Share this article
Ethereum Scaling Tool Polygon's MATIC Token Surges Amid Spike in Transactions
The token's price is up 48% this year. The blockchain has the second-most number of daily active users, according to data from Token Terminal.
Updated Jan 27, 2023, 4:06 p.m. Published Jan 26, 2023, 11:38 p.m.
Ethereum scaling tool Polygon’s MATIC token has surged 12% over the past 24 hours, continuing its strong momentum this year.
MATIC was recently trading at $1.11. It is up 48% since Dec. 31 amid a spike in daily transactions that have made the blockchain the second largest for daily active users (DAU), according to data from Token Terminal.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The rally comes amid a January upturn in the crypto market that has seen Aptos’ APT token skyrocketing more than 400%, Fantom’s FTM jumping about 145% and bitcoin rising nearly 40%.
The Polygon platform ranks second behind Binance’s BNB chain recording 344,000 daily active users (DAU), ahead of Solana and Ethereum.
Polygon’s announced partnerships and launches over the last month that have increased DAUs may also be behind the price increase, along with anticipation of Polygon’s mainnet launch of its zero-knowledge EVM. The mainnet launch is scheduled for early this year. Its zk-EVM public testnet went live in October.
“We’re starting to see users and interest come back to these kinds of networks and seeing activity again,” Charles Storry, head of growth at crypto index platform Phuture, told CoinDesk.
“There’s also a lot of projects that have built on top of Polygon that haven’t released their tokens yet, which will be coming out soon and add to the already increasing activity levels,” Storry added.
Polygon currently has around $1.1 billion total value locked (TVL), according to data from DeFiLlama.
“We are seeing mass TVL increases for riskier projects and early stage applications,” Storry said. “In a bear market investors are more conservative and don't want to take on huge risk, but now prices have picked up a little, they are more open to newer and riskier ecosystems like Polygon.
“We will see more of that come through as the market continues to pick up.”
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
