- Polygon witnessed an uptick in terms of stablecoin volume.Â
- However, NFT’s volume declined and MATIC went on a downward trajectory.
The Polygon network has been consistently experiencing high levels of activity for a long duration now. This occurrence may be attributed, in part, to a notable upsurge in stablecoin volume on the network.
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According to Artemis’ data, over the past week, the liquidity of stablecoins on the Polygon network increased by 5.37%, reaching a total of $1.54 billion.
The surge in stablecoin liquidity on the Polygon network is a positive development that suggests a rise in the network’s usage.
The presence of stablecoins can potentially attract more users to the network who are in search of a secure and reliable store of value for their assets.
Source: Artemis
In terms of daily activity, the Polygon network was doing relatively well. Artemis’ data indicated a spike in user activity over the last few weeks.
However, the same couldn’t be said for the overall number of transactions being made on the network.
In the last few days, the total number of transactions being made on the network declined from 2.81 million to 2.09 million.
Source: Artemis
dApp me up
One of the reasons for the decline in activity on the Polygon network could be the decreasing interest in Polygon’s dApps.
Dapp Radar’s data revealed many dApps witnessed a decline in activity on their platforms over the last week.
Planet IX, a popular gaming dApp on the Polygon network, observed a decline of 57.88% in terms of daily active addresses in the last week.
Subsequently, the overall volume and transactions on the network also went down.
Source: Dapp Radar
Furthermore, in terms of the NFT space, the Polygon network took a hit. According to Dune Analytics’ data, Polygon sales volumes fell from 400,00 to 200,00 in the span of the last few days.
Despite the incorporation of y00ts and DeGods NFTs on its network, Polygon wasn’t able to retain interest from users in the NFT space.
Realistic or not, here’s MATIC market cap in BTC terms
Source: Dune Analytics
Well, MATIC’s price was also affected during this time. In fact, the network growth of MATIC also tumbled, indicating new addresses very not much interested to trade the token, press time.
Source: Santiment
