The year 2022 saw the value of Polygon’s native token MATIC drop by 64%. But the network started this year on a positive note, with the price shooting up 8% according to the charts. However, can MATIC maintain this momentum?
On-Chain Developments To Play A Big Role For MATIC
The Layer 2 ecosystem has been seeing on-chain developments grow. Just before the turn of the new year, Polygon’s first prediction market Bhavish Finance made several records that brought Polygon in the spotlight. Uniswap, a decentralized exchange in the ecosystem, ended 2022 with a $28 billion annual volume.
The DEX surprisingly accomplished that with a sub-$100 million TVL, but as of writing Uniswap’s TVL on Polygon is at $111.21 million, according to the DEX’s public dashboard.
These bullish developments, however, are preceded by big news on Polygon’s NFT arm. DeGods and y00ts, two of the biggest names on Solana, will bridge their collections on Polygon and Ethereum on Q1 of 2023.
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