Since the beginning of 2022, the number of decentralized applications (DApps) on the Ethereum blockchain platform Polygon has increased by 400%, reaching 37k. According to a blog post from Alchemy, a Web3 development platform partner published by Polygon Group, the 37,000 figure represents the total number of applications built on the testnet and mainnet.
At the end of July, there were 11.8k monthly active groups, a sign of blockchain developer participation, a 47.5% increase from March. In addition, the project team presented an overview of the dApp projects, stating that “74% of the teams are fully integrated on Polygon”.
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The reason behind the operation
Their collaboration with Alchemy is responsible for the expanding number of DApps. The Polygon Group announced earlier this year that the increase in the amount of DApps running on the network was a major contributing factor.
~500 dApps in November, now 37,000+ with 11.8k active groups.
“Many projects are choosing to build only on polygons. Alchemy’s data shows that 74% of the groups are combined only on polygons.”
That’s because the Web3 Platform infrastructure makes it easy for “Polygon Developers” to build DApps.
Collaboration with dApps supported by Polygon and Alchemy
The collaboration launched by Polygon and Alchemy in June 2021 helped increase the number of dApps on the network from 3,000 in October to 7,000 in January to 19,000 in April.
Polygon’s native asset MATIC surged 66.3 percent last month as cryptocurrency markets turned green and recently showed signs of a positive recovery. MATIC is currently the sixteenth most valuable cryptocurrency asset with a capitalization of $6.9 billion.
Polygon (MATIC) price and Tokenomics
The current Polygon price is $0.9241 and the 24-hour trading volume is $498 million. Polygon’s price has increased by 2.50% in the last 24 hours. Matisi is currently the 13th most valuable company in the world with a capitalization of $7.6 billion.
It can hold up to 10,000,000,000 MATIC coins, but currently 8,035,303,935 MATIC coins are in circulation.
Polygon (MATIC) technical view
MATIC/USD is currently trading at $0.9241 after consolidating in a narrow range of $0.8844 to $1.0001. Considering the recent 400% increase in dApp registrations on the Polygon network, MATIC may be experiencing a bullish trend.
Increased demand for MATIC could pierce the $1.0001 resistance level, exposing MATIC price to the next target area of $1.1330. On the upside, MATIC’s next resistance level will be $1.2770.
The main indicators MACD and RSI indicate divergence, one indicating a buying trend and the other indicating a selling trend. However, the 50-day EMA supports a buying trend.
On the support side, MATIC could be supported by an uptrend at $0.8844. On the other hand, a bear breakout could push the price of Polygon to $0.7635. Consider holding above the $0.7635 level and upside down. good luck!
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