Polygon's stablecoin marketcap hit nearly $1.5 billion as of this writing, marking an impressive 18% growth year-to-date (YTD).
chain has been experiencing higher user participation and liquidity infusion in 2024, causing the broader market to sit up and take notice.market cap hit nearly $1.5 billion as of this writing, marking an impressive 18% growth year-to-date . As of this writing, it was the sixth-largest chain in terms of total stablecoin supply.Stablecoins can be construed as the on-chain equivalent of cash in traditional financial markets.
That being said, the current levels still remained a far way off from the peak registered in July 2021. In reality, Polygon’s next aim should be the pre-bear market level of $2.6 billion achieved in September 2022.The rise in stablecoin market cap comes alongside an impressive surge in user engagement on the network.
According to AMBCrypto’s examination of Artemis’ data, the Polygon proof-of-stake chain massively outperformed other scaling networks in daily active addresses and transactions in 2024.Take for instance, the daily active addresses count on Polygon PoS on the 26th of March was 1.1 million, more than triple the count of the second-best ranked chain on the list. A similar trend came to light when it came to transaction count.The chain’s native token MATIC rose 1.
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