Polymarket elevates AggLayer as its TVL, USD inflow and daily active traders grow
Polygon Weekly Overview - October 25, 2024
Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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By The Numbers
Polygon daily active users: 528.4K (-11.54%)
Polygon daily txns: 3.04M (+2.36%)
Polygon Total Volume Locked (TVL): $1.25B (+23.76%)
NFT weekly sales volume: $3.48M (-15.16%)
Top 3 NFT collections by sales volume:
Courtyard: $1.06M (+16.09%)
Matr1x Fire Weapon: $552.2K (-11.22%)
Mining Pass: $292.3K (+32.32%)
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
AggLayer Spotlight
🟪What happened: Polymarket hit new all time highs for TVL at $273.11 million on Oct. 24 and USD inflow at $35.5 million on Oct. 18, according to DefiLlama.
🟪Why does it matter: The Polygon-powered predictions market has seen explosive growth this year, ahead of the U.S. election in early November. While it had new highs for TVL and USD inflows, it also hit over 30,000 daily active traders on Oct. 24 which is a 3-month high for the platform, according to Dune.
This year, Polymarket has steadily grown across a variety of key metric indicators. The platform has provided an increase in liquidity, and movement of onchain assets within the Polygon PoS network. The sustained growth is a promising sign for the broader AggLayer ecosystem as it contributes directly to it.
Since the Polymarket platform is built using Polygon PoS technology, its noteworthy because the chain is set to join the AggLayer and will eventually contribute its onchain assets to help unify liquidity.
🟪The big picture: Aside from onboarding new users in a transactional sense, it's also important from a development standpoint.
Traditionally, developers will decide what protocol or network to build on based on where traction is. If the AggLayer can display high amounts of foot traffic, more developers may be inclined to build with AggLayer integration in mind.
If Polymarket can maintain its overall upward trend and help onboard new users byto utilizing blockchain technology under the hood, the AggLayer can be the ecosystem of choice for overall utilization.
Into the AggLayer
Meet up at the Aggregation Summit in Bangkok, Thailand from Nov. 10-11
Also check out this list of side events
AggLayer TVL hit $128M, with Polygon zkEVM contributing over 50% share, according to L2Beat data
Dabl Club created a thread outlining different use cases for the AggLayer
Missed ETH Milan? Catch the full AggLayer talk from Polygon Labs’ DevRel Engineer Bruno Skvorc here
Haust Network shared how it plans to integrate the AggLayer to help solve market fragmentation
Ecosystem Showcase
Metrics on Ronin Network are up week-over-week (WoW), Dune data shows
Weekly active users hit 519, a 30% increase WoW
Transactions hit 770, a 33% increase WoW
X user Credzilla created a thread about Privado ID, a digital identity solution that is part of the Polygon ecosystem
Read about the latest web3 gaming developments on Immutable in a thread by X user WEB3GAM3R
Featured headlines
You might have seen these Polygon-related headlines recently…
Polygon zkEVM: Servicing Update Coming to Mainnet Beta (Polygon Labs Blog)
US Presidential Election Tops $2 Billion in Betting Volume on Polymarket (Decrypt)
Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Hear the latest developments from Q3 for Polygon PoS/zkEVM in this X space
Polygon Labs and Magic Eden are hosting a creator house during Art Basel - apply here
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This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.