- Polygon’s ecosystem grew, but its TVL couldn’t compete with other L2 solutions.
- MATIC shows bearish signs despite rising prices.
Yeah Polygon (MATIC) The DeFi space is experiencing growth, with other L2 solutions such as Mediation AND Optimism (OP) In the case of TVL, it has been left behind. However, this may change with the increase in dApp activity on Polygon.
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One such well-performing DApp is QuickSwap. in particular, according to Statistics Released on February 19, it was noted that QuickSwap can generate large amounts of fees for various protocols.
Another dApp that showed progress was Planet IX, a play-to-win dApp that saw a 22.07% increase in the number of unique active wallets on the protocol. Along with this, the number of transactions made on the platform also increased during this period.
The progress of these dApps helped improve the current state of the Polygon ecosystem. Another development that helped Polygon would be the deployment of composites v3 on the polygon mainnet.
These events affected TVL, which has risen sharply in the past month. According to DeFI Lama, Polygon’s TVL increased from $1.01 billion to $1.21 billion. Despite this jump, it was still a long way from companies like Arbitrum and Optimism, which boast TVLs of $3.26 billion and $1.88 billion, respectively.
Not only has it not been able to perform as well as its competitors in the DeFi space, but its token activity has also taken a hit.
Bears come for MATIC?
According to Sentiment data, there has been a decrease in the daily transfer of active addresses to Matic. As a result, Matic’s transfer number also fell. This was suggested by MATIC’s declining transfer count.
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According to Sentiment, February 2023 failed to attract the attention of NFTs, and their overall NFT trade count took a big drop in recent weeks.
Despite Polygon’s improvements to its ecosystem, it may still have a long way to go before it can catch up with its rivals in the L2 space.