Polygon saw a decline in DEX volume and network growth despite reaching a milestone in DEX volume. Growing NFT market and ongoing zkEVM developments were positive for Polygon’s long-term potential despite the current setbacks. Polygon [MATIC] recently reached a new milestone in terms of decentralized exchange (DEX) volume. It crossed $50 billion in DEX volume […]
However, despite reaching this watershed number, DEX volume on Polygon declined over the last few months, according to data from Dune Analytics. This decline in volume could be due to a variety of factors, such as increased competition from other platforms or a general decline in trading activity in the crypto market.
This decline in volume suggested that even though Polygon reached a new milestone, in terms of DEX volume, the growth of Polygon in this area decelerated.The declining DEX activity, however, did not affect Polygon’s NFT market. Polygon’s growing NFT marketplaces showed positivity, with a spike in NFT volume as reported by Dune Analytics data. One likely reason for this spike would be the recent launch of the
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