Polygon Surpasses Solana in Daily Users Amidst Rising NFT Market Activity

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Polygon Surpasses Solana in a Key Area

Polygon has been the talk of the town in recent weeks, as the number of daily active addresses has risen by 75% over the past two months. On February 10, Polygon recorded the second highest number of transactions with a total of 3.41 million, surpassing BNB Chain and only outdone by Solana [SOL].

Rising Activity on the Polygon Chain

The Proof-of-Stake (PoS) network Polygon [MATIC] saw a significant increase in on-chain activity over the past week. A closer examination revealed that Polygon has been recording an average of 3.5 million daily transactions since the beginning of February. On the same day, Polygon surpassed Solana in terms of daily active users, with more than 672,000 unique active addresses compared to Solana’s 644,000.

Growth Due to Inscriptions and the NFT Market

The inscriptions have contributed a great deal to increasing user engagement. They have also helped to strengthen Polygon’s NFT market. Polygon’s monthly NFT sales increased nearly sixfold from October to January, according to CryptoSlam. Polygon even made history by surpassing Ethereum [ETH] in 24-hour NFT sales for the first time.

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The State of MATIC

The ecosystem’s native token, MATIC, was down 3.72% at the time of publication, according to CoinMarketCap. On a weekly chart, however, the 14th largest cryptocurrency recorded a nearly 6% increase. Interestingly, whales took advantage of the dip to add more MATIC to their portfolios. According to Santiment, the number of addresses in user cohorts holding between 1,000 and 10 million coins increased significantly over the past month.

The Derivatives Market and MATIC

In contrast, most traders in the derivatives market were betting on a price decline for MATIC. The number of short positions rose sharply in the last two days compared to long positions, as AMBCrypto found using Coinglass data.

Sources: AMBCrypto, CryptoSlam, CoinMarketCap, Santiment, Coinglass.

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