- Development activity on the Polygon network increased dramatically.
- Polygon NFT volumes hit new highs even as MATIC’s price fell.
Recently Polygoon [MATIC] was able to generate large amounts of activity on its network as its NFT volumes increased. But despite these efforts, MATIC’s price has fallen by more than 5% in the past 24 hours.
A growing number of developments
Analysis of data, covering more than 485 million code commits across 818,000 open-source repositories related to Polygon, provided valuable insights into developer trends and behavior.
Notably, Polygon’s Proof-of-Stake (PoS) chain emerged as the second most favorite choice among novice developers, behind only Ethereum. [ETH]. This underlined the appeal of Polygon’s chain among developers.
The data also showed that 2023 was a big year for multi-chain development, with 30% of developers supporting more than one blockchain.
Of these, Polygon PoS stood out as one of the most connected to Ethereum.
Despite an overall reduction in developer numbers, there were 22,000 active developers on the protocol every month, indicating a more globally distributed presence in the development landscape.
Surprise, surprise. Developers develop on Polygon protocols.
The 2023 @Electric Capital The developer report is here. A closer look at some data:
Fingerprints have been taken from over 485 million code commits across 818,000 open source repositories to understand developer trends… pic.twitter.com/YifgEgCmxw
— Polygon (Labs) (@0xPolygonLabs) January 22, 2024
NFT volumes are on the rise
The surge in development activity could help attract new users to the Polygon network. Moreover, there was also a growing interest in NFT volumes on Polygon.
The past 30 days in particular have seen a notable increase in Polygon’s NFT volume, with a significant increase of 71%.
The number of NFT buyers on the network also saw a notable increase, with a notable increase of 47%. These statistics highlighted the growing popularity and usage of Polygon’s NFT ecosystem.
The increased volume and participation from buyers also suggested increased interest and engagement within the Polygon NFT marketplace.
NEW:
Over the past 30 days, Polygon NFT volume is up 71% and the number of NFT buyers is up 47%. pic.twitter.com/dxTdplcCr3
— Today in Polygon (@TodayInPolygon) January 21, 2024
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MATIC continues to bleed
Despite these positive developments, MATIC’s share price has fallen by 5.05% over the past 24 hours, to $0.716. This massive drop could be a symptom of a larger bearish trend caused by Bitcoin [BTC] recent correction.
However, if MATIC’s bearish move continues, it could be a symptom of a larger problem for the altcoin.
Source: Santiment