Recently, cryptocurrency polygon (MATIC) has attracted significant attention in the market, attracting the attention of both investors and institutions. However, the recent significant distribution of 217 million MATIC tokens led to a 2% decline in market cap despite the overall bullish trend in the crypto market.
217 Million MATIC Token Distribution
On November 16, 2023, the Polygon Ecosystem Growth initiative successfully completed a major token distribution to stimulate growth. In the last 12 hours, 217 million MATIC tokens worth approximately $198 million were distributed among 70 wallets.
Specifically, 82.3 million MATIC, equivalent to $74.9 million, entered central exchanges through 32 wallets. This deliberate distribution strategy crypto- It aims to attract the attention of various stakeholders in the ecosystem and to have a significant portion of them contribute to the liquidity pool of central exchanges.
As of now, MATIC is trading around $0.93 with a 2.05% price change in the last 24 hours. The chart clearly shows the increasing interest of investors and institutions. Over the last 28 days, MATIC has delivered an impressive return of over 80%. These numbers raise a common question among investors. Can MATIC outperform Solana Network? The crypto community is eagerly awaiting further developments in this dynamic environment.
Poligon POS Outperforms Arbitrum One in transactions
Co-Founder Sandeep Nailwal’s recent statements on November 16, 2023 shed light on the significant shift taking place in the decentralized finance (DeFi) space, especially in the Polygon Proof-of-Stake (POS) network.
Nailwal shared some data that points to a significant shift in the dynamics of the decentralized finance (DeFi) space, specifically the Polygon Proof-of-Stake (POS) network. Sandeep said: told,
“Something extraordinary is happening at Polygon POS. Today marks the first day in a long time that Polygon POS Dex volumes on DEXScreener closely compete with Arbitrum One. “I believe the numerous performance optimizations made to 0xPolygon POS through recent hard forks have resulted in a better user experience for many people.”
DEX transactions on Polygon POS consistently exceed those on Arbitrum One by a factor of 1.5 to 2. This shows that Polygon POS is an important choice among retail users as the chain of choice to access DeFi. This trend has continued despite the lack of stimulus over the past two years or more.
Something crazy is going on Polygon POS.
Today is the first day after a long time when I see Polygon POS Dex volumes on DEXScreener very close to Arbitrum One’s (Clearly the Top Defi L2 chain, big shoutout and love) Dex volumes. I guess a lot of performance optimizations on… pic.twitter.com/9puvJE3lBH
—Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 15, 2023
This indicates that Polygon POS has become the platform of choice for retail users interested in decentralized finance. This significant increase in transaction volume and user activity underscores the platform’s popularity and adoption within the DeFi community.