Created Donald Polygon [MATIC] wins over other cryptocurrencies?
- Polygon outperformed other major protocols in terms of daily active users.
- It also witnessed an increase in NFT activity, which can be attributed to the launch of an NFT collection by Donald Trump.
New data of Token Terminal revealed that number of daily active users on Polygon’s [MATIC] the network grew rapidly over the past few days, outperforming popular protocols such as Arbitrum, Optimism [OP]and Solana [SOL].
Daily active users for @arbitrum, @optimismFND, @solanaand @0xPolygon 👥⤵️ pic.twitter.com/LCl62PpoEo
— Token Terminal (@tokenterminal) 15 December 2022
Read Polygon [MATIC] Price prediction 2023-24
Polygon users become active
The data suggested that the number of users on Polygon grew steadily after September. However, the number of users on Solana decreased in the same period. Although Arbitrum and Optimism saw growth, it was not enough to compete with Polygon.
One reason for Polygon’s increasing network activity may be the increasing number of technical developments.
In a recent chirping made of Bobbin Threadbare, a developer working on the Polygon technology, it was mentioned that new hash functions were being worked on. These hash functions will improve the state of zero-knowledge proof on Polygon and improve the time it takes for each transaction to complete.
At Polygon, we are constantly working to push state-of-the-art forward. A recent example of this is a new and improved Rescue Prime Optimized (RPO) hash function that we developed in collaboration with @aszepieniec, @Tomerashurand Willi Meier.
A 🧵
— Bobbin Threadbare (@bobbinth) 15 December 2022
Despite these developments, Polygon’s price action saw little movement in either direction.
The price of Polygon fell by 39% from November 7-21. After this, the price tested the $0.95 resistance and continued to fluctuate within the $0.87 and $0.95 range.
The high CMF of 0.10 indicated a positive outlook for MATIC. However, the falling earnings suggested that the momentum was still with the buyers at the time of writing.
Source: TradingView
One factor that could revive interest in Polygon and help MATIC’s prices could be Polygon’s activities in the NFT sector.
The trump card
In a recent update, Sandeep Nailwal, co-founder of Polygon, announced that the former President of the United States, Donald Trump, launched his NFT collection on the Polygon network. This development may bring more attention to the Layer-2 solution.
Acts like the former President of the United States @realDonaldTrump have issued NFTs
I hear they are on @0xPolygon,Can someone confirm?
If so, another big step for Polygon’s mainstream adoption. Love that most NFTs choose Polygon as their base.pic.twitter.com/d0cHqdjlyM
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) 15 December 2022
At press time, 45,000 Trump NFTs were minted, according to data from Dune Analytics. The hype surrounding the new Trump NFT collection, along with the success of the previously launched Reddit Collectibles, could help improve the state of Polygon’s NFT activity.
Due to several developments on the NFT side, Polygon’s weekly NFT marketplace transactions increased significantly over the past two weeks.
Source: Dune Analytics
However, it remains to be seen whether this positive development will affect Polygon’s growth in the long term.
