Journalist
Posted:
- Polygon and zkEVM’s TVL recorded declines along with their network operations.
- MATIC is up more than 1.5% in the past 24 hours, but whale activity has been low.
Polygon [MATIC] is a renowned player in the DeFi space, and things have only gotten better with the launch of Polygon zkEVM. But despite having a robust ecosystem, the blockchain’s network activity and TVL have declined.
Read Polygon [MATIC] Price prediction 2023-24
Polygon DeFi in a nutshell
It is notable that Today In Polygon posted a tweet on September 15 highlighting the most important developments in the ecosystem. The launch of QuickSwap on Polygon was such a big event, making it a top DEX on the blockchain.
DeFi on Polygon is BIG!
How to get started in the rapidly evolving Polygon DeFi ecosystem🧵👇 pic.twitter.com/Etxtk48pSh
— Today in Polygon (@TodayInPolygon) September 15, 2023
Furthermore, a proposal was approved by Uniswap in December 2021 [UNI] management to focus on Polygon PoS chain. Since then, Uniswap has experienced impressive growth and has become the leading DEX on Polygon by trading volume.
While the potential of the blockchain has been huge in the DeFi space, the TVL has been on a downward trend, which is concerning. Not only that, but network activity also dropped, as evidenced by the decline in the number of daily active addresses and transactions.
Source: Artemis
The blockchain DeFi ecosystem got a big boost when it launched its zkEVM. However, the fate of the rollup was similar to that of the main PoS chain, as zkEVM’s networks had also been shrinking for quite some time.
Artemis’ facts revealed that, like Polygon, zkEVM’s TVL also declined in the recent past. A similar trend was also observed among zkEVM’s active addresses and transactions.
Source: Artemis
MATIC will transform soon
While this was happening, the blockchain’s native token, MATIC, became somewhat bullish. According to CoinMarketCap, MATIC is up more than 1.5% in the past 24 hours. At the time of writing, it was trading at $0.5278 with a market cap of over $4.9 billion.
So was the token’s exchange reserve decreasingmeaning that buying pressure increased. MATICThe company’s trading volume was also high, reflecting investors’ willingness to trade the token. However, whale activity around the token was low, which was concerning.
Source: Santiment
Is your portfolio green? look at the MATIC profit calculator
Things could get better for MATIC in the coming months as the token will undergo a transformation. If reported Previously, the blockchain’s developers officially released a set of three Polygon Improvement Proposals (PIPs) for the 2.0 upgrade on September 14.
The first proposal stated how the blockchain would adopt the POL token as the native gas and stake the Polygon ecosystem. The proposed changes could have a bigger impact on the blockchain, which will be interesting to see.