{"id":518553,"date":"2023-02-03T14:16:18","date_gmt":"2023-02-03T14:16:18","guid":{"rendered":"https:\/\/wncen.com\/?p=518553"},"modified":"2023-02-03T14:16:18","modified_gmt":"2023-02-03T14:16:18","slug":"polygon-beefs-up-layer-2-position-gets-the-edge-in-nft-transactions-vs-ethereum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-beefs-up-layer-2-position-gets-the-edge-in-nft-transactions-vs-ethereum\/","title":{"rendered":"Polygon Beefs Up Layer 2 Position, Gets The Edge In NFT Transactions Vs. Ethereum"},"content":{"rendered":"

Polygon is a Layer 2 scaling solution built on top of Ethereum. This addresses the scalability problem of the Ethereum network. The project, however, is currently <\/span>outperforming<\/span><\/a> the network in NFT transactions. <\/span><\/p>\n

According to WuBlockchain, a crypto news reporter, various metrics of Polygon\u2019s NFT market have gone up with BendDAO, Polygon\u2019s NFT lending platform, reaching a lending volume of $36 million.<\/span><\/p>\n

Related Reading: AVAX Jumps 22% As Avalanche Records Another Win For Institutional Adoption<\/a><\/div>\n

This has been the second consecutive month that the L2 performed better than Ethereum in terms of NFT activity. However, Polygon is facing major headwinds in other aspects.\u00a0<\/span><\/p>\n

\n

The number of Polygon NFT transactions in January exceeded Ethereum NFT for the second consecutive month, but the average transaction fee was much lower. Various data of the NFT lending ecosystem have hit record highs, with BendDAO\u2019s borrowing volume exceeding $36 million.<\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) February 1, 2023<\/a><\/p><\/blockquote>\n

Major Win For Polygon<\/strong><\/h2>\n

WuBlockchain\u2019s news report references NFTGators\u2019 recent <\/span>analysis<\/span><\/a> of NFT activity in both Ethereum and Polygon. They found out Polygon has outperformed Ethereum by a small margin.\u00a0<\/span><\/p>\n

According to the report, Ethereum saw 1.1 million NFTs sold this January which is outnumbered by Polygon\u2019s 1.5 million NFTs sold in the same time frame.<\/span><\/p>\n

