Will Polygon’s new 10M milestone help MATIC prices?

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Polygon was close to approaching 10 million monthly active users on the network.Price of MATIC declined, along with network growth and transaction count.Despite the increasing popularity of other cryptocurrencies and blockchain networks, Polygon MATIC continued to attract a growing number of users to its platform.Data from token terminal indicated that the number of users on the Polygon network were close to 10 million at the time of writing.

The surge in activity on the network was driven by the popularity of the Polygon ecosystem. Despite the rising activity on the network, the state of DeFi on the network wasn’t as positive.

Adding to that, the TVL (Total Value Locked) on the Polygon network also fell significantly during this period. According to the data, the daily TVL collected from Polygon fell from $1 billion to $942 million over the last few days. Due to these factors, the fees generated by the network have fallen materially. Coupled with that the revenue generated by the network declined significantly.

The number of code commits occurring on the Polygon network had declined materially over the past month. Additionally, the number of core developers on the network had also fallen significantly.If this trend continues, the number of updates and upgrades occurring on the network could slow down. New updates and upgrades help improve sentiment around the network.

The price of MATIC wasn’t doing too well either. At the time of writing, the price of MATIC was $0.7062 reflecting a decline of 1.82% over the past month.

The network growth of the token had also plummeted during this period, indicating a decline in interest from new addresses.Moreover, the transaction volume around Polygon had also fallen significantly implying that the frequency with which MATIC was being traded at, had fallen as well.