BIT Blog

Polygon Releases Ecosystem Update for Q3 as Grayscale Adds MATIC

Polygon Releases Ecosystem Update for Q3 as Grayscale Adds MATIC

Polygon (MATIC) recently released its broad-spectrum “Ecosystem Update,” where its highlighted several of the notable growths it recorded in the third quarter of 2022. The report detailed that the blockchain ecosystem recorded its notable gains in the face of intense “macroeconomic headwinds” on Web3.

Source: Polygon

Polygon Recorded Several Partnerships and Network Entrants

The report listed several partnerships it penned over the quarter starting with UK-based consumer start-up Nothing. The start-up partnered with Polygon to launch its NFT loyalty program which gave members access to exclusive content, perks, and activities.

Last month, Starbucks announced that it was building its much-awaited Web3 experience, Starbucks Odyssey, on Polygon. Almost similar to Nothing, the partnership will see Starbucks Rewards loyalty program members and Starbucks employees in the US purchase or earn “digital collectible stamps in the form of NFTs.”

According to the Ecosystem Update, Polygon’s combined follower count on three of its main Twitter pages surpassed 1.75 million, a 7% increase from where it was at the start of the quarter. This highlighted a notable

Meanwhile, the MATIC network reportedly onboarded 53,000 new decentralized applications (dApps) in Q3, based on data from the Web3 development platform Alchemy. The data provider highlighted that this increase represented a >60% growth from the start of the quarter.

The network also welcomed a slew of Web3 projects, including TagSpace, New Canvas, ITSBLOC, and Partisia.

Finally, the report revealed that the total number of unique addresses on the network increased by 9% to 5.82 million in Q3 2022. The network also recorded 256 million (-10%) transactions within the period, which generated $4.19 million (-26%) in revenue. That said, these figures were notably lower than the previous quarter due to recent market slumps and struggles.

Polygon Makes It to Grayscale

In other news, Polygon has become the latest addition to Grayscale Investments’ Grayscale Digital Large Cap Fund (GDLC). According to a Twitter announcement, MATIC will occupy 1.26% of the GDLC fund, behind Bitcoin (65.32%), Ethereum (28.03%), Cardano (2.49%), and Solana (2.04%).

Source: Twitter

Grayscale aims at maintaining its position as the world’s largest digital asset management firm by continuously introducing promising investment products to broaden digital asset options for its clients.

Polygon (MATIC) Price Remains in Limbo

As has been the common theme for several weeks, MATIC's price remained practically untouched by any of the numerous positive developments for the network. This is as the crypto winter continues to blow hot, especially as macroeconomic and geopolitical factors leave the broader crypto market in limbo.

MATIC/USD Daily Chart on TradingView

The cryptocurrency maintained an aggressive sideways trend under the $0.8600 mark for all of October with no end in sight, as money markets predict another rate hike by the US Fed in its next meeting.

MATIC Statistics Data

MATIC Current Price: $0.8235

MATIC Market Cap: $7.2B

MATIC Circulating Supply: 8.73B

MATIC Total Supply: 10B

MATIC Market Ranking: #12

Trade MATIC now


This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.

Sign Up Now