Polygon (MATIC) Q3 2024 Report: POL Token Launch, Stablecoin Growth, and Technical Advancements
- Susan SarandonOriginal
- 2024-10-26 04:36:10718browse
In a quarter marked by major transitions and technical advancements, Polygon's ecosystem underwent substantial changes during Q3 2024.
Polygon's ecosystem underwent major changes in Q3 2024, driven by key transitions and technical advancements. Here's a summary:
- Polygon completed its token transition from MATIC to POL, with 23% of the supply still in MATIC form. The network's market capitalization experienced a 47% decline to $2.9 billion.
- Despite lower transaction activity, daily active addresses remained up 863,000, showing a 28% decrease quarter-over-quarter. The stablecoin sector saw growth, with total market capitalization reaching $1.9 billion.
- Polymarket, a Polygon-based predictions platform, emerged as the leading US elections political betting market, processing over $3 billion in election-related bets and adding 140,000 new accounts in October.
- Gaming activity on Polygon declined due to reduced activity on the MATR1X platform. DeFi activity remained strong, with Total Value Locked holding steady at $1.0 billion.
- NFT activity saw average daily volume reaching $1.3 million, with Polygon ranking as the fourth-largest chain by NFT activity. Institutional adoption expanded, with Ernst & Young and Franklin Templeton integrating with Polygon.
- The Community Grants Program progressed, aiming to distribute 1 billion POL tokens over ten years. Developer activity remained robust, with Polygon ranking as the third-largest developer ecosystem in crypto as of July 2024.
- The Ahmedabad upgrade brought technical improvements, followed by the earlier Napoli upgrade, which had introduced new opcodes and improved parallel execution.
- Governance saw structural changes with the implementation of Polygon Governance 2.0, introducing three main pillars: Protocol Governance, System Smart Contracts Governance, and Community Treasury Governance.
- At Polygon Labs, Michael Blank stepped down as chief operating officer, while co-founder Sandeep Nailwal expanded his role to serve as Chief Business Officer.
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