Polygon’s Progress in the Gaming Sector
In the crypto space, there has been a constant race between various protocols in terms of activity. With Tron (TRX), Binance Coin (BNB), and Arbitrum (ARB) attracting large amounts of activity on their networks, it becomes difficult for protocols such as Polygon (MATIC) to compete.
However, Polygon’s progress in the gaming sector may provide the protocol with an edge. According to Delphi Digital, on 5 May, Polygon became the leading chain in GameFi. Additionally, over the last 90 days, Polygon captured 34.93% of the overall GameFi market.
Market Share of L1 Chains
Other L1 chains such as Solana (SOL) and Binance Smart Chain (BNB) acquired the second and third positions in terms of market share, accounting for 26.80% and 17.90% of the market, respectively.
Polygon’s Dominance in Gaming dApps
Gaming dApps such as Planet IX and The Sandbox (SAND) were largely responsible for Polygon’s dominance in this sector. Over the last week, both protocols observed a spike in terms of unique active wallets on their networks. Planet IX demonstrated a surge of 13.64% in the number of active wallets, whereas The Sandbox experienced a spike of 3.4%.
Due to this surge of activity, the protocols were positively impacted in other areas as well. For instance, transactions occurring on the Planet IX network surged by 60.88% in the last week. Subsequently, the volume on the dApp grew by 26.9%.
However, the spike in activity on the dApp did not lead to larger NFT transactions. According to Dapp Radar’s data, despite the high activity, the volume of NFT trades occurring on these gaming protocols continued to decline.
Polygon’s Dominance in DeFi
Apart from the GameFi sector, Polygon also displayed dominance in the DeFi markets. In terms of TVL, Polygon outperformed most protocols apart from Ethereum (ETH).
Polygon’s dominance in the DeFi sector could be attributed to the popularity of its DEXes. Artemis’ data indicated that the DEX volumes on the Polygon network surpassed most other networks in the crypto space.
