Polygon’s network activity steals the show; will MATIC come through?

Polygon’s network activity steals the show; will MATIC come through?

July 18, 2023

By Dipayan Mitra

Realistic or not, here’s MATIC market cap in BTC‘s terms

Solana was still ahead of Ethereum and Polygon in terms of daily transactions.

Though MATIC’s daily chart was red, a few market indicators and metrics looked bullish.

Polygon [MATIC] has taken the front seat in terms of network activity as it outperformed the rest. Not only was it able to beat all the popular L1s but also the L2s in terms of a key metric, reflecting increased adoption and usage.

The blockchain’s value and volume also registered upticks, which looked encouraging. However, after a comfortable bull rally, MATIC’s price witnessed a price correction over the last 24 hours. Will the token’s decline in price have a negative impact on the blockchain’s network activity?

Polygon’s network activity outperforms others

Narb, a popular Twitter handle that posts updates related to the crypto space, rightly pointed out how Polygon was outperforming the rest in terms of daily active addresses.

The blockchain was ahead of the most popular blockchains like Etheruem [ETH] and Solana [SOL] by a considerable margin. At press time, while MATIC’s daily active addresses were over 365 thousand, Ethereum and Solana’s figures stood at 300,000 and 250,000, respectively.