MATIC has remained muted on the price charts despite massive traction gained by Polymarket on Polygon network. What's next?
POS network transaction fees. According to recent data from Blockworks, the prediction site now accounts for 6% of the transaction fees on the Ethereum L2 Polygon network.In fact, Blockworks’ on-chain analyst Dan Smith claimed that the surge in transaction fees followed a recent hike in users and translation volumes on Polymarket. The platform hit a record $100 million in June, thanks to greater bets on U.S elections.
“While other narratives have cooled, prediction markets are red hot. Total value locked across the top platforms has increased nearly 70% so far in 2024 with over 40% from PolyMarket.” On the network front, MATIC recorded an uptick in daily active addresses in July than June. The July surge, which happened on the 19th, coincided with theIn short, MATIC network effects surged on tokenized assets speculation, compared to Polymarket’s record transaction volume in June.
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