Polygon’s ecosystem registers growth, but these metrics sound a bearish alarm

Polygon's [MATIC] ecosystem registers growth, but these metrics sound a bearish alarm

One of the major sectors where Polygon showed dominance was revenue generation. Based on Artemis’ data, it was observed that Polygon’s revenue grew materially over the past few months. In this matter, MATIC outcompeted other L2 solutions such as Optimism and Arbitrum.One of the reasons behind Polygon’s commendable performance was the increase in the number of users on the network.The growing interest in Polygon’s network could be attributed to its NFT and DEX activity.

Polygon’s dominance in the NFT and DEX space suggested that users had a lot of faith in its ecosystem.Well, thankfully, these factors impacted the price of MATIC positively. Over the last week, MATIC’s price surged from $1.23 to $1.53.However, there were few metrics that suggested that this bull run could come to an end soon.

This implied that the number of new addresses transferring MATIC had reduced significantly. It goes without saying that a decline in interest from new addresses would impact the price of MATIC negatively, in the near future.

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