Polygon scanner analysis has revealed a recent spike in address activity on the network.
According to the findings, the number of active #Proof-of-Stake (POS) addresses surpassed 1 million on February 23. This figure reflects the daily count of unique addresses actively participating in the network as senders or receivers.
It is important to note that the figure recorded on February 23 was the most active number of addresses observed on the network.
Analysis of the daily transaction graph also showed that the network has recently seen an increase in the number of transactions.
However, this growth has not reached the peak observed in the number of active addresses. At the time of writing, the number of daily transactions exceeded 4.2 million.
Polygon's transaction volume study did not show a corresponding response to the rapid growth in the number of active addresses as well as the number of transactions per day.
According to the DefiLlama chart, trading volume in the last 24 hours totaled about $138 million. This volume did not reach the highest level in recent weeks, as it exceeded USD 300 million in January.
However, the total blocked value (TVL) has increased slightly. Analysis shows that TVL started to increase slightly from around February 8, rising from USD 850 million to USD 870 million at the time of writing.
However, the increase in TVL was mainly due to the rising value of #MATIC and other tokens on the network.
On Feb. 20, #Polygon hit the $1 mark for the first time since December, rising in value by about 2.5 percent. However, the next day saw a drop of more than 6% and the price fell below the $1 mark.
On February 22, it tried to recover by more than 4% and get closer to the $1 mark, but only by $BTC However, as of this writing, the price has returned to the $1 price range and is up more than 2%.
Throughout these swings, MATIC has been above the 60 mark on the Relative Strength Index.
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