• Polygon’s [MATIC] price surged by 10% at press time due to its increasing adoption.
• The scaling solution surpassed Ethereum [ETH] in daily active users, hitting more than 344k users.
• Polygon’s on-chain growth is driven by its expanding DeFi protocols such as Quickswap and Uniswap V3, which have recorded steady growth in unique active wallets (UAW) and transaction volume.
Polygon, the scaling solution, has been continuing its fantastic 2023 with its price rallying by over 10% at press time. The increased adoption was also reflected in the daily active users, where Polygon surpassed Ethereum [ETH] to hit more than 344k users at press time. This is a remarkable feat considering the fact that the crypto market analyst revealed this figure just a day ago on 26 January.
WOW @0xPolygon just overtook Ethereum in daily active users @sandeepnailwal imagine being bearish on $MATIC 🔥 pic.twitter.com/MgqXDqgK8e — Zack 🔺 Chief Alpha Officer (@btc_zack) January 26, 2023
Polygon’s on-chain growth could have got solid impetus from its expanding DeFi protocols. While the total value locked (TVL) of bigger chains fell over the last 24 hours, the TVL across Polygon recorded a jump of 1.13% to hit $1.19 billion. Alongside this, popular protocols such as Quickswap and Uniswap V3 saw steady growth in unique active wallets (UAW) and transaction volume. As per data from Dapp Radar, Uniswap’s volume surged by 60% over the past week while the number of active users across both the dApps rose marginally. Gains Network, another DeFi protocol built on Polygon, has also created quite a flutter with its performance of late.
In addition to this, the Polygon community has been actively pushing for more liquidity to enter the ecosystem. Polygon has been working hard to make its network more accessible to users and developers alike. The team has been actively pushing for more liquidity to enter the ecosystem. The team has also been working on launching staking solutions and bridge projects to other networks in order to increase the network’s usability even further.
As the DeFi protocols continue to drive the growth of Polygon’s network, the MATIC token has been benefitting from this surge in adoption. The bullish surge experienced since the start of 2023 saw MATIC almost reversing the FTX-induced losses. With the team working hard to make the network even more accessible and user-friendly, it looks like MATIC will have a great 2023.