Polygon, the Ethereum-based layer 2 scaling solution, saw a significant spike in its daily trading volume on the OpenSea NFT marketplace. According to data from Dunes, a community-based open-source data provider, Polygon network recorded a daily trading volume of more than $11.4 million on February 8, 2023. This is the highest daily volume that the network has ever recorded.
Driving Adoption on Polygon Network
The increase in daily trading volume is not a one-time event, but rather a series of activities that have driven Polygon’s growth. Many projects have launched on the network and NFT releases have taken place on Polygon, contributing to its rising popularity. Some community members attribute the recent spike in daily volume to the release of Polygon Apes, book.io minting of NFTs, and Xen’s NFT launch on Polygon.
The Polygon network is preparing for a zero-knowledge update on the Ethereum virtual machine (zkEVM). This update is attracting investors to the network as it will make Polygon more scalable and compatible with Ethereum.
Read More: Shemaroo Entertainment Launches Virtasy.io NFT Marketplace
MATIC Price Reflects Growing Status of Polygon Network
Polygon’s native token, MATIC, is reflecting the network’s growing status. MATIC has been in an uptrend since the start of the year, beginning at $0.75 and reaching a current price of $1.25. The token reached a local high of $1.34 before retracing.
Overall, the Polygon network is experiencing a period of growth, with significant trading activities becoming a trend on the network. The zero-knowledge update and the rising popularity of NFTs are attracting investors to the Polygon network, and its native token, MATIC, is reflecting this growth.
