Polygon Ecosystem Sees Surge in Monthly Active Users
The Polygon blockchain ecosystem has reached a new milestone, with its monthly active users (MAU) surging to an all-time high (ATH) of 8.8 million. This remarkable growth is driven by significant announcements, including Franklin Templeton’s transfer of tokenized shares BENJI on the Polygon blockchain and Stripe’s integration of stablecoin-based crypto payments.
Rapid Growth in Polygon’s Sub-Sectors
Over the past three months, several sub-sectors within the Polygon ecosystem have displayed notable bullish trends:
- Gaming Protocols: Active addresses in this sector surged by an impressive 3,663%.
- Centralized Finance (CeFi): This sector recorded a 1,473% surge in active addresses.
- Stablecoin Protocols: Active addresses grew by 36.49%.
- Decentralized Finance (DeFi): A 21.52% increase in active addresses was observed.
- SocialFi Protocols: Active addresses in this sector rose by 37.97%.
Mixed Signals for MATIC’s Market Dynamics
While the Polygon ecosystem appears bullish, the market dynamics for Polygon’s native token, MATIC, paint a different picture. Over the past 30 days, MATIC’s price has declined by over 32%, dropping from $1.06 to $0.71. The 50-day exponential moving average (50EMA) hovers above the current price action, indicating a potential downtrend.
Furthermore, MATIC’s relative strength index (RSI) is nearing oversold territory, which could signal continued bearish momentum. However, on the weekly timeframe, there is a slight uptick of 4.5% in the token’s price.
As per the latest CoinMarketCap data, Polygon (MATIC) trades at $0.7128, with a market cap of $7.05 billion and a daily trading volume of $270 million.
