Identifying what’s really promising for Polygon, MATIC going forward
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The Polygon network showcased some strong resilience despite ongoing difficulties within the crypto-market. In fact, its Q2 report painted a positive scenario too. A few bullish indicators included the rise in the number of holders and developments on the Polygon network, among others.
However, the question remains – Can the token sustain this enthusiasm around it?
Too hot to handle
Polygon, a blockchain scalability platform working atop the Ethereum platform, did indeed gain significant traction. Well, mainly thanks to the much-anticipated Ethereum Merge. The potential transition from proof-of-work to proof-of-stake (in September) triggered a buying hysteria for the Layer 2 token.
These, coupled with Q2’s insights, led to an unprecedented uptick in two key on-chain metrics on Santiment. Namely, Volume and Development activity, both of which painted a bullish picture.
In the period under review, the token’s trading volume saw steady growth. With a figure of 1.13B at press time, MATIC registered significant growth in trading volume, as seen in the graph below.
Source: Santiment
Going forward, development activity on the analytical platform registered a decent surge (14.33). Furthermore, the network noted the rising frequency of meaningful activity on Github.
It is clear that there is a lot of development, as well as a lot of interest, surrounding Polygon. These factors are the main reasons why the cryptocurrency might see a high level of growth in the near future.