Polygon’s [MATIC] Surges 10% as It Overtakes Ethereum [ETH] in Daily Users
27. Januar 2023
• Polygon’s [MATIC] price surged by 10% as it surpassed Ethereum [ETH] in daily active users.
• Polygon’s on-chain growth was supported by its expanding DeFi protocols, such as Quickswap and Uniswap V3, which saw steady growth in UAW and transaction volume.
• Gains Network is another DeFi protocol built on Polygon that has been performing strongly.
Polygon has been on a roll in the crypto market as of late as its scaling solution MATIC recently surpassed Ethereum [ETH] in daily active users and investors could not have asked for more. According to data from Token Terminal, Polygon was locked in a close battle with Ethereum over the past week for the second spot at press time, with Binance Chain [BNB] holding on to the first position. This competition was reflected in MATIC’s price which soared by 10% over the past 24 hours at the time of writing.
The surge in MATIC’s price follows a bullish rally experienced since the start of 2023 which saw MATIC almost reversing the FTX-induced losses. The increased adoption was also reflected in Polygon’s on-chain growth, as the total value locked (TVL) across the platform recorded a jump of 1.13% to hit $1.19 billion. The growth in Polygon’s on-chain activity could have got solid impetus from its expanding DeFi protocols.
Popular protocols such as Quickswap and Uniswap V3 have seen steady growth in unique active wallets (UAW) and transaction volume. According to data from DappRadar, Uniswap’s volume surged by 60% over the past week while the number of active users across both the dApps rose marginally. Gains Network is another DeFi protocol built on Polygon that has been performing strongly and has created quite a flutter with its performance of late. The protocol has seen over 10,000 user accounts within a few weeks of its launch and has recorded over $11 million in volume in the same period.
All of these factors have certainly lifted Polygon’s [MATIC] price prediction for 2023-2024, and with the scaling solution continuing to develop and expand its user base, it is likely that the trend will continue for the foreseeable future.