Polygon (POL) Surges After Hike In On-chain Activities

As the bullish season has already started, the Polygon network, a leading layer 2 solution, has witnessed a surge in on-chain activities, including daily transaction volume, whale movements, and the number of daily active addresses. 

#Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume, and whale activity.

These are all signs of growing interest and market participation, which typically suggest a bullish outlook for $POL. pic.twitter.com/yWVcudubVL

— Ali (@ali_charts) November 19, 2024

In other words, POL is being benefited with wider market participation from the current bullish market condition. According to the analyst on X, the surging interest in the Polygon ecosystem suggests a bullish outlook for its native token (POL). 

For those who don’t know, POL is the upgraded version of the MATIC token for Polygon 2.0. It contains numerous utilities, including security, gas fees, governance, and scalability. At the time of publication, the POL token’s price is revolving around $0.43 with a 2% surge in 24 hours with an impressive market cap of $3.46 billion. 

Polygon 2.0: A Dark Horse for the L2 Ecosystem 

Polygon 2.0, a blueprint for building the Value Layer, is a network of ZK-powered L2 chains, which has been brought under one umbrella via a novel cross-chain coordination protocol. For a user, the entire network will feel like using a single chain. 

On Pol 2.0, users can access an unlimited number of chains and make cross-chain interactions, without additional security or trust assumptions. As the project progresses, the POL ecosystem is expected to stretch its boundaries, ultimately leading to rise in its native token price.

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