Polygon outperformed Ethereum in NFT transactions, solidifying its layer 2 position. Despite growth in the NFT market, the network faced declining dApp activity and token volume. Polygon [MATIC], a layer 2 scaling solution for Ethereum [ETH], has been outperforming the latter in terms of the number of NFT transactions made on each protocol. Moreover, the […]
‘s overall TVL, which increased by 2.26% over the last 30 days, according to L2Beats data. Notably, the TVL amounted to $2.50 billion.A potential threat to Polygon could be the decline in daily activity on its dApps. Popular dApps like Balancer and Planet IX have witnessed a decrease in unique active wallets, with a 35% decrease for Planet IX and a 12.6% decrease for Balancer in the last 24 hours. The number of transactions on Planet IX also fell by 36.95% in the last seven days.
A decline in dApp interest could reduce Polygon’s dominance in terms of daily active users. A large part of activity on the Polygon network directly resulted from the popularity of its dApps. If this pattern continues, Polygon would be affected negatively in the coming future.
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