- Polygon network recorded a daily trading volume of more than $11.4 million on the OpenSea NFT marketplace.
- Polygon’s anticipated zkEVM update is attracting investors to the network.
- Polygon’s native token, MATIC, is reflecting the network’s growing status with recognizable uptrend.
Polygon, the layer 2 scaling solution that runs on Ethereum, experienced a spike in its daily trading volume on the OpenSea NFT marketplace. The daily volume spike came after a brilliant display by the protocol for two consecutive months when it outperformed Ethereum in the number of NFT trades on the marketplace.
According to February 8, 2023, data from Dunes, the community-based open-source data provider, Polygon network recorded a daily trading volume of more than $11.4 million on the OpenSea NFT marketplace. That is by far the highest daily volume that the network has recorded in a while.
Significant trading activities are becoming a trend on the Polygon network, especially since the beginning of 2023. Rather than a single event, a series of activities have motivated Polygon’s latest explosion. Most of them involve projects that launch on the network and NFT releases happening on Polygon.
Under a tweet that recognized the recent spike in daily volume, some respondents pointed to the release of Polygon Apes as a catalyst for the growing adoption. Some attributed it to book.io minting of NFTs on the network, while others claimed that Xen’s NFT launch on Polygon is the reason for the spike.
Polygon is preparing for a zero-knowledge update on the Ethereum virtual machine (zkEVM). There is an influx of investors into the network, as the update would make Polygon more scalable and compatible with Ethereum.
The price development of Polygon’s native token, MATIC, reflects the growing status of the network. MATIC has been in a recognizable uptrend since the beginning of the year. Having started the new year at $0.75, MATIC’s price at the time of writing was $1.24. It reached a local high of $1.33 before retracing to the current price.
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