The cryptocurrency industry has faced significant challenges in the last year, but the Polygon ecosystem (MATIC) has managed to achieve impressive growth and progress, which creates great prospects for 2023 to be a promising year for the network.
Below we present the conclusions that Messari reached through its evaluation of the network’s progress.
Rise of NFTs
In Q4 2022, the NFTs segment at Polygon set a new record in daily active wallets. This growth was achieved following the introduction of Reddit’s collectible avatars in Q3 and the news that Polygon had been selected by Meta as Instagram’s NFT platform.
Overall growth in the games segment is expected to continue in the coming months, as Polygon has several new games currently in development.
The DeFi segment at Polygon experienced slower growth than the NFTs and games segment. In Q4, Polygon’s TVL in USD and MATIC decreased and the overall trend for 2022 was negative.
However, Polygon’s DeFi ecosystem continued to lead the space with some of the most important players in the space on board.
At the same time, there were several new integrations and announcements that are expected to pave the way for further growth.
Polygon has always prioritized developer-friendly practices, and Q4 2022 was no exception to the rule.
It has been very active in the development community, hosting many tours, making several partnerships and offering many sponsorships.
Polygon’s efforts were recognized by the Electric Capital Developer Report, which recognized it as one of the top developer ecosystems, which had grown from 200 to over 1,000 developers as of 2018
Develops more scaling solutions
In addition to the PoS chain, Polygon is developing several other scaling solutions for Ethereum.
In Q4, two of the most active solutions were Polygon zkEVM and Polygon Supernets. The latter announced the development of several new supernets and a partnership with Axelar to improve communication between supernets.
At the same time, Polygon’s zkEVM test network was released attracting attention throughout the industry as the first open source zkEVM test network.
During the fourth quarter, the zkEVM testnet successfully processed nearly 300,000 transactions with 80,000 wallets. Mainnet zkEVM is currently scheduled to be released on March 27, 2023.
Despite the difficulties experienced by the cryptocurrency industry in 2022, Polygon remained steadfast in its commitment to continued growth and progress.
The improvement seen during the bear market creates prospects for a promising 2023. As competition in the industry becomes increasingly fierce, Polygon is expected to gain further momentum and continue its upward trajectory.