Polygon Processes Over $214 Billion In DEX Volume As Adoption Explodes, Why Is POL Struggling?
11 Septiembre 2024 - 6:15PM
NEWSBTC
Polygon, the Ethereum sidechain, recently upgraded, kickstarting
their migration into a new era of scaling as highlighted by their
Polygon 2.0 mission. Even though POL prices are still struggling,
on-chain data points to a robust ecosystem that could support
prices in the medium to long term. Over $214 Billion In DEX Volume
Processed Via Polygon Aggregating data from DeFiLlama, an analytic
platform, and the Aggegration Layer, a core hub for Polygon, the
sidechain said it has deep liquidity and maintains a strong
alignment with Ethereum. This alignment instills confidence in the
platform’s interoperability, positioning Polygon as a preferred
choice for developers launching dapps in a low-fee, scalable
environment. Related Reading: Analyst Eyes 7% Dogecoin Jump—Will It
Smash The $0.15 Barrier? Since the start of the year, Polygon has
been growing rapidly. To put in the numbers, the platform has
processed over $214 billion in decentralized exchange volume. At
the same time, it has enabled the addition of $102 billion worth of
assets through centralized exchanges like Binance, Coinbase, and
others. These impressive figures show that the platform is popular
despite the availability of layer-2 alternatives, and it can also
easily handle large-scale transactions securely. Besides the huge
transaction count processed by Polygon, going by trends, it is
highly likely that the Aggregation Layer, better known as the
AggLayer, will boost liquidity and general utility. The
AggLayer will be central to Polygon’s mission to scale Ethereum
further while connecting all layer-2s technology built using its
technology. In this design, the goal will be to ensure that POL has
more utility while all layer-2s connecting access instant
liquidity. Polygon Tech Finding Adoption: Why Is POL Down? With the
upgrade from MATIC to POL on September 4, the new token means
holders play a heavier role. For example, besides POL being used to
reward validators who stake, it will be used to secure other
platforms linked via the AggLayer. These added functionalities will
help prop up bulls as the sidechain progresses in its goal of
scaling. Related Reading: Bullish Signals Emerge For Ethereum:
Price Rises Above Downward Trendline And Key MA Levels That Polygon
is eager to scale without comprising security could explain the
rising adoption levels. Recently, the Italian government issued a
€25 million digital bond on Polygon PoS. Meanwhile, Franklin
Templeton, Ondo, and Spiko all leverage Polygon technology as they
tokenize United States Treasuries, according to RWA.xyz data. Even
as impressive as Polygon has been growing, POL is still struggling.
After the highly anticipated migration, the token edged lower,
finding support at $0.35. Sows have the upper hand until there is a
comprehensive close above the descending channel and $0.60. Feature
image from Shutterstock, chart from TradingView
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