Bittime - Activity on the Polygon network is surging! This can be seen from the latest record set by Polygon's Proof of Stake (PoS) network , which reached 1.23 million daily active addresses on March 13, according to a Today In Polygon tweet.
This mark marks an important achievement because the Polygon PoS network managed to maintain more than 1 million daily active addresses for 20 consecutive days.
Impact of Increased Activity
Source: Twitter (X) @TodayInPolygon
The surge in activity has had a positive impact on Polygon's Total Value Locked (TVL) . This increase in TVL contributes to the overall liquidity of the Polygon network.
Liquidity plays an important role for the smooth functioning of DeFi (Decentralized Finance) protocols. High liquidity allows users to carry out trading, lending and borrowing and yield farming activities efficiently.
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In addition, a high TVL also indicates that more assets are available for use in the Polygon ecosystem. This has the potential to attract more users and new projects looking to take advantage of the liquidity and functionality of the Polygon blockchain.
What about NFTs?
AMBCrypto's analysis of Dune Analytics data shows that NFT trading volume on the Polygon-based marketplace is still relatively high.
This shows that the Polygon NFT ecosystem remains popular and attracts the interest of users and collectors, despite price fluctuations and changes in market sentiment.
Also Read: Polkadot (DOT): Towards $20 or Back to $9? Here's the analysis
What about MATIC prices?
At the time this article was written, MATIC price was at $1.211696, with an increase of 1.05% in the last 24 hours. MATIC's Network Growth is also surging, which indicates that many new addresses are interested in holding MATIC.
Apart from that, the circulation speed of MATIC (velocity) has also increased. These factors, coupled with increased network activity, may help MATIC maintain its current upward price trend.
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What are Polygons?
Polygon is a “layer two” or “sidechain” scaling solution that operates alongside the Ethereum blockchain. In other words, Polygon was designed to overcome the scalability problems that Ethereum faces, namely slow transaction speeds and high transaction fees.
Polygon enables faster transactions and lower fees compared to interacting directly on the Ethereum network.
MATIC is the native cryptocurrency of the Polygon network. MATIC is used for various purposes within the Polygon network, such as transaction fees, staking, and others.
How Polygon Works?
Fast Train Analogy
Think of Polygon as a bullet train on a subway line. This fast train travels the same route as a regular train, but with fewer stops so it can move much faster.
In this analogy, the main Ethereum blockchain is an ordinary train. Polygon uses various technologies to create this fast parallel blockchain and connect it to the main Ethereum blockchain.
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Proof-of-Stake and Staking
To create new MATIC and secure its network, Polygon uses a proof-of-stake consensus mechanism. This means that one way to get profits from the MATIC you own is through staking.
Validator
Validators perform heavy tasks such as verifying new transactions and adding them to the blockchain. In return, they can receive a portion of the transaction fees and newly created MATIC.
Becoming a validator requires a high level of commitment as it requires full-time operation of a node (computer) and staking your own MATIC.
If the validator makes a mistake or acts maliciously (or even if your internet connection has problems), you could lose some of the MATIC you staked.
Delegator
Delegators can stake their MATIC indirectly through validators they trust. This is a way of staking that requires lower commitment. However, this method still requires research.
If the validator you choose acts maliciously or makes a mistake, you could lose some or all of the MATIC you staked.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Polygon (MATIC): What it is and How It Works
Polygon Bridge: What Is It, and How to Use It?
How to Buy and Sell NFTs on Polygon
Polygon Deploys POL Token on Ethereum Mainnet
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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