In the third quarter of 2023, Polygon (MATIC), a Layer 2 (L2) blockchain network, underwent an impressive period of growth. As reported by Messari, the platform saw substantial increases in non-fungible token (NFT) sales, successful network upgrades, and the introduction of a new token.
Polygon’s NFT Sales Soar
The report revealed that in Q3 2023, Polygon experienced a remarkable 131% quarter-on-quarter surge in weekly NFT sales volume, reaching an astounding $20 million. This surge can be mainly attributed to the success of the DraftKings’ Reignmaker NFT collection, which became the top collection on the network.
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The collection featured officially licensed cards from well-known sports organizations such as the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Additionally, throughout Q3, Polygon achieved significant milestones in terms of technological advancements.
Furthermore, in Q3 2023, Polygon introduced the POL token on its mainnet. POL serves as an upgrade to the existing MATIC token and provides holders with the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol. The token features an inflationary model with an annual issuance rate that is determined by community governance, thereby enhancing the platform’s overall security and decentralization, according to the report.
Daily Active Addresses Surge Driven by DeFi Dominance
During Q3, Polygon witnessed a 1.4% quarter-on-quarter increase in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, underscoring the platform’s strength and popularity within the DeFi space.
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Polygon Labs also unveiled Polygon 2.0, a comprehensive upgrade roadmap aimed at unifying all Polygon protocols and blockchains using ZK technology. This initiative seeks to position Polygon as the “Value Layer of the Internet” and introduces substantial updates to protocol architecture, tokenomics, and governance.
One of the key upgrades involves transitioning the network to a zkEVM Validium network, ensuring enhanced security while maintaining the same level of robustness as Ethereum (ETH).
Furthermore, according to Token Terminal data, Polygon has demonstrated positive momentum in terms of price performance, network fees, and circulating market cap.
Polygon’s native token, MATIC, has seen a 3.95% increase in the past 24 hours, trading at $0.6556, indicating a positive sentiment among investors. Over the last 30 days, the coin has experienced a notable increase of 13.01%, suggesting a potential recovery from previous market downturns.
However, the data from the past six months shows a decrease of 34.97%, reflecting the impact of market volatility on the token’s long-term value.
Polygon’s circulating market cap currently stands at $6.00 billion, displaying a 15.36% increase. However, the fully diluted market cap, which takes into account the total supply of tokens, has grown by 12.79% to $6.49 billion.
Over the past 30 days, the network’s fees amounted to $1.21 million, indicating a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, suggesting a downward trend of 20.24%.