- Polygon’s revenue increased, but TVL continued to fall
- MVRV Ratio and social dominance down
Polygon [MATIC] again became a hot topic in the community as it ranked third on the list of top DeFi projects in terms of revenue in the last 24 hours, only behind Uniswap [UNI] and QuickSwap [QUICK].
Top DeFi Projects by Fees and Revenue on @0xPolygon Ecosystem Last 24H $UNI @Uniswap$QUICK @QuickswapDEX$MATIC @0xPolygon$AAVE @AaveAave$DODO @BreederDodo$MVX @MetavaultTRADE$SUSHI @SushiSwap$CRV @CurveFinance$WOO @WOOnetwork$FSX @fraxfinance#POLYGON $MATIC pic.twitter.com/45yIlkvTkZ
— Polygon Daily 💜 (@PolygonDaily) November 16, 2022
Despite the growth in revenue, Polygon’s DeFi space did not look quite optimistic as its total value locked (TVL) was declining continuously. DeFiLlama’s data revealed that over the last day, Polygon’s TVL decreased by 1.22%; at the time of writing, the value was $1.52 billion.
Read Polygon’s [MATIC] price prediction 2023-24
Despite the negative growth in the DeFi ecosystem, a few positive updates did happen that gave investors hope. For instance, Polygon Technologies recently bagged funding of $450 million, and with this new capital, the network wants to make a place for itself in the web3 industry.
Not only this, but Polygon has also become one of the top blockchain service providers around the globe that has partnered with more top-tier brands. A few notable brands include Nike, Starbucks, Coca-Cola, Meta, and Adidas, among others.
Some of the biggest brands in the world are adopting Polygon.@0xPolygon has become one of the top blockchain service providers around the globe that has partnered with more than top-tier brands.
— Ethereum Daily (@ETH_Daily) November 16, 2022
Though these developments looked pretty ambitious, nothing seemed to reflect on MATIC’s chart, which was painted red. As per CoinMarketCap, Polygon’s price was down by nearly 7% in the…
