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    Polygon’s Downgrading DApp Market Could Bounce Back, Here’s How…

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on October 28, 2022 4:08 PM

    Updated on January 9, 2023 12:51 PM

    According to the agreement, the Polygon Edge-backed Ethereum Virtual Machine (EVM) blockchains would form an interconnected network.
    Polygon’s Downgrading DApp Market Could Bounce Back, Here’s How…

     

    Polygon MATIC, a top crypto by market capitalisation, needs help with its DApp development activity since the platform has been expanded to more than 37000 DApps registered within it. 

    Recently, DApp RADAR found that the DApp development in Polygon's Network is slowed for various reasons. Despite gathering significant partners to boost its ecosystem, the network's development activity still needs to be investigated. 

    Recently, Axelar and Polygon have launched a ground-breaking agreement that is anticipated to impact MATIC, the native token of Polygon, significantly. This partnership aims to provide "Polygon Supernets with secure cross-chain communications." 

    Sergey Gorbunov, CEO and co-founder of Axelar, spoke about the significance of the alliance and how this partnership might act as a catalyst to help the Web3 sector grow from thousands to millions of developers.

    The partnership will also boost DApp development which has been stagnant recently. 

    New users "who can onboard into those DApps bringing their existing tokens, wallets, and Web3 identities - without having to bridge or exchange via different interfaces" are the beneficiaries of this arrangement, according to Gorbunov.

    Recent Movements in Polygon

    On Oct 28 2022, in the 24-hr chart, The network's native token MATIC has been 2.38% up since the last red candle. At the time of writing this article, MATIC is trading at $0.932, which is still 217% down from its ATH ( MATIC: $2.92), witnessed on Dec 21.

    Major partnerships are still going around, which could cause more price fluctuations due to development activities.

    Development Activity on Polygon MATIC

    However, even though the price movement is not so huge, the Development activity increased subsequently, which shows the ongoing development is active.

     

    Source: Santiment

    The recent surge may be due to partnership news by Axelar and other DApp firms. 

    According to DappRadar, the number of unique active wallets for top-performing dApps on the Polygon network, such as Make Me Rich, fell by more than 30% over the previous week. In contrast to 1inch and Benji Bananas, other dApps like QuickSwap saw a fall in the number of unique active wallets over the past 24 hours.

    Network Activity

    Although the native token has been struggling to reach the $1 resistance since the bear trend, the network activity in the blockchain has also declined. The last surge was seen on 3 Aug 2022; the curve has been straight since then.

     

    Source: Santiment