Polygon overtakes Solana and BNB in GameFi: How did MATIC react

• dApps similar to Planet IX and The Sandbox contributed to Polygon’s success within the GameFi success.
• DEX volumes continued to rise, nevertheless, the value of MATIC fell.

Within the crypto area, there was a continuing race between varied protocols when it comes to exercise. With Tron [TRX], Binance Coin [BNB], and Arbitrum [ARB] attracting giant quantities of exercise on their networks, it turns into troublesome for protocols similar to Polygon [MATIC] to compete.

Life like or not, right here’s MATIC market cap in BTC’s phrases

Polygon right here to play no video games

Nevertheless, Polygon’s progress within the gaming sector could present the protocol with an edge. In accordance with Delphi Digital, on 5 Might, Polygon turned the main chain in GameFi. Moreover, over the past 90 days, Polygon captured 34.93% of the general GameFi market.

Different L1 chains similar to Solana [SOL] and Binance Sensible Chain [BNB] acquired the second and third positions when it comes to market share, accounting for 26.80% and 17.90% of the market, respectively.

.@0xPolygon has essentially the most lively GameFi wallets out of all Layer-1s over the previous 90 days. pic.twitter.com/yqJI1AQSX1

— Delphi Digital (@Delphi_Digital) May 14, 2023

Gaming dApps similar to Planet IX and The Sandbox [SAND] had been largely chargeable for Polygon’s dominance on this sector. During the last week, each protocols noticed a spike when it comes to distinctive lively wallets on their networks. Planet IX demonstrated a surge of 13.64% within the variety of lively wallets, whereas The Sandbox skilled a spike of three.4%.

Resulting from this surge of exercise, the protocols had been positively impacted in different areas as effectively. As an illustration, transactions occurring on the Planet IX community surged by 60.88% within the final week. Subsequently, the quantity on the dApp grew by 26.9%.

Nevertheless, the spike in exercise on the dApp didn’t result in bigger NFT transactions. In accordance with Dapp Radar’s information, regardless of the excessive exercise, the quantity of NFT trades occurring on these gaming protocols continued to say no.

Aside from the GameFi sector, Polygon additionally displayed dominance within the DeFi markets. When it comes to TVL, Polygon outperformed most protocols aside from Ethereum [ETH].

Polygon’s dominance within the DeFi sector could possibly be attributed to the recognition of its DEXes. Artemis’ information indicated that the DEX volumes on the Polygon community surpassed most different networks within the crypto area.

Supply: Artemis

Learn Polygon’s [MATIC] Value Prediction 2023-2024

Regardless of Polygon’s dominance within the DeFi and Gaming sectors, MATIC noticed little development. In accordance with CoinMarketCap’s data, MATIC’s value declined from $0.93 to $0.88 over the past week till press time.

Throughout the identical interval, MATIC’s quantity and transaction rely fell as effectively.

Supply: Santiment