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06/21 14:36Haussier

Why Polygon’s 7.95M transactions surge could fuel

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Why Polygon’s 7.95M transactions surge could fuel POL’s next rally Polygon [$POL] gained 5% in the past 24 hours before slightly retracing as of writing. The daily trading volume is around $50 million, with liquidity increasing from a volume-to-market-cap ratio of 5.44%. The main driver of this resurgence in $POL’s price action is the thriving network activity. Whales have also been pumping capital into the altcoin over the past few days. Polygon processed nearly eight million transactions in a day, the highest daily transaction count this month. To be specific, the figure is slightly over 7.95 million but has since started to decline. However, the volume is still significant, as it is averaging above 7 million per day. In total, Polygon has processes over 7.54 billion transactions since it was launched. The activity has skyrocketed with the launch of payment infrastructures. Polygon now supports over 5,000 payments per second. At the same time, $POL’s stablecoin supply has been growing, with the market cap standing above $3.45 billion. Notably, Polygon has become the eighth largest network in terms of stablecoin market cap. However, the network has only 102 validators, which has raised questions around decentralization. However, decentralization is not only determined by the validator count but also by who controls them, stake distribution, governance structure, and validator diversity.

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