By Franklin Smith
- Polygon platform’s address activity surged rapidly, ensuring a massive MATIC price boost.
- Mihailo Bjelic, Polygon’s co-founder, put suspense after revealing announcements of the most-crucial update of this year in three days.
ETH’s layer2 scalability network Polygon has seen increased activities over the past few days. Its native token MATIC was among the top performers within the altcoin market, surging over 60% within the previous week.
While writing these lines, MATIC traded at $0.90, gaining 15%, while targeting the $1.0 value area. Meanwhile, the latest price surge stretched MATIC’s monthly gains towards 150%. The altcoin soared after Disney selected Polygon for the Accelerator program.
The program will concentrate on artificial intelligence, non-fungible tokens, and augmented reality. Nevertheless, Polygon’s role in the deal isn’t clear, while awaiting further guidance from Disney. Nevertheless, the news enhanced investor optimism.
Santiment, an on-chain analytic platform, stated that Polygon has recently seen a rapid address activity surge. It added that alts spent 2022 first half witnessing slashing market capitalization.
Nevertheless, projects such as MATIC recovered from the lows, surging more than 63% within a week. Moreover, the surging address activity reveals an intriguing divergence.
Polygon’s Optimism
The ETH L2 scalability protocol has worked on some vital developments recently. Though MATIC succumbed to last quarter’s crypto market meltdown, it has rebounded swiftly. Moreover, market experts have presented optimistic predictions for Polygon, boosting investor confidence.
Consequently, MATIC rides the sturdiest recovery wave amidst the market recovery. Furthermore, Polygon has capitalized on some notable events within the marketplace. The Terra ecosystem fall left multiple quality projects in uncertainty.
Meanwhile, Polygon introduced funds to help Terra projects drift to the MATIC blockchain. For now, over 48% of Terra-based projects have transferred to the Polygon network.
Nevertheless, the number of DeFi (decentralized finance) networks on Polygon is surging. That triggers surged MATIC demand. The TVL (total value locked) in Polygon’s DeFi networks stands at around $1.76 billion.
Meanwhile, Polygon might unveil its crucial release in the coming three days. That’s according to reports from Mihailo Bjelic, Polygon’s co-founder.
We have more updates coming your way. Stay around.
Editorial credit: Postmodern Studio / shutterstock.com
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