Throughout the year, Polygon (MATIC) has been growing in the Layer 2 (L2) space. But the question still stands: Will Polygon be able to keep growing despite the way the cryptocurrency market is right now? Polygon’s plans to take over the Web3 space might actually help them do so.
A new report says that Polygon has a high-profile growth strategy that focuses on the areas of NFT, DEFI, and gaming. Polygon has also teamed up with big names in the industry, such as Meta and Disney, to get a leg up in the NFT space.
Related: Polygon and Token | Traxx will develop a multi-chain marketplace using NFT technology.
Polygon hired people from big companies like YouTube to give them a little more power in the GameFi space. Polygon is also interested in DEFI and DApps. A report from Cumberland says that around 37,000 DApps use the Polygon POS.
Total Value of NFT Trades in USD (Source: Santiment)
All of these partnerships aren’t helping Polygon much right now, though. The number of NFT trades for Polygon has gone down a lot in the last week, according to data from the market intelligence firm Santiment.
Total Locked Value (USD) (Source: DeFiLlama)
As the chart above shows, the Total Value Locked (TVL) for Polygon has also gone down a lot in the last two months.
The number of MATIC whale transactions (source: Santiment)
MATIC also saw some frightening figures.Santiment said that in the last few days, there has been a big drop in the number of whale transactions for MATIC. This could mean that investors are losing interest in Polygon and looking for other ways to put their money to work.
Polygon’s development has also been slowing down, which means investors don’t have anything new or better to look forward to in the near future.
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Related: A well-known crypto trader thinks that MATIC could reach $1 in the near future.
Even though Polygon is trying to grow in a high-profile way, there are some worrying signs.
