- Polygon saw a decrease in DEX volume and network development regardless of reaching a turning point in DEX volume.
- Growing NFT market and continuous zkEVM advancements were favorable for Polygon’s long-lasting prospective regardless of the existing problems.
Polygon [MATIC] just recently reached a brand-new turning point in regards to decentralized exchange (DEX) volume. It crossed $50 billion in DEX volume over the last 12 months, according to a tweet on 11 January.
$ 50B+ in DEX volume on @0xPolygon over the last 12 months pic.twitter.com/ZSDnEvwcrj
— Narb (@NarbTrading) January 10, 2023
Read Polygon’s [MATIC] Rate Forecast 2023-2024
However, regardless of reaching this watershed number, DEX volume on Polygon decreased over the last couple of months, according to information from Dune Analytics. This decrease in volume might be due to a range of elements, such as increased competitors from other platforms or a basic decrease in trading activity in the crypto market.
This decrease in volume recommended that despite the fact that Polygon reached a brand-new turning point, in regards to DEX volume, the development of Polygon in this location slowed down.
Source: Dune Analytics
Not all hope is lost for Polygon
The decreasing DEX activity, nevertheless, did not impact Polygon’s NFT market.
Polygon’s growing NFT markets revealed positivity, with a spike in NFT volume as reported by Dune Analytics information. One most likely factor for this spike would be the current launch of the Donald Trump NFT collection.
Moreover, Polygon’s current partnership with social networks giants such as Reddit and Instagram might likewise be factored in. These partnerships have actually assisted bring more attention and direct exposure to the Polygon environment.
Source: Dune Analytics
Talking about MATIC
Moving on to the MATIC token– put simply, the network development and speed for the token decreased, in addition to everyday active addresses. The latter is proof of less active users on the network.
Source: Santiment
This abovementioned decrease affected MATIC holders’ success also, which was showcased by the MVRV ratio, which decreased over the previous month.
This recommended that the majority of MATIC holders would lose cash if they offered their holdings at press time. The favorable long/short distinction indicated a bulk of long-lasting holders were experiencing losses at press time.
Are your MATIC holdings flashing green? Examine the MATIC revenue calculator
Source: Santimentzk-EVMDespite these short-term problems, Polygon continued to press forward with its continuous advancements in
, which intends to make it simpler to construct and release zk-rollup dApps on the platform. The platform’s concentrate on scalability and efficiency is anticipated to assist draw in more designers and users in the long run.
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