Bittime - Polygon (MATIC) has recently become less of a hot topic in the crypto world, unable to compete with Layer 2 scaling solutions and the rising meme coin. However, behind it all, activity on the Polygon network has quietly increased.
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Soaring Daily Active Users
Recent data shows a substantial increase in usage of the Polygon network. Polygon's Proof-of-Stake (PoS) blockchain has consistently exceeded 1 million daily active addresses for 25 consecutive days.
This figure, which tracks the number of unique user wallets interacting with the network each day, signals a significant and continued increase in user engagement.
The continuous increase in active addresses indicates a growing user base and potential for rapid network growth in the future.
NFTs and DeFi Drive Network Activity
This surge in activity can be attributed to the growing popularity of the Polygon ecosystem, especially within the NFT and Decentralized Finance (DeFi) sectors .
According to AMBCrypto's analysis of data from Dune Analytics, NFT trading volume on Polygon has seen a significant increase in recent weeks.
Each NFT transfer will incur a fee, so this higher volume results in increased revenue for validators securing the network.
This revenue stream can drive the growth of the Polygon network in the long term.
The DeFi space on Polygon is also experiencing positive developments, with growth in Decentralized Exchange (DEX) activity and resulting revenue.
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Decreased TVL: Is there anything to worry about?
Despite these positive indicators, Polygon's Total Value Locked (TVL) has experienced a marked decline during this period.
This suggests that the influx of new users and trading activity has not necessarily been accompanied by users depositing more funds into Polygon's DeFi protocol.
Several factors can explain this decline in TVL. Users may move their funds to DeFi platforms that offer more attractive yields or features, or they may simply withdraw locked assets to take profits or invest elsewhere.
MATIC Price and Network Growth
At the time of writing, MATIC is trading at $0.7453, reflecting an increase of 8.52% in the last 24 hours. However, trading volume fell by 47.34% during the same period.
Additionally, network growth is also slowing, indicating a potential decline in interest in MATIC among new users.
MATIC to IDR via Bittime Exchange
The price of 1 Matic to IDR is currently at IDR 11,307 and over the last 24 hours MATIC to IDR has decreased by -7.89%
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How to Buy Polygon (MATIC) on Bittime
You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC IDR at 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 the complete guide on how to buy Polygon (MATIC) on Bittime .
Monitor the price chart movements of Polygon (MATIC) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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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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