Over the past month, Polygon’s MATIC has gained nearly 30%, thanks to a number of encouraging on-chain indicators such as rebounding network expansion, dwindling exchange supply, and low-profit taking. The 12th-ranked asset has maintained its “mini-run” with a price increase of more than 6% in a short period of time.
At the time of publication, MATIC was trading at $0.74, up 8.89% from the previous day and more than 4% from the weekly index. It had a market value of $6.9 billion.
The daily unique address count for MATIC has increased, according to a graph released by blockchain analytics portal Santiment, showing a boost in usage and network expansion. The upswing comes after the MATIC team introduced its forthcoming initiatives.
As part of its rebranding as Polygon 2.0, the scaling solution for the Ethereum blockchain has recently unveiled a new architecture that proposes “Unified Liquidity,” Re-staking, the creation of new chains on demand, and a focus on one of the hottest blockchain technologies of the year: zero-knowledge technology.
The Polygon team plans to equip developers with the option to “add new decentralized chains on demand,” in addition to enabling investors to stake the same tokens on numerous projects, the official announcement read. This would put the MATIC network alongside its rivals, such as Arbitrum, Optimism, and zkSync’s Matter Labs, which have made their networks easy to duplicate.
Polygon Record Double-Digit Growth In NFT
A few days before Polygon revealed its new architectural and technological foundation, it announced a plan to convert its Polygon PoS chain into a zkEVM validium. The blockchain firm added that over the coming weeks, it would also be making announcements about its governance structure and its token, MATIC.
Another noteworthy development was the double-digit increase in MATIC’s major NFT metrics over the past week. According to data from Cryptoslam, the total number of NFT sellers and buyers has surged by 20% in the last seven days. The overall number of NFT transactions increased by more than 25%, and its total sales volume increased by more than 35%, both of which strongly reflect an increase in NFT activity.
Not long ago, Polygon Labs, the main software developer behind the namesake blockchain project, announced a major reshuffle. Barely a month after the US Securities and Exchange Commission said it considered Polygon’s native token to be a security, the team overhauled its leadership team and named a new chief executive officer.