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Polygon PoS network hits $400 million in DEX volume

TL;DR

  • Polygon’s DEX volume hits $400M, a DeFi milestone.
  • MATIC token surges 7.16% in 24 hours, bullish trend.
  • OKX adopts Polygon CDK for ecosystem expansion.

Polygon (MATIC), a scalable Proof-of-Stake (PoS) network, has witnessed a remarkable surge in activity over the past week, indicating positive developments and growing interest within the ecosystem. Founder Sandeep Nailwal revealed that b, the network processed approximately 17 million transactions, highlighting the platform’s robustness and adoption.

In addition to the increased transaction volume, Polygon managed to generate $1.2 million in revenue for its stakers during this period, as reported by Sandeep Nailwal with reference to data from Token Terminal. This milestone underscores the potential for users to earn rewards by participating in the Polygon network.

OKX and the Polygon CDK

Further enhancing the ecosystem’s growth, cryptocurrency exchange OKX has harnessed the power of the Polygon Chain Development Kit (CDK) to build new solutions. The Polygon CDK, which stands for Polygon Chain Development Kit, provides web3 projects with an open-source framework for Layer-two (L2) chain development. This innovative toolkit is not limited to L2 projects alone; Layer-one (L1) projects seeking to transition into L2 can also leverage the CDK to facilitate their migration.

Surge in DEX volume and zkEVM TVL

The success story of Polygon doesn’t stop there. According to Today in Polygon, the network achieved a remarkable milestone by reaching $400 million in decentralized exchange (DEX) volume, reflecting its growing influence in the DeFi space. Furthermore, the Polygon zkEVM, which stands for Zero-Knowledge Ethereum Virtual Machine, saw its Total Value Locked (TVL) surge by an impressive 12% over the last seven days. This surge in TVL signifies substantial liquidity allocation to protocols operating within the Polygon ecosystem.

As the Polygon network continues to make significant strides, the price of its native token, MATIC, has also experienced positive momentum. At the time of writing, MATIC was trading at $0.84, representing a 7.16% increase in value within the last 24 hours. The MATIC/USD 4-hour chart indicates a robust support level at $0.80, which has encouraged bulls to increase buying pressure, subsequently pushing the price to $0.84.

However, it’s worth noting that there has been resistance at the $0.84 level, causing MATIC’s price to retreat slightly to $0.83. Despite this, the rejection may not be substantial enough to initiate a downtrend. One key indicator supporting this projection is the Relative Strength Index (RSI). As of the latest data, the RSI stands at 47.36, indicating a notable recovery from its reading of 33.31 on November 17. This shift in the RSI suggests a resurgence of buying pressure in the MATIC market.

The bulls’ objective may be to push the RSI above the 50.00 midpoint. While this milestone has not been achieved yet, it suggests that the prevailing uptrend may persist. Additionally, the Awesome Oscillator (AO) appears to confirm this bullish sentiment by transitioning from a bearish momentum to a bullish one.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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