State of Polygon Q2 2024

Key Insights

Polygon Technical Developments

In January 2024, Polygon Labs introduced

In Q3 2023, Polygon Labs released the Polygon Chain Development Kit (CDK)

Market Capitalization

Following an explosive six months, the crypto market experienced a downturn in Q2 2024. MATIC’s circulating market cap dropped to $5.5 billion, a 44.3% decrease QoQ. MATIC ended the second quarter as the 20th largest crypto asset

In Q1 2024, EIP-4844

Polygon address activity continued its growth streak with another beat in Q2 2024. The average daily active addresses climbed to 1.2 million, a 47.6% increase QoQ. The average daily returning addresses rose to 1.0 million, up 50.5% QoQ, while the average daily new addresses were 167,800, reflecting a 31.7% rise QoQ.

After emerging as the leading sector in Q1 2024

Source: Polygon Blog

Source: Polygon Blog

DeFi

Polygon PoS DeFi Total Value Locked (TVL) ended Q2 2024 at $1.0 billion, reflecting a 22.9% decrease from the previous quarter. However, TVL denominated in MATIC increased by 38.1% to 1.8 billion, indicating that the decrease in USD terms was due to the decline in the price of MATIC rather than a net outflow of capital. Polygon PoS remained the eighth largest network by TVL

Aave

The stablecoin market cap

The Polygon PoS NFT ecosystem remained strong in the second quarter of 2024. The average daily NFT volume was $1.8 million, reflecting a slight decrease of 5.7% from the previous quarter. However, the average daily NFT sales increased to 52,000, marking a 1.8% rise. Polygon PoS was ranked among the top four chains by NFT volume

Gaming saw explosive growth at the end of Q1 2024

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