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Polygon (MATIC), a Layer 2 (L2) blockchain community, skilled outstanding progress within the third quarter of 2023. In response to a report by Messari, the platform witnessed a major enhance in non-fungible token (NFT) gross sales, profitable community upgrades, and the activation of a brand new token.
Polygon NFT Gross sales Skyrocket
Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter enhance in weekly NFT sales volume, reaching a powerful $20 million. This progress was primarily attributed to the success of DraftKings’ Reignmaker NFT assortment, which turned the highest assortment on the community.
The gathering featured formally licensed playing cards from famend sports activities organizations just like the Nationwide Soccer League Gamers Affiliation (NFLPA), Skilled Golfers’ Affiliation of America (PGA TOUR), and Final Combating Championship (UFC). Moreover, by Q3, Polygon achieved vital milestones by way of technological developments.
Furthermore, Polygon activated the POL token on its mainnet throughout Q3 2023. POL serves as an improve to the prevailing MATIC token and gives holders the chance to contribute to community safety throughout varied chains throughout the Polygon ecosystem by a local re-staking protocol.
The token options an inflationary mannequin with an annual issuance price that’s topic to group governance, which, in accordance with the report, enhances the general safety and decentralization of the platform.
Every day Energetic Addresses Surge Fueled By DeFi Dominance
Throughout Q3, Polygon skilled a 1.4% quarter-on-quarter progress in each day energetic addresses, reaching a powerful 364,000. The decentralized finance (DeFi) sector accounted for almost all of the energetic addresses on the community, showcasing the platform’s energy and recognition throughout the decentralized finance house.
What’s extra, Polygon Labs unveiled Polygon 2.0, a complete improve roadmap aiming to unify all Polygon protocols and blockchains utilizing ZK know-how. This initiative seeks to determine Polygon because the “Worth Layer of the Web” and introduces vital updates to protocol structure, tokenomics, and governance.
One of many key upgrades contains transitioning the community to a zkEVM Validium community, making certain enhanced safety whereas sharing the identical stage of robustness as Ethereum (ETH).
Moreover, in accordance with Token Terminal data, Polygon has proven constructive momentum in value efficiency, community charges, and circulating market cap.
The community’s native token, MATIC, has skilled a rise of three.95% over the previous 24 hours, buying and selling at $0.6556, reflecting constructive sentiment amongst buyers.
Over the previous 30 days, the coin has skilled a notable enhance of 13.01%, signaling a possible restoration from previous market downturns.
Nonetheless, the six-month knowledge exhibits a lower of 34.97%, indicating the influence of market volatility on the long-term worth of the token.
Polygon’s circulating market cap at present stands at $6.00 billion, exhibiting a 15.36% enhance. Nonetheless, the totally diluted market cap of $6.49 billion, which considers the full provide of tokens, has grown by 12.79%.
The community’s charges over the previous 30 days amounted to $1.21 million, representing a slight decline of 8.57%. Nonetheless, on an annualized foundation, the charges reached $14.68 million, indicating a downward pattern of 20.24%.
Featured picture from Shutterstock, chart from TradingView.com
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