Very Successful Few Months For Polygon Network’s dApp Activity

A tweet by Toke Terminal that was posted on December 3 revealed that dApp activity on the Polygon network has been showing some promising growth over the last few months. Polygon also grew its market share in terms of daily users and has essentially been outperforming its competitors. Many believe that these developments could give the Polygon (MATIC) price a nice leg-up.

Earlier today, a Token Terminal chart indicated that there were about 412,000 daily active users on Polygon’s dApps. This places Polygon second overall in this metric.

Top blockchains and dapps based on daily active users (Source: Token Terminal)

This spike in activity could be caused by the many popular dApps on the Polygon network like PlanetIX and QuickSwap. Both of these wallets did, indeed, see a spike in active addresses over the last week. PlanetIX saw a 3.46% increase in unique active wallets while QuickSwap saw a 22.55% spike over the last seven days, according to data from DappRadar.

In addition to this, Polygon’s NFT space also did well over the last week. The Sandbox was one NFT collection that stood out as it saw a 300% spike in terms of volume and sales.

Unfortunately, the same can not be said for Polygon’s DeFi space as the network’s total value locked (TVL) witnessed a decline. Over the last month, Polygon’s TVL declined from 1.24 billion to about 1.07 billion.

MATIC Network / TetherUS 1D (Source: CoinMarketCap)

According to CoinMarketCap, MATIC is currently trading at $0.936 after a 2.76% increase in price over the last 24 hours. The altcoin is also still in the green by more than 14% over the last week.

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