Assessing Polygon’s Return as Q3 Brings New Hope to MATIC Holders

Polygon [MATIC] recently exploded in the crypto market. The meteoric yet shocking rise in the price of MATIC has been well documented in the news. Most recently, Polygon announced the release of zkEVM, its first EVM-enabled Layer 2 scaling solution. This development is expected to be a big hit as it will enable cheaper gas charges on Polygon. Despite the Fed’s rate hike, MATIC is seeing another price rally recently as it chases the $1 resistance.

And we go up…

In an update on Our Network, we can see the developments on the Polygon network during the second quarter of 2022. Despite the bearish influences, Polygon had many positives during the reporting period. More than 90,000 developers launched deals on Polygon this quarter. This is a 3x increase from the prior quarter as the network increased user incentives. The total number of contact creators is expected to cross the 200,000 mark soon, with developers also looking to hit 800,000 contracts.

Source “Polygon Analysis

NFT activity also increased significantly on Polygon during the reporting period. We expect to see 500,000 active wallets this month. Some collections fare better than others in DraftKings Reignmaker, PlanetIX, TheOne.art, and EDNS. More than 11 collections showed monthly volumes exceeding one million dollars.

Source “Polygon Analysis

Last week, the outlet chain saw 843,000 unique users and over 20 million transactions. The game continues to attract users on Polygon with four of the top six dApps by users. Currently popular games are Sunflower Land, QuickSwap, 1Inch, Arc8, Pegaxy and PlanetIX.

Source “Polygon Analysis

push back the horizon

Polygon has also been active in market collaborations. Recently he announcement the launch of the Hint of Mint NFT store on its platform.

In other news, Bueno will integrate with Polygon for cheaper and faster typing. As the ad says, Polygon seems like an ideal environment for minting NFTs.

And now for MATIC?

Macro conditions continue to affect the crypto market and MATIC continues to feel pressure from market conditions. Despite the rebound in prices recently, market sentiment is at rock bottom, with inflation headwinds pulling the strings. MATIC is currently trading at $0.94 according to CoinMarketCap after an early-hours selloff on July 30.

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