Polygon dApps Hit a Record High of 7000 As MATIC Struggles at $1.6

·2 min read

Polygon has created a name for itself in the crypto space for being one of the quickest growing chains. Not only is it one of the top 15 cryptocurrencies in the world, but it is also one of the top 10 DeFi chains in the world.

With over $4.4 billion locked in DeFi protocols on the chain, the network has also established itself in the NFT space quite significantly.

Polygon’s Latest Achievement

Continuing the abovementioned spree of accomplishments Polygon set a new milestone as the number of dApps on the network crossed 7000. Most of the credit for this goes to Ethereum. Beyond the fact that Polygon runs on Ethereum, Ethereum’s excessively high fees motivated many developers to look for other chains.

As the DeFi and NFT boom began, Polygon seemed like an ideal choice given its faster processing speed and lower fees. Thus by October, the network managed to host about 3000 decentralized applications which only continued rising further.

This was possible thanks to the growing number of developers’ teams on the network.

According to Polygon, the data from Alchemy indicated that teams on the Polygon network pretty much doubled every month and stood at about 6000 by the end of December. Although the chart shows that as of January the figure is closer below 4000.

<em>Total development teams on Polygon | Source: Alchemy – Polygon</em>
Total development teams on Polygon | Source: Alchemy – Polygon

Regardless, Polygon’s adoption has seen no bounds as in the last few months, it has created headlines in the crypto space.

Not too long ago Polygon became one of the only 2 chains on Opensea to sell its NFTs on the biggest NFT marketplace where it managed to sell over 7.24 billion NFTs in just 6 months. And recently, Uniswap V3 too deployed on Polygon which grew its community remarkably.

Plus as per Alchemy, of the total existing projects on Polygon about 55% of them are exclusive just to Polygon. The remaining 45% have also been deployed on Ethereum.

The Effect on MATIC

Usually when a chain’s adoption is as exceptional as Polygon’s its token too is expected to perform accordingly. But despite the network’s performance, MATIC has not been faring well.

As the price continues to follow broader market cues, the altcoin is stuck in the $1.6 range despite rising by 7.07% in the last couple of days.

As per the Parabolic SAR, the coin might still be experiencing some downtrend, however, that will change given MACD’s indication of receding bearishness.

Although a bullish signal isn’t visible, it might not be too long before that happens.

This article was originally posted on FX Empire

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