Polygon (MATIC) Made History! The Left Side Has Been Passed, Is It Ethereum's Next?
When looking at the transaction volumes in the last 24 hours, the Polygon NFT volume has surpassed Solana's (SOL) volume, attracting all attention to itself. According to data provided by CryptoSlam, the popular Ethereum-based Layer-2 scaling protocol has currently risen to the third place, following Bitcoin (BTC) and Ethereum (ETH), pushing Solana down to the fourth place.
Change in polygon NFT Figures
According to the data provided by CryptoSlam, it is observed that Polygon's sales volume in the last 24 hours has reached a value of 10.5 million dollars, indicating a figure more than twice the slightly over 4.1 million dollars of Solana NFT transaction volume.
The Polygon NFT sales volume has shown an increase of 11.94% in the last 24 hours, while the 15% decrease in the sales volume associated with Solana transactions has been interpreted as one of the reasons for this shift in position.
In addition, Polygon also has a higher Wash trading figure compared to Solana, and this metric is observed at 858,631 dollars, surpassing the 175,493 dollars for Solana.
The total number of NFT traders paving the way for Polygon's remarkable success has reached 12,440. Despite the total trader count on Solana being 12,740, the significant difference did not go unnoticed. When examining this difference, it can be considered that NFTs traded on Polygon are relatively more valuable compared to the SOL network.
However, as of the time of writing, the number of Polygon NFT investors surpasses the 6,898 buyers on the Bitcoin network and closely follows the 10,642 individuals on Ethereum. The data associated with these emerging NFTs includes Polygon in the list of top-performing layer-1 networks outside of Ethereum, completed by the Avalanche Network.
The growing prominence of inscriptions on Polygon is cited as another example of this trend, and an explanation for the significant NFT sales volume recorded so far on the platform can be provided.
Growth of the Crypto Industry
Despite its relatively short history, the crypto industry, which is showing continuous growth, is witnessing an increasing competition among participants, reminiscent of what we are accustomed to seeing in the mainstream financial world.
In the past weeks, Solana dominated the market. Solana had surpassed Ethereum in both daily and weekly DEX volumes, gaining attention as the top choice for NFT and DeFi trading activities. Considering that Ethereum still remains the leading ecosystem, this success was considered quite remarkable at that moment.
This trend reversed later, and as of today, following Polygon surpassing Solana, there are indications that layer-2 solutions are gaining strength.
Last week, Vitalik Buterin drew attention to ENS systems in relation to increasing the adoption and usability of these protocols. He explicitly expressed his views on the matter.
