Polygon, a leading Proof-of-Stake network, recently achieved a notable uptick in its on-chain metrics, surpassing BNB Chain’s transaction volume and challenging Solana in daily unique users. A report highlighted a record 3.41 million transactions on February 1st, positioning Polygon as the second busiest platform in terms of daily transactions, just behind Solana. This surge aligns with an impressive average of 3.5 million transactions since February’s onset.
User Engagement and NFT Sales Soar
Polygon’s active address count has seen a remarkable 75% rise over the past two months, with over 672,000 active addresses on a single day, exceeding Solana’s 644,000. A significant driver for this increase is the popularity of Inscriptions, which has also amplified the platform’s NFT marketplace momentum. CryptoSlam data reveals that Polygon’s NFT sales have skyrocketed, with a sixfold jump from October to January, even temporarily surpassing Ethereum in 24-hour NFT sales and securing the fourth spot in weekly NFT trade volume.
Market Performance and Token Analysis
Despite a slight dip, MATIC, the native token of Polygon, has displayed a 6% appreciation on the weekly chart. The token has struggled to regain the $1 threshold after slipping below it early in 2024 and has seen an 18% decline since the year’s start. Santiment’s analysis illuminates a surge in addresses holding significant amounts of MATIC, suggesting investor confidence. In contrast, the derivatives market shows a growing number of traders betting on MATIC’s price drop, with short positions outpacing long positions in recent days.