- Polygon’s revenues fell by a third in the first quarter.
- It happened despite the fact that its usage increased during that time.
The new reportMessari has discovered that Layer-2 is a scaling platform Polygon [MATIC] The quarterly revenue fell between January to March.
The on-chain provider of data claims that the decline in revenue occurred despite an increase in Polygon’s network activity over the review period.
In the period between the 1st of January and the 31st of March, revenue for the network totaled only $7 million. This represents a drop by 19.3% compared to the $10 million reported in the fourth quarter.
The Q1 figure was also a 42 percent decrease over the 12 million dollars Polygon had in revenue for Q1 of 2023.
Network activity surges
As was highlighted earlier, there has been an increase in activity during the review period. The network had an average of 814,00 active addresses per day during that time period.
Messari data shows that the number of active daily addresses in the quarter was up 118%, which is its highest level over a period of 12 months.
Source: Messari
Polygon has also seen an increase in demand. In the last quarter, new addresses were added to the L2 network on average at a rate of 127.400. That’s a 69% rise from the 75.900 created the prior quarter.
Polygon’s transactions have also risen dramatically due to an increase in active addresses. The report states that the PoS network had an average of 4 million daily transactions during Q1 2024.
Source: Messari
Polygon, the network’s vertical for decentralized financial (DeFi), closed Q1 at a value total locked (TVL) (total lock) of $1.4billion. It was an increase of 30% from the Q3 DeFi TVL in 2023, which stood at $1.1billion.
Whether you think it’s realistic or not. MATIC’s market cap in ETH terms
Messari has noted the following:
“In Q1 2024, Aave continued to lead as the dominant protocol by TVL on Polygon PoS, with its TVL rising to $705 million, marking a 35% increase from the previous quarter. Uniswap jumped to the second position, with its TVL reaching $130 million, up 41% QoQ.”
The first three months saw a 18.4% increase in Polygon’s NFTs ecosystem.
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Source: ambcrypto.com
