Does good news for Polygon really translate to good news for MATIC

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Accord­ing to a recent tweet by Token Ter­mi­nal, on the 16th of Sep­tem­ber. Poly­gon was ranked sec­ond in terms of blockchains and DApps with the most dai­ly active users. Along­side mul­ti­ple col­lab­o­ra­tions with com­pa­nies like Coin­base cloud and the intro­duc­tion of the vix pro­to­col, does the future look bright for Poly­gon?

A Runner-up forever?

Com­ing in sec­ond after Ethereum, Poly­gon has sur­passed a lot of its com­peti­tors to have the high­est num­ber of dai­ly active users. In fact, such has been its progress that many cryp­to-enthu­si­asts are pos­i­tive­ly sur­prised by this update.

One of the rea­sons why Poly­gon can retain and increase its num­ber of dai­ly active users is the con­sis­tent scale of its upgrades and improve­ments. Each of these is being made by the team that is build­ing on Polygon.

As revealed by San­ti­ment, there has been a mas­sive spike in devel­op­ment activ­i­ty over the past few days. This is evi­dence that a lot of focus has been going into updat­ing and upgrad­ing Polygon. 

Source: San­ti­ment

How­ev­er, it’s not just Polygon’s devel­op­ment team that has been help­ing Polygon’s cause. Exter­nal enti­ties like 0Vix, a cryp­to-lend­ing pro­to­col, have also been incre­men­tal for Polygon’s growth.

On the 16th of Sep­tem­ber, they announced a pre-min­ing pro­gram, one that will help reward sup­pli­ers and bor­row­ers with rewards.The high­er the vol­ume of trans­ac­tions of the user, the high­er the reward will be.

Poly­gon has also been see­ing some trac­tion in the social media land­scape as well. Over the past week, Polygon’s social media engage­ments have gone up by 36.19% and their social men­tions have appre­ci­at­ed by 94.1%. This could be seen as a pos­i­tive indi­ca­tor for peo­ple who are look­ing to invest in Polygon.

More than what meets the eye

How­ev­er, there have been some areas of con­cern for investors as well. MATIC’s vol­ume has fall­en dras­ti­cal­ly over the last few weeks. The vol­ume has depre­ci­at­ed by 85.39% in the last sev­en days, which could be per­ceived as a bear­ish sign.

Alas, that’s not all. MATIC’s mar­ket­cap has depre­ci­at­ed by 7.94% over the last 7 days too. 

Source: Mes­sari

MATIC was trad­ing at $0.823, at press time, hav­ing hiked by just 1% over the lat­est 24-hour window. 

In the last 7 days alone, MATIC’s price has fall­en by 7.94%. Ergo, it remains to be seen whether these updates will have a pos­i­tive impact on the crypto’s price going forward. 

Read­ers are advised to do their research and inves­ti­gate pre­vi­ous devel­op­ments from Poly­gon to get a clear­er idea of what the future looks like for the altcoin. 



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