Total Value Locked on Polygon (MATIC) Grew by 1,102% in May 2022
the whole price locked on Polygon (MATIC) grew through 1,102% in the month of MayAddress activity on Polygon additionally grew through 4x within the comparable time periodPolygon’s expansion has been fueled by DeFi apps migrating from Ethereum and new projects
Polygon (MATIC) has skilled outstanding ecosystem growth during the simply concluded month of Might. in line with a up to date document by way of DappRadar, the whole price locked on Polygon (MATIC) grew by 1,102% from the former month of April, final the month of Would Possibly at $5.7 billion.
Total Price Locked on Polygon (MATIC) is Now at $7.33 Billion
The 1,102% increment in overall value locked was the biggest within the history of Polygon (MATIC) on a month-to-month foundation. at the time of writing, the entire worth locked on Polygon (MATIC) these days stands at $7.33 Billion as noticed in the following chart courtesy of DeFiPulse. From the chart, it could possibly be seen the growth in general price locked on Polygon started in mid-April and has persevered into the current month of June.
Polygon Cope With Activity Grew by means of a factor of 4x in Would Possibly
Furthermore, the record by way of DappRadar went on to spotlight that the selection of unique addresses interacting with Polygon (MATIC) larger by way of a factor of 4x through the month of May.
There had been greater than 36,000 addresses interacting with Polygon within the month of Would Possibly compared to 8,500 distinctive addresses from the former month of April.
Polygon’s Expansion is Driven by means of DeFi and Mark Cuban’s Investment
With appreciate to what fueled Polygon’s enlargement in the ultimate month, the group at DappRadar supplied motives as to why this used to be happening.
To begin with, Billionaire investor and Shark Tank judge, Mark Cuban, revealed that he had invested in Polygon therefore inflicting a brand new wave of hobby that resulted within the increment in the overall value locked on the protocol.
Secondly, current dapps on Ethereum had been migrating to Polygon and new tasks were opting to construct directly on the extra efficient protocol in phrases of transaction costs and speeds.