MATIC price: Polygon hits new milestone, active users double to 5.8 million
- Ethereum scaling solution Polygon has witnessed massive growth in active users, hitting the 5.8 million milestone in Q3 2022.
- NFT sales volume on Polygon hit an all-time high of $2.36 billion in September 2022 despite ongoing bear market.
- Analysts predict a rally to the $0.83 level in MATIC, as the Ethereum scaling token begins its recovery.
Ethereum’s leading scaling solution Polygon has noted a massive spike in the active users of its blockchain. The count of active addresses has hit 5.8 million, a new all-time high.
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Polygon’s user base doubled, hitting a new milestone
Polygon has witnessed massive growth over the past quarter. The project’s user base more than doubled, climbing 123% year-on-year. Active address count on Polygon has hit 5.8 million in Q3 of 2022. An 11% increase from the previous quarter represents a new all-time high for Polygon. A majority of users from DeFi and crypto apps have moved to the Polygon blockchain. The count of weekly active users hit 1.56 million as of week 40.
Quarterly network user growth
The volume of NFT sales has increased rapidly, hitting an all-time high in September of 2022, $2.36 billion was the peak. 12 out of 15 collections by volume on Polygon were financial NFTs. $1.6 billion in Uniswap V3 positions NFT and $1.3 billion in Aave make a total of $2.36 billion in Polygon.
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NFT volume on Polygon
The total number of deployed contracts on-chain has doubled and hit a total of 940,000 on October 1. Count of the total number of creators Polygon has climbed and the blockchain now hosts a total of 220,000 unique contract creators.
Analysts believe MATIC price could hit the $0.83 level
Trader_XO, a crypto analyst and trader believes MATIC price is ready for recovery. The Ethereum scaling token could climb to the $0.80s level, hitting the $0.83 target.
MATIC-USDT price chart
Uniswap's market share on Polygon exceeds Ethereum mainnet. The leading DEX on the Ethereum ecosystem was deployed on Polygon in late December of 2021 and the project rapidly gained market share. It now controls ~35% of volume within a week and facilitates ~70% of DEX volume on Polygon.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
