Polygon’s Decentralized Exchange (DEX) Trading Soars, MATIC Nearing $1 Threshold
The Polygon network has seen a significant surge in Decentralized Exchange (DEX) trading volumes, with a record-breaking $1.6 billion in trading volume, according to data from Sea Launch on Dune Analytics. This milestone has placed Polygon as the fourth-largest DEX platform in terms of trading volume, marking a year-high record. In March 2023, the trading volume was around $1.5 billion.
Moreover, Polygon has also seen an impressive rise in DEX users, ranking third with over 204,000 active users at the time of analysis.
Polygon Proof-of-Stake Addresses Hit Historic 1 Million Milestone
In recent weeks, Polygon’s Proof-of-Stake (PoS) addresses have shown consistent growth, surpassing the 1 million mark by the end of February. The number of active PoS addresses skyrocketed to over 1.22 million by the end of February, with the current count standing at around 1.21 million. This surge in PoS addresses indicates increased network activity.
Total Value Locked (TVL) Surpasses $1 Billion
Polygon’s Total Value Locked (TVL) has shown positive growth, reaching approximately $1.4 billion according to CryptoCrypto’s analysis via DefiLlama. This gradual increase in TVL, starting from the previous month, signifies the uptrend in activity within the Polygon network, especially in line with the recent surge in MATIC, the network’s native token.
MATIC Exhibits Strong Performance Despite Minor Decline
MATIC’s price trajectory analysis by CryptoCrypto revealed a robust 6% surge in the past week, with MATIC hitting a trading position of around $1.09, marking a recent peak. However, at the time of reporting, MATIC experienced a slight decline, trading at approximately $1.06, reflecting a marginal 2% decrease.