determine Polygon because the “Worth Layer of the Web” and introduces important updates to protocol structure, tokenomics, and governance.
One of many key upgrades consists of transitioning the community to a zkEVM Validium community, guaranteeing enhanced safety whereas sharing the identical stage of robustness as Ethereum (ETH).
Moreover, in keeping with Token Terminal data, Polygon has proven optimistic momentum in value efficiency, community charges, and circulating market cap.
The community’s native token, MATIC, has skilled a rise of three.95% over the previous 24 hours, buying and selling at $0.6556, reflecting optimistic sentiment amongst traders.
Over the previous 30 days, the coin has skilled a notable improve of 13.01%, signaling a possible restoration from previous market downturns.
Nonetheless, the six-month knowledge reveals a lower of 34.97%, indicating the affect of market volatility on the long-term worth of the token.
Polygon’s circulating market cap presently stands at $6.00 billion, exhibiting a 15.36% improve. Nonetheless, the totally diluted market cap of $6.49 billion, which considers the full provide of tokens, has grown by 12.79%.
The community’s charges over the previous 30 days amounted to $1.21 million, representing a slight decline of 8.57%. Nonetheless, on an annualized foundation, the charges reached $14.68 million, indicating a downward development of 20.24%.
Featured picture from Shutterstock, chart from TradingView.com
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