• The Polygon [MATIC] network has seen an increase in the flow of stablecoins, increasing DeFi participation and Total Value Locked (TVL).
• Polygon is introducing a hardfork to lower costs associated with using the network.
• Despite the increase in activity, the NFT marketplaces on Polygon have seen a decline in terms of volume.
The Polygon network has recently observed a surge in stablecoin flow, leading to a positive impact in the DeFi space. This has resulted in a 9% spike in its Total Value Locked (TVL) over the last 30 days, according to Defi Llama. This indicates that more users are participating in the Polygon ecosystem at press time.
Polygon is now introducing a hardfork that could reduce gas fees for users, making it more attractive to transact on the network. This could further boost the number of users on the platform, as well as the amount of value locked in the system.
However, despite the growth of Polygon in the DeFi market, its NFT marketplaces have witnessed a decline in terms of volume, based on Dune Analytics‘ data. This could signify that Polygon’s NFT marketplaces are not as popular as other protocols in the space. Despite this, interest in Polygon’s dApps has remained consistent, with Planet IX and Quickswap observing a surge in the number of unique active wallets on their platform.
Overall, it appears that the Polygon platform is continuing to grow and evolve, offering users more options for transacting and participating in the DeFi space. With the upcoming hardfork, users could expect to see even more activity on the Polygon network in the future.