Why Polygon observed substantial growth in recent weeks

Formerly known as the Matic Network, Polygon (MATIC) is a scaling solution that aims in providing tools for the improvement of transactions on blockchain networks. After switching moniker, it retained its MATIC cryptocurrency which is the digital token that supports the network. That said, Polygon, as of late, has its influence spread across all aspects of anything crypto-related from dApps and DeFi to DAOs and NFTs.   

Polygon getting along  

Polygon seems to be getting along within the realms of DeFi and dApps, not to mention that it’s also doing pretty well on the NFT side of things. Albeit the fact that the NFTs on the Ethereum network is still the one that gets more attention nowadays, one can’t deny the fact that there’s now a growing number of NFT creators who utilize Polygon over on the peer-to-peer NFT marketplace of OpenSea. Recent data are suggestive that more than 1/4 of these NFT creators (that’s around 27 percent) are now using Polygon on the said NFT marketplace.   

Sticking with the network  

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Going a few weeks back, however, Polygon may well seem to fail in retaining some of its users on its network. Fortunately, this may no longer be the case as increased retention to the network has been observed recently.  

According to recent data, Polygon’s retention figure surged as high as 60.65 percent. Moreover, the retention over the past week also saw a huge leap from 7.13 percent to 13.8 percent. The same thing happened this week where it rose from 13.8 percent to 22.17 percent. This proves to show that the network is pretty much successful having been able to break out of the bottom quartile for the first time in five weeks.  

Polygon’s strength  

In line with this, Polygon’s active users on the daily are also on an uptrend. That said, this is also an indication that the network’s strength is in its users. Mihailo Bjelic – one of Polygon’s co-founders mentioned it in his recent tweet describing it as a “scaling juggernaut in the making.”  

Meanwhile, on the monetization side of things, it’s evident that Polygon is doing pretty good on this one as well. If Dune Analytics’ data are anything to go by, the revenue made by the network had a 70.56 percent increase in the last seven days.  

MATIC on the rise  

Also, there’s an increased number of MATIC tokens that are locked in the Proof of Stake (PoS) bridge. The data from Dune also showed that the current levels have already crossed the highs of June and it’s almost the same level as July’s.  

With all that was mentioned, there’s no doubt to it that Polygon is making a comeback from its so-called sluggish phase. If this continues, MATIC’s appreciation is on the horizon.  

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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