Since the beginning of 2022, the number of decentralized apps (DApps) on the Ethereum scaling platform Polygon has surged 400%, hitting 37k. According to a blog post from partnered Web3 development platform Alchemy published by the Polygon team, the 37,000 figure signifies the total apps produced on both the testnet and mainnet.
At the end of July, there were 11.8k monthly active teams, a sign of blockchain developer involvement, a 47.5% increase from March. In addition, the project team offered an overview of dApp projects, noting that “74% of the teams are entirely integrated on Polygon.”
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The Reason Behind Its Surgence
Their collaboration with Alchemy was the driving force behind the expanding number of DApps. The Polygon team noted earlier this year that the increased amount of DApps being developed on the network was a major contributing reason.
~500 dApps in November, now 37,000+ with 11.8k active teams.
“Many projects are increasingly choosing to build solely on Polygon. Alchemy data shows that 74% of teams integrated exclusively on Polygon”
This is because the Web3 platform’s infrastructure makes it “far easier for Polygon developers” to construct DApps.
Cooperation by Polygon and Alchemy Support dApps
The cooperation launched by Polygon and Alchemy in June 2021 aided in increasing the number of dApps on the network from 3,000 in October to 7,000 in January to over 19,000 in April.
Polygon’s native asset, MATIC, has risen by 66.3% in the last month as cryptocurrency markets have turned green and recently exhibited signs of a possible positive revival. MATIC is presently the sixteenth most valuable cryptocurrency asset, having a market capitalization of $6.9 billion.
Polygon (MATIC) Price and Tokenomics
The current price of Polygon is $0.9241, with a 24-hour trading volume of $498 million. Polygon’s value has risen by 2.50% in the last 24 hours. MATIC is now the world’s 13th most valuable company, with a market capitalization of $7.6 billion.
It can hold up to 10,000,000,000 MATIC coins, but currently only 8,035,303,935 MATIC coins are in circulation.
Polygon (MATIC) Technical Outlook
The MATIC/USD is currently trading at $0.9241 after consolidating in a narrow range of $0.8844 to $1.0001. Given the recent 400% increase in dApp registrations on the Polygon network, MATIC may experience a bullish trend.
A surge in MATIC demand could pierce the $1.0001 resistance level, exposing the MATIC price to the next target area of $1.1330. Further to the upside, MATIC’s next resistance level will be $1.2770.
The leading indicators MACD and RSI indicate divergence, with one indicating a buying trend and the other indicating a selling trend. However, the 50-day EMA is in support of a buying trend.
On the support side, MATIC at $0.8844 is likely to be supported by the upward trendline. On the other hand, a bearish breakout could push Polygon’s price down to $0.7635. Consider staying bullish above the $0.7635 level and vice versa. Good luck!