Will Polygon’s surging DEX volumes help MATIC cross $1?

  • Polygon saw a surge in its DEX volume recently.
  • MATIC rose to its highest level in weeks.

The Polygon [MATIC] network boasted of the highest volume of Decentralized Exchange (DEX) users. As per Sea Launch’s data on Dune Analytics, at press time, Polygon’s DEX volume exceeded $1.6 billion.

This placed the network as having the fourth-largest DEX volume at press time, marking the highest level observed in over a year. Earlier in March 2023, the volume was approximately $1.5 billion.

Source: Dune Analytics

Additionally, when examining the number of DEX users, Polygon ranked third. At the time of this analysis, the network boasted over 204,000 DEX users.

Polygon PoS maintains 1 million threshold

In recent days, Polygon’s Proof-of-Stake (PoS) addresses showed a consistent uptrend. The rise started from around the 22nd of February, surpassing the 1 million mark at this time. 

Active Polygon POS Addresses

Source: Polygonscan

This figure had escalated to over 1.22 million by the 29th of February, marking its historic peak. At the time of this writing, the number of active PoS addresses was around 1.21 million.

Combined with the insights from the analysis of DEX volume, it becomes evident that the network has experienced heightened activity in the past few weeks.

TVL maintains $1 billion

The Polygon network’s Total Value Locked (TVL) has exhibited positive growth. AMBCrypto’s analysis of the TVL via DefiLlama showed a gradual upswing, which was initiated earlier in the preceding month.

The TVL was around $1.4 billion at the time of this writing.

This is a significant indicator of the heightened activity within the Polygon network. Moreover, the slight elevation in TVL aligns with the surge that MATIC, the native token, has recently witnessed.

How much are 1,10,100 MATICs worth today?

MATIC ends strong but starts weak

AMBCrypto’s evaluation of MATIC’s price trajectory revealed a concluding surge of over 6% in the preceding week. MATIC achieved a trading position at approximately $1.09, marking its highest point in recent weeks.

However, at the time of this writing, it was traded at around $1.06, registering a decline of over 2%.

Polygon price trends

Source: TradingView

Next: Cardano: Signs of a sustained rally or is it…

Source link

About The Author

Scroll to Top