Polygon (MATIC) recorded person progress 50% increased than Bitcoin (BTC) in 2023, in keeping with a Flipside Analytics’s business report.
Flipside Analytics’ newest crypto business report has proven that Polygon surpassed Bitcoin in user-growth for 2023, a feat that might influence MATIC worth considerably motion in 2024.
Polygon (MATIC) recorded 15 million new customers in 2023
Polygon (MATIC) worth efficiency has been tepid in current months. Because the crypto market rallied in This autumn 2023, mega-cap altcoins like Solana (SOL), Cardano (ADA), Avalanche (AVAX) closed the yr with triple-digit quarterly beneficial properties. In distinction, MATIC didn’t reclaim a brand new yearly peak.
Markets have reacted skittishly to Polygon’s proposed transition to a brand new ‘POL’ native token, introduced in July 2023.
Nevertheless, a current on-chain report by Flipside Analytics has cited basic progress indicators that might influence MATIC worth motion positively in 2024. In response to the report, Polygon attracted 15.2 million new person addresses in 2023, claiming high spot behind Ethereum.
The acquired person depend tracks the variety of new pockets addresses created on a blockchain community throughout a given interval. This primarily serves as a proxy for measuring world adoption price and person acquisition.
Polygon’s 15.2 million was 50% increased than Bitcoin’s 10.6 million acquired person depend for 2023. However notably, Arbitrum (ARB), Optimism (OP) and Base additionally made the highest 8 checklist of the best-performing initiatives when it comes to person progress. This offers a nod to Layer-2 scaling initiatives as one of many quickest rising sectors in crypto.
A major improve in new person depend means that Polygon community is attracting new community members at a price increased than Bitcoin and its Layer-2 rivals. If sustained, this might evolve into elevated market demand for the MATIC (POL) token as these new customers intensify their community exercise over time.
Polygon is attracting unusually excessive transactions from new customers
Because the 15.2 million new Polygon community members start to make the most of MATIC in each day transactions, the natural progress in market demand may influence costs positively in the long term.
In affirmation of this stance, a significant on-chain information development reveals Polygon has begun to file a considerable variety of transactions from new customers.
IntoTheBlock’s ‘new adoption price’ metric, tracks the proportion of a community’s complete each day transactions that’s being executed by new customers.
On common, 37% of Polygon (MATIC) each day transactions prior to now month had been from new wallets transacting for the primary time, as depicted within the chart beneath.
This progress in Polygon new person transactions additional affirms the stats offered in Flipside analytics report. It additionally reveals that a good portion of the 15.2 million new addresses recorded in 2023 have gotten energetic community members.
What subsequent for MATIC worth in 2024?
Following Ethereum’s PoS transition in 2023, there have been considerations that Polygon community scaling options may successfully turn into redundant. Nevertheless, this uptrend in basic progress metrics indicators long-term viability prospects of the Layer-2 scaling and Polygon community’s ubiquity and competitiveness inside the sector.
Key community upgrades just like the transition from the MATIC to a extra decentralized POL token may additional deepen the Polygon adoption in 2024.
As well as, the group just lately introduced a partnership with Chainlink (LINK), enabling builders to combine off-chain worth feeds into Polygon dApps.
Chainlink is a number one blockchain-based oracle community that feeds off-chain real-world information to on-chain sensible contracts. DeFi builders on Polygon zkEVM would now have entry to Chainlink’s real-time worth feeds.
This partnership is predicted to energy the event of decentralized exchanges, liquidity protocols, and Actual World Belongings (RWA) initiatives on the Polygon chain.
This transfer may assist Polygon community seize much more progress traction from the burgeoning Actual World Asset (RWA) and tokenization wave in 2024.
In abstract, the person progress overtaking Bitcoin and its Layer-2 rivals, in addition to the rising variety of new-user transactions are vital components that might put MATIC worth on an upward trajectory.
Additionally, the continuing token improve and strategic partnerships to leverage the RWA narrative may additional intensify Polygon community progress and drive optimistic worth motion within the months forward.
MATIC short-term worth prediction: $0.8 resistance looms massive
Based mostly on Polygon’s person progress, token improve and strategic partnerships, MATIC seems to be set for optimistic worth motion in 2024. Nevertheless, when it comes to short-term worth motion, MATIC is at present buying and selling at $0.73 at press time on Jan 25, because the bulls at present face an uphill climb on the $0.80 resistance.
IntoTheBlock’s world in/out of the cash round worth information teams the present Polygon token holders by their historic entry costs.
It at present reveals that 62,240 wallets had acquired 5.6 billion MATIC on the common worth of $0.80. Notably, that is the most important cluster of present Polygon token holders. With out a vital momentum enhance, the bulls may wrestle to interrupt above $0.80 within the short-term.
However on the flipside, if the bulls can scale $0.80, it may promptly open the doorways to a retest of the $1 space.