• The Polygon network has seen a surge in stablecoin flow, impacting DeFi positively.
• An upcoming hardfork could reduce gas fees for users, making Polygon more attractive as a platform.
• Despite the growth of Polygon in the DeFi space, its NFT marketplaces have seen a decline in terms of volume.
The Polygon network has been experiencing a surge in stablecoin flow in recent days, which has had a positive effect on the DeFi space. This has been reflected in the Total Value Locked (TVL) for the network, which has grown by 9% in the last 30 days and is currently ranked fourth on Defi Llama. The higher TVL suggests that more users are participating in the Polygon ecosystem, indicating the potential for further growth.
In order to make Polygon even more attractive to users, the network is planning to implement a hardfork which could reduce gas fees. This would make it more appealing to users, particularly those who are looking to transact on the network but are put off by high fees. The hardfork is scheduled to take place on 01/17 and will hopefully bring the network more users.
However, in spite of the growth of Polygon in the DeFi space, its NFT marketplaces have not been performing as well as other protocols. According to Dune Analytics, there has been a decline in terms of volume on the NFT marketplaces. This could be an indication that Polygon is not as popular as other protocols in terms of NFTs.
Conversely, interest in Polygon’s dApps has remained strong. This is evidenced by the fact that dApps such as Planet IX and Quickswap have seen a spike in the number of unique active wallets. For example, Planet IX has seen a 26.19% increase in active wallets, while Quickswap has seen an increase of 1.25%. This suggests that users are still actively using the dApps and taking advantage of the services that they offer.
Overall, the Polygon network has been experiencing strong growth in the DeFi space and is looking to further entice users with a hardfork that will reduce gas fees. Its NFT marketplaces have not been performing as well as other protocols, but interest in its dApps has remained consistent. The upcoming hardfork could be a major step forward for the network and could help to bring more users to the platform.
