The number of unique addresses on Polygon (MATIC) reached unprecedented heights. The expansion of Polygon’s ecology might be one explanation for the same. And then, from data gathered by Nansen, Polygon continues to lead in 7D bridge volume, accounting for ~31% of the $391 million total volume.
The growth could be attributed to Polygon’s improving ecosystem
The co-founder of Polygon, Sandeep Nailwal, presented data indicating the network’s 200 million unique addresses. These new addresses may have accumulated significantly due to the NFT market and dApps on Polygon. According to Nansen, the number of users who either traded or minted NFTs on the Polygon network each week had significantly increased and was sitting at 332,000.
Source: Nansen
Today, Nansen announced that “there’s been $102,428,515 bridged using Polygon: PoS ERC20 Bridge contract 0x40…bbdf, via 1,270 depositors, 7 of whom are Smart Money”.
$11,670,683 was bridged using the PoS ETH Bridge contract 0xa0c…77c77, up 108.4% since last week through 6 depositors. While another $8,333,256 came from the Plasma Bridge contract 0x401…188b through 1,136 depositors and 1 Smart Money.
“The remaining ~$503k came from two lesser utilized contracts, the Umbria: Narni Polygon and Zeroswap: Polygon bridge contracts”, Nansen reported.
To date, the top two Polygon PoS ERC20 and PoS ETH bridge contracts have seen $30.5 billion and $10.3 billion volumes, respectively.
Despite the expansion of Polygon’s ecosystem, MATIC price kept falling. According to Santiment, MATIC’s price dropped significantly over the previous week. Additionally, there was a significant increase in price volatility. Prices started to decline before price volatility increased. The rising price volatility suggested that MATIC’s future movement would be subject to wildly fluctuating prices.
MATIC/USD 4-hour chart | Source: TradingView
At the time of writing, MATIC is changing hands at $0,798.
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