The total value locked on Polygon (MATIC) grew by 1,102% in the month of May

According to DappRadar, the total value locked on Polygon (MATIC) grew by 1,102% from the previous month of April, closing the month of May at $5.7 billion. Thus, with that significant increase, Polygon had outstanding ecosystem development in May.

The total value locked on Polygon (MATIC) grew by 1,102% in the month of May

The 1,102% increase in total value locked is the largest monthly increase in MATIC history. At the time of writing, the total value locked on Polygon (MATIC) currently stands at $7.33 billion.


Source: DeFi Pulse

According to the chart from DeFiPulse, there is an increase in the total value locked on Polygon that started in mid-April and continues through to the current June.

Accordingly, MATIC address activity increased by a factor of 4x in May. The report from DappRadar further highlights that the number of unique addresses interacting with MATIC quadrupled in May. More than 36,000 addresses interacted with Polygon in May compared with 8,500 unique addresses from the previous April.

Regarding what drove Polygon’s growth last month, the team at DappRadar came up with two explanations for why this is happening.

First, billionaire investor and Shark Tank judge, Mark Cuban, revealed that he invested in Polygon, thus sparking a new wave of interest that resulted in an increase in the total value locked on the protocol.

Second, existing dapps on Ethereum have migrated to Polygon, and new projects are choosing to build directly on top of the more cost-effective protocol and transaction speed.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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