Polygon’s NFT trading volume has surpassed that of Solana in the last 24 hours, grabbing the spotlight as the third-largest in the market after Bitcoin and Ethereum. CryptoSlam data shows Polygon’s sales volume reached $10.5 million, more than double Solana’s $4.1 million.
The increase of 11.94% in Polygon’s NFT sales contrasts with a 15% decrease in Solana’s, with Polygon also exhibiting a higher wash trading figure. Despite a smaller number of traders compared to Solana, Polygon’s NFTs are seemingly more valuable, contributing to its success.
Polygon’s investor count has exceeded Bitcoin’s, closely following Ethereum’s, indicating its growing popularity. The network’s inclusion in the top five non-layer-1 networks, alongside Avalanche Network, reflects its impressive performance.
The growth in inscriptions on Polygon could explain the surge in NFT sales volume. Meanwhile, the crypto industry is witnessing increasing competition, reminiscent of mainstream finance, with layer-2 solutions gaining momentum.
Previously, Solana had dominated the market, outperforming Ethereum in DEX volumes. However, the trend has reversed, with Polygon now leading, signaling the rise of layer-2 solutions and echoing Vitalik Buterin’s emphasis on the adoption and utility of these protocols.