Polygon Ecosystem On Fire: Daily Active Addresses And Transactions Soar, MATIC Gains 5%
Summary
Polygon's MATIC token experienced a 44.3% drop in market cap in Q2 2024, but on-chain metrics remained strong. The implementation of EIP-4844 reduced transaction fees, leading to a 40.6% drop in network transaction fee revenue. Despite this, user metrics soared, with daily active addresses increasing by 47.6% and daily returning addresses by 50.5%. Transaction volume remained steady, and DeFi TVL denominated in MATIC increased by 38.1%. NFT market volume dipped slightly, but daily NFT sales increased by 1.8%. MATIC's trading price increased by 5% to $0.512, but it has seen a 30% decrease in trading volume and an 82% difference from its all-time high of $2.91.
