Polygon User Base Doubles in a Year, Boosted by NFT Sales

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Polygon Attracts More Users: Will MATIC Surpass the 1-Dollar Mark?

Polygon, a Proof-of-Stake (PoS) network, has seen a strong influx of users in recent months. According to an analysis of Artemis data by AMBCrypto, network participation began to rise in the last week of 2023 and continued this trend into 2024. The daily active addresses rose to 678,000 on January 11 – an increase of 63% within a month. Over the course of a year, the active user base has more than doubled.

Reduction in Demand for Blockspace

Despite the rising user numbers, the demand for blockspace has significantly decreased since the beginning of 2024. The number of transactions in the PoS network has dropped by 62% according to an analysis of Santiment data by AMBCrypto. However, it is positive to note that the number of new addresses has maintained the positive pace of the previous year, indicating healthy network acceptance.

NFTs as Drivers of User Activity?

While the Inscriptions hysteria fueled user participation in December 2023, Non-Fungible Tokens (NFTs) drove the majority of activities in the new year. Polygon recorded the third-highest NFT sales volume in the past week, as AMBCrypto found using data from CryptoSlam. During this time, the Layer-2 chain reached a historic milestone by surpassing Ethereum in 24-hour NFT sales for the first time.

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The State of MATIC

The native token of the ecosystem, MATIC, benefited from the bullish crypto sentiment thanks to the spot Bitcoin approvals. At the time of the press release, the coin had risen by 7.86% in the past week according to data from CoinMarketCap. However, the Open Interest (OI) in MATIC futures declined during the same period, as shown by an analysis of Coinglass data. A plausible explanation for this could be that short sellers covered their positions and exited the market, leading to a cash outflow from the market.

Is Your Portfolio Green?

Despite the short covering, the number of active short positions still exceeded the longs. The long/short ratio of MATIC was less than 1, suggesting that more traders were convinced of a decline in the coin.

Sources:
– Artemis
– Santiment
– CryptoSlam
– CoinMarketCap
– Coinglass

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