\"\"Image: NFTGators<\/pre>\n
Number of traders, however, favor Ethereum with 319,641 traders against Polygon\u2019s 224,719 traders. But Polygon NFT traders enjoy lower fees on average, paying only $69 on average fees on chain.\u00a0<\/span><\/p>\n
NFTfi on Polygon is also booming according to the report. Over 17.9k ETH worth of NFTs was lent during this time period in the platform. BendDAO, an NFT lending platform on Polygon, became the most ubiquitous, sporting $36 million worth of NFTs lent.\u00a0<\/span><\/p>\n
\"\"<\/p>\n
Monthly NFT loan volume (ETH). Source: Dune\/rchen8<\/pre>\n
No Sunshine And Rainbows<\/strong><\/h2>\n
The NFT space for Polygon grew beautifully with the <\/span>migration<\/span><\/a> of y00ts and DeGods last month. But bad news is in store for the ecosystem in the dApp side of things. According to <\/span>dAppRadar<\/span><\/a>, Polygon is experiencing lower activity on its dApps in the daily time frame.\u00a0<\/span><\/p>\n
Planet IX, an NFT game on the platform, saw a 45% <\/span>decline<\/span><\/a> in unique active wallets on the dApp. Another popular dApp on Polygon, Galxe, experienced a 15% <\/span>decrease<\/span><\/a> in the same time frame. This is especially disturbing since this might signal a loss of interest in Polygon\u2019s dAppp space.\u00a0<\/span><\/p>\n
<\/p>\n
MATIC total market cap at $10.3 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: AAVE Seeks Proposal To Clear Itself Of Bad Debt \u2013 Can It Overcome These Obstacles?<\/a><\/div>\n
Development activity<\/span><\/a> on-chain is somewhat weaker. However, it has experienced a continuous upward movement since the start of the year, which might give users confidence in the long term growth prospect of the ecosystem.\u00a0<\/span><\/p>\n
MATIC Showing No Confidence In Recent Developments<\/strong><\/h3>\n
The governance token of Polygon, MATIC, recently paused its climb with the bulls exhausted after smashing through $1.16. The recent developments are sending mixed signals to investors, making the token consolidate above $1.16 support.\u00a0<\/span><\/p>\n
If the dApp situation improves, we might be able to see the token break $1.2753 resistance in the near future. However, this will only happen if the ecosystem shows investors and traders that the girth of Polygon won\u2019t be hindered in the long term.\u00a0<\/span><\/p>\n
Featured image from Unify Health Labs<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Polygon is a Layer 2 scaling solution built on top of Ethereum. This addresses the scalability problem of the Ethereum network. The project, however, is currently outperforming the network in NFT transactions. According to WuBlockchain, a crypto news reporter, various metrics of Polygon\u2019s NFT market have gone up with BendDAO, Polygon\u2019s NFT lending platform, reaching a lending volume of $36 million. Related Reading: AVAX Jumps 22% As Avalanche Records Another Win For Institutional Adoption This has been the second consecutive month that the L2 performed better than Ethereum in terms of NFT activity. However, Polygon is facing major headwinds in other aspects.\u00a0 The number of Polygon NFT transactions in January exceeded Ethereum NFT for the second consecutive month, but the average transaction fee was much lower. Various data of the NFT lending ecosystem have hit record highs, with BendDAO\u2019s borrowing volume exceeding $36 million. \u2014 Wu Blockchain (@WuBlockchain) February 1, 2023 Major Win For Polygon WuBlockchain\u2019s news report references NFTGators\u2019 recent analysis of NFT activity in both Ethereum and Polygon. They found out Polygon has outperformed Ethereum by a small margin.\u00a0 According to the report, Ethereum saw 1.1 million NFTs sold this January which is outnumbered by Polygon\u2019s 1.5 million NFTs sold in the same time frame. Image: NFTGators Number of traders, however, favor Ethereum with 319,641 traders against Polygon\u2019s 224,719 traders. But Polygon NFT traders enjoy lower fees on average, paying only $69 on average fees on chain.\u00a0 NFTfi on Polygon is also booming according to the report. Over 17.9k ETH worth of NFTs was lent during this time period in the platform. BendDAO, an NFT lending platform on Polygon, became the most ubiquitous, sporting $36 million worth of NFTs lent.\u00a0 Monthly NFT loan volume (ETH). Source: Dune\/rchen8 No Sunshine And Rainbows The NFT space for Polygon grew beautifully with the migration of y00ts and DeGods last month. But bad news is in store for the ecosystem in the dApp side of things. According to dAppRadar, Polygon is experiencing lower activity on its dApps in the daily time frame.\u00a0 Planet IX, an NFT game on the platform, saw a 45% decline in unique active wallets on the dApp. Another popular dApp on Polygon, Galxe, experienced a 15% decrease in the same time frame. This is especially disturbing since this might signal a loss of interest in Polygon\u2019s dAppp space.\u00a0 MATIC total market cap at $10.3 billion on the daily chart | Chart: TradingView.com Related Reading: AAVE Seeks Proposal To Clear Itself Of Bad Debt \u2013 Can It Overcome These Obstacles? Development activity on-chain is somewhat weaker. However, it has experienced a continuous upward movement since the start of the year, which might give users confidence in the long term growth prospect of the ecosystem.\u00a0 MATIC Showing No Confidence In Recent Developments The governance token of Polygon, MATIC, recently paused its climb with the bulls exhausted after smashing through $1.16. The recent developments are sending mixed signals to investors, making the token consolidate above $1.16 support.\u00a0 If the dApp situation improves, we might be able to see the token break $1.2753 resistance in the near future. However, this will only happen if the ecosystem shows investors and traders that the girth of Polygon won\u2019t be hindered in the long term.\u00a0 Featured image from Unify Health Labs<\/p>\n","protected":false},"author":557,"featured_media":518567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1946,79567,40670,82423,83584,3505],"class_list":["post-518553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethereum","tag-layer-2","tag-matic","tag-nfts","tag-polygon","tag-price-analysis"],"acf":[],"yoast_head":"\nPolygon Gets The Edge In NFT Transactions Vs. Ethereum<\/title>\n<meta name=\"description\" content=\"Polygon\u2019s NFT lending platform, reaching a lending volume of $36 million. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Beefs Up Layer 2 Position, Gets The Edge In NFT Transactions Vs. 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