Recent record sales of the Reddit NFT, which ran on Polygon’s platform, have brought attention to this Layer 2 that coexists with the Ethereum network. Millions of NFT transactions and sales took place on the platform due to the hype, yet its TVL remained unchanged. Polygon’s native token MATIC also experienced some difficulty crossing the […]
Polygon’s TVL goes flat
Despite the downturn market and the lack of strong mining incentives, Polygon’s TVL generally remained stable. The consistency pointed to organic, sticky DeFi activity despite the lack of incentives and greater competition.Despite the fact that the TVL was flat, a glance at the 30-day active addresses measure revealed some encouraging trends. Over 5 million active addresses were visible at the time of this writing, according to the chart from Santiment.
The declining trend suggested a decline in profit margin, and the persistent pattern suggested a decline into the negative territory. However, the 365-day MVRV was 37.62%, showing that MATIC holders at the time were holding at a loss.Furthermore, MATIC’s had not been very strong. Although it had not trended to the support level that could be seen, it was evident that the asset had started a downturn.
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