Polygon On-Chain Activity Surges
As the Polygon network continues to grow in popularity, the amount of on-chain activity is increasing. By collaborating with Ethereum, the Polygon network and its native token (MATIC) have seen tremendous success. With Ethereum suffering from high gas prices and scalability concerns, Polygon has emerged as a scalable alternative on Ethereum that is available for a fraction of the cost of the original Ethereum network.
As the popularity of DeFi and NFT projects has grown, many people have switched from Ethereum to Polygon, which has seen its earnings soar. Over the course of the previous three days, about $480 million has been crossed into Polygon, representing a gain of more than 40%.
An important Polygon bridge is a commodities trading corporation situated in Malaysia with a net asset value of $28 billion. It is one of the most major Polygon bridges. The company has moved its equity-tied EGX security tokens from the Ethereum blockchain to the Polygon network.
“Issuers of tokens no longer have to be concerned about their tokens being banned on a blockchain indefinitely,” said Luc Falempin, CEO of Tokeny Solutions. “We now have the tools and procedures in place to ensure a seamless transition from one network to another without losing any historical information.”
While numerous cryptocurrencies, such as Solana, Cardano, and EOS, have chosen to compete against Ethereum. Polygon has connected itself with the Ethereum blockchain. As a result, it has been able to benefit from the security foundation layer and the adoption of Etheruem.
🤩 Enegra is one of the world’s first regulated companies to issue equity-backed digital security tokens, under security token code EGX on the Polygon network.
— Polygon | $MATIC (@0xPolygon) November 5, 2021
Its strategy, which has been praised by analysts and one of the co-founders, Mihalo Bjelic, has made it an excellent model for other cryptocurrency entrepreneurs to follow. This week, the network has generated an average of 4.4 million in daily transaction income, which represents a nearly 20% rise over the previous week’s total.
One of the things I'm proud of is that @0xPolygon set a precedent by becoming a Top 15 project while being fully aligned with Ethereum (instead of trying to kill it).
I believe this will be a good example for all crypto founders.
Build on Ethereum, it's the right thing to do. https://t.co/2k4p9uK8H6
— Mihailo Bjelic (@MihailoBjelic) November 4, 2021
The overall number of active users of the bridge, on the other hand, has plummeted to 18,666, representing a roughly 50 percent decrease from the previous year. The increase in transaction costs on the network has been ascribed to the decrease in use. However, the rise has resulted in a roughly 50% reduction in spam and bot transactions on the network, which is a good development.
MATIC has failed to retest its all-time high, which was reached six months ago when it reached $2.68. Since then, the 19th-ranked digital asset has seen its value plummet by roughly 30 percent.
At the time of publication, the token is trading at $1.90, representing a decrease of less than 2 percent over the last 24 hours. A number of currencies below it, including Internet Computer (ICP), VeChain (VET), and Crypto.Com (CRO), have outperformed MATIC and are gaining at an alarming rate, putting the token at danger of falling outside the top 20 coins.