Polygon saw significant growth in Q2 2024, despite broader market challenges. Daily active addresses jumped to 1.2 million, up 47.6% from the previous quarter.
According to Messari’s State of Polygon Q2 2024 report, the network’s stablecoin market cap rose to $1.8 billion, a 17.5% increase. This growth came alongside key technical launches like AggLayer and integration with SP1 for zkVM.
Despite a 44.3% drop in MATIC’s market capitalization to $5.5 billion, the network activity displayed resilience. The daily transaction volume reached an average of 4.1 million, marking a 3.9% increase from Q1. Notably, the gaming sector emerged as the frontrunner, witnessing an 85% surge in daily active addresses, reaching 382,000.
The debut of AggLayer in January represented a pivotal move in Polygon’s expansion plan. This platform is designed to consolidate trading liquidity across ZK chains, promoting seamless connectivity. By Q2, Polygon had disclosed its partnership with SP1, a zkVM utilizing Plonky3 to produce verifications for AggLayer.
Polygon Chain Development Kit gains traction
Polygon’s Chain Development Kit (CDK) is gaining momentum as prominent teams like Moonveil, OKX, Fox, and Ronin reveal their intentions to introduce CDK chains. This initiative further extends the roster that already includes Immutable, Astar Network, and Manta.
Amidst the downturn in the crypto market, Polygon’s ecosystem displayed remarkable resilience. The average daily NFT volume stood at $1.8 million, with a daily sales tally of 52,000 transactions. The DeFi Total Value Locked (TVL) closed the quarter at $1 billion, marking a 22.9% decrease in USD, yet showing a notable 38.1% surge when pegged against MATIC.
A mobile shooting game that merges traditional gaming with blockchain technology, MATR1X FIRE played a key role in driving the growth of the gaming industry. The game’s futuristic cyberpunk style and its innovative earn-through-gameplay approach captivated a large number of users.
Despite facing challenging market conditions, Polygon’s Q2 performance proves its resilience in sustaining growth and progress. The network’s emphasis on expanding solutions and a wide array of ecosystem offerings seems to be yielding positive results, paving the way for potential future growth in the upcoming quarters.
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