Multiple on-chain activities and metrics show that Polygon is experiencing growth that may result in a price increase for the $MATIC token, too. The Twitter account, RaphaelSignal posted a new analysis about activities and metrics on Polygon.
It details many metrics mainly focusing on the increased active users. Besides, the comparison of Polygon usage with Ethereum usage shows this layer-two solution may gradually replace the current dominant player of the smart contract industry.
Moving to the Top again?
Polygon is one of the most famous layer-two solutions for Ethereum. It has been very successful in attracting both end-users and developers by providing attractive solutions in terms of scalability and gas fees. Currently, many big projects have migrated to the new solution and brought many users to this network. The native token, $MATIC, experienced considerable growth and may start a bull run again. The latest data shows that on-chain activities are increasing on this network that may result in more growth and even price increase.
RaphaelSignal tweeted about Polygon yesterday:
1/ $MATIC smashes previous ATHs, increasing active users 17.16% week over week.
DAU: 207,719 (+17.16%)
Tx/day: 5.76mm (-13.28%)
Revenue/day: $30.6k (-47.43%)
Cost/tx: $0.0053 (-39.37%)
— Raphael (@RaphaelSignal) September 21, 2021
“$MATIC smashes previous ATHs, increasing active users 17.16% week over week. DAU: 207,719 (+17.16%)- Tx/day: 5.76mm (-13.28%) – Revenue/day: $30.6k (-47.43%) – Cost/tx: $0.0053 (-39.37%)”
The main metric that Raphael focuses on in the thread is active users. The data shows that active users on Polygon are increasing for the 3rd consecutive week. In the last week, about 207,719 new users joined this network. According to the data, Polygon’s DAU is about 40.54% of Ethereum.
Not all metrics are on the rise for Polygon and MATIC. The report shows that the daily transactions took a dip. It resulted in a decline in week-over-week revenues. Another interesting metric is cost/tx that is still winging but in the last week showed a decline. It resulted in many projects providing no-fee transactions for their users.
One of the most important metrics that show more growth potentials for Polygon is NFT usage. NFT scene is attracting more and more users and artists to Polygon. Raphael says, for example, the active traders on Opensea have increased 741.94% from July to August 2021.
After all, it seems that Polygon is still on the growth path, successfully attracting more users and projects. With NFTs still on the rise, we can expect this sector to help Polygon’s growth because of fewer costs for artists to join the movement. Raphael predicts that Polygon can become a hotbed for NFT innovation.