- Development activity on the Polygon network has surged.
- Despite the decline in the price of MATIC, the volume of Polygon NFTs has reached new highs.
Recently, Polygon (MATIC) has been able to drive a large amount of activity on the network as its NFT volume has increased. However, despite these efforts, the price of MATIC has plummeted more than 5% in the last 24 hours.
More and more developments are taking place
Analysis of data encompassing more than 485 million code commits across 818,000 open source repositories associated with Polygon has yielded valuable insights into developer trends and behavior.
Notably, Polygon’s Proof of Stake (PoS) chain emerged as the second most preferred choice among novice developers, behind Ethereum (ETH). This highlighted the appeal of the Polygon chain among developers.
Data also shows that 2023 marks a significant year for multichain development, with 30% of developers supporting more than one blockchain.
Among these, Polygon PoS stood out as one of the most interconnected with Ethereum.
Despite the overall decline in developer numbers, the protocol still had 22,000 monthly active developers, demonstrating its globally distributed presence in the development environment.
Surprise, surprise. Developers are developing the Polygon protocol.
2023 @ElectricCapital The developer report is here. If we take a closer look at some of the data:
To gain insight into developer trends, we fingerprinted more than 485 million code commits from 818,000 open source repositories. pic.twitter.com/YifgEgCmxw
— Polygon (Labs) (@0xPolygonLabs) January 22, 2024
NFT trading volume is increasing
The surge in development activity could help attract new users to the Polygon network. Additionally, interest in NFT trading volume has increased at Polygon.
In particular, over the past 30 days, Polygon’s NFT trading volume has shown a notable surge, with a surge of 71%.
The number of NFT buyers on the network also increased significantly, up 47%. These metrics highlighted the growing popularity and utilization of Polygon’s NFT ecosystem.
Increased trading volume and buyer participation also signals increased interest and participation within the Polygon NFT marketplace.
new:
Over the past 30 days, Polygon NFT trading volume has increased 71% and NFT buyers have increased 47%. pic.twitter.com/dxTdplcCr3
— Today In Polygon (@TodayInPolygon) January 21, 2024
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MATIC continues to bleed.
Despite these positive developments, the price of MATIC was trading at $0.716, down 5.05% over the last 24 hours. This massive decline could be a sign of a larger bearish trend triggered by Bitcoin (BTC)’s recent correction.
However, if MATIC’s bearish movement continues, it could be a sign of bigger problems with the altcoin.
Source: Santiment