Polygon [MATIC] has been riding high in the crypto market recently. The meteoric and yet shocking rise of MATIC’s price has been well-documented in the news. Most recently, Polygon announced the release of zkEVM, its first EVM-compatible layer 2 scaling solution. This development is expected to be a big hit as it will enable cheaper gas fees on Polygon. Despite the Fed’s rate hike, MATIC is seeing another price upturn recently as it chases the $1 resistance.
And up we go…
In an update on Our Network, we can see the developments on the Polygon network during Q2 of 2022. Despite the bearish influences, Polygon had many positive takeaways during the period in review. Over 90k developers launched contracts on Polygon during this quarter. This is a 3x increase from the previous quarter as the network increased user incentives. The total contact creators are expected to pass the 200k mark soon as developers seek to reach 800k contracts as well.
NFT activity has also dramatically increased on Polygon during the period in review. It is expected to see 500k active wallets this month itself. Some collections are faring better than others in DraftKings Reignmaker, PlanetIX, TheOne.art, and EDNS. Over 11 collections have shown monthly volumes crossing $1 million.
Last week, the POS chain saw 843k unique users and more than 20 million transactions. Gaming continues to drive users on Polygon with four of the top six dApps by users. Currently, the popular games are Sunflower Land, QuickSwap, 1Inch, Arc8, Pegaxy, and PlanetIX.
Pushing the horizon
Polygon has also been active in collaborations in the market. Recently, it announced the launch of Hint of Mint NFT boutique on its platform.
In other news, Bueno will be integrating with Polygon for cheaper and faster minting. As the announcement reads, Polygon seems an ideal environment for minting NFTs.
— bueno (@buenonft) July 29, 2022
What now for MATIC?
Macro conditions continue to affect the crypto market and MATIC continues to feel the pressure of the market conditions. Despite the price rebound recently, market sentiment is treading low with inflation headwinds pulling the strings. MATIC is currently trading at $0.94 as per CoinMarketCap after a sell-off in the early hours of 30 July.