Today’s crypto markets are down, but not for Polygon, whose MATIC coin is soaring. It has now surpassed Solana in the crypto top ten.
Polygon has a market capitalization of $9.7 billion, making it one of the top ten crypto assets. This year has seen the Ethereum layer-2 scaling network grow from strength to strength.
According to Token Terminal, Polygon’s daily active users have surpassed Ethereum’s. According to the chart, BNB Chain is the top blockchain in terms of daily active users, with nearly 800,000 users.
Polygon, on the other hand, is now second with 340,000, just ahead of Ethereum’s 320,000. Polygonscan confirms an increase in the number of daily active chain addresses reporting closer to 400,000. Furthermore, the metric has risen 21% in the last two weeks.
According to Etherscan, there were 341,000 active Ethereum addresses on January 26.
Since the beginning of the year, the total value locked on Polygon DeFI has also increased. According to DeFiLlama, TVL on the network is currently worth $1.28 billion. This represents a nearly 20% increase since January 1.
With a 25% market share, AAVE is the most popular platform on Polygon. Polygon is also the fourth largest DeFi ecosystem after Ethereum, BNB Chain, and TRON. It has locked up 80% more collateral than Solana.
According to Polygonscan, the network currently processes around 3 million transactions per day. Ethereum’s is roughly a third of that, at 1 million. The Bitcoin network handles approximately 300,000 transactions per day.
Polygon announced a partnership with Arkham intelligence, a blockchain analytics firm, on January 26. It partnered with BitGo on January 20 to provide staking capabilities to MATIC holders.
Polygon announced on January 17 that it had successfully completed the Delhi hard fork, which is intended to reduce gas fees and reorganise the address chain.
MATIC’s price momentum reflects the bullish on-chain activity. As a result, the coin rose 8.7% on the day to $1.09 at the time of publication. Surprisingly, MATIC is trending in the opposite direction as the rest of the cryptocurrency market, which has fallen slightly.
MATIC has increased by 14% in the last week, breaking the psychological $1 barrier for the first time since November. It has increased by 45% since the beginning of the year.
However, MATIC prices are still 63% lower than their all-time high of $2.92 in December 2021.