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Polygon (MATIC) Skyrockets 1,615% in Gaming Addresses as Positivity Grows

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Sun, 2/06/2024 - 11:29
Polygon (MATIC) Skyrockets 1,615% in Gaming Addresses as Positivity Grows
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Ethereum scaling solution, Polygon (MATIC), has experienced a remarkable surge in gaming addresses, soaring by an astonishing 1,615%. This significant increase highlights the burgeoning interest and optimism surrounding Polygon's role in the gaming sector.

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According to a recently released "State of Polygon Q1 2024" report by on-chain analytics firm Messari, Polygon gaming activity increased in Q1, 2024, with daily gaming addresses surging by 1,615% quarterly to 207,000, and daily gaming transactions rising by 469% in the same time frame to 734,000. The rise in activity was mostly caused by MATR1X's MATR1X FIRE game.

Several developments also boosted Polygon's gaming ecosystem: Immutable, in partnership with King River Capital and Polygon Labs, launched the $100 million Inevitable Games Fund, which focuses on the Web3 gaming ecosystem. In addition, Square Enix collaborated with Animoca Brands to expand its NFT game, Symbiogenesis, globally.

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Other key metrics also highlight Polygon POS's growth: Polygon's stablecoin market value climbed to $1.5 billion, representing a 19% increase quarter over quarter, with USDT leading the stablecoin market cap at $792 million.

Outside of gaming, DeFi daily active addresses increased by 67% quarter over quarter to 50,000. NFTs and Social also saw increasing activity, albeit in far lesser quantities than gaming and DeFi.

Polygon is currently undergoing some key evolutions, adding to the optimism surrounding the blockchain. Polygon Labs, a zero-knowledge (ZK) focused software company, is creating a network of aggregated blockchains called the AggLayer, which is secured by Ethereum. The AggLayer will serve as public infrastructure, bringing together user bases and liquidity for any connected chain while also leveraging Ethereum as a settlement layer.

As part of the Polygon 2.0 upgrade, MATIC will be replaced with POL. POL will allow holders to contribute to network security on multiple protocols in the Polygon ecosystem using a native restaking protocol, earning incentives for a variety of services. These services range from simple transaction validations to more complex activities such as creating ZK-validity proofs.

At the time of writing, MATIC, the native cryptocurrency asset of the Polygon blockchain, was trading at $0.696.

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