Polygon's MATIC token has maintained stable growth in recent days, despite market volatility.
Even though the events of FTX and Binance have dyed the market red, MATIC the native token of Polygon has stayed afloat.
According to data from CoinMarketCap, MATIC is up by 15,16% in the last 24 hours and 15% more in the last 7 days.
Ethereum's scaling protocol has seen increased activity across its network over the past few months, which could explain the strong performance of its token.
Polygon has added 42.869.034 unique wallet addresses since June 7th. This means that in the last 5 months the blockchain has almost five million more users, a growth of almost 30% in this period.
Why has Polygon grown?
One of the reasons that may explain the growth of the network is the commitment of large traditional firms to it. In this sense, its implementation in Instagram for Minting and selling NFTs directly through the app.
Reddit has also chosen Polygon as the network on which to implement its NFT functionality, with which users can buy and display unique avatars.
On the other hand, the financial firm JP Morgan recently made his first DeFi transaction, using the Polygon network, as it offers faster transaction speeds and much better gas fees than Ethereum.
Finally, it is worth remembering that other major brands have chosen Polygon to develop Web3 functionalities and services. Coca-Cola, Starbucks or Disney have opted for Ethereum layer 2, which could explain the good performance of MATIC in the midst of a particularly volatile market.
A green light in a turbulent market
In the last few hours, the markets have seen a small green light. The main tokens are in the green, after the inflation figures in the United States were made public.
The US Bureau of Labor Statistics has just released the CPI figures and they have been better than expectedIn this sense, the data point to a 7,7%, up 0,4% seasonally adjusted.
Analysts had expected a figure closer to 8%, so the good news has had a positive effect on the cryptocurrency markets, which have reacted with gains in the main cryptocurrencies in the top 100.
In the last hour, Bitcoin is up 5,58% to $17.526Ethereum is down 7,31% to almost $1.300 and Solana, one of the biggest losers of FTX, has recovered 11%, recovering to $16.
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