One of the most popular altcoins in recent times was without a doubt Polygon (MATIC). The crash caused by bitcoin (BTC) price action was almost fully recovered in no time at all, and it seemed like there was an inexhaustible stream of good news coming out about the project.
The data also show that Polygon is doing well. According to a report by DappRadar, Polygon experienced massive growth in the month of May. Polygon’s Total Value Locked (TVL) rose 1,102% from the previous month. This would lead to a total of $5.7 billion by the end of May.
TVL is a way to indicate how much crypto is locked in Decentralized Finance (DeFi) products and gives a good insight into how big the market is. This increase of more than 1.100% is the largest increase ever for Polygon. Polygon’s TVL now stands at $7.33 billion.
In addition, the report from DappRadar shows that the number of unique addresses active on the Polygon network has been multiplied by four times. At the end of May, there were 36,500 addresses, compared to 8,500 just a month earlier.
One of the reasons for this explosive rise, the report of DappRadar cites as the major investment of billionaire Mark Cuban. In May, Cuban disclosed that he and his company had invested in the platform and that he plans to integrate Polygon with his NFT platform lazy.com.
All in all, it comes as no great surprise that Polygon’s TVL has risen so much. There was a huge amount of attention and hype surrounding the project. Due to the good news from Cuban and others, this interest in the project only grew. With this data as a result.
In any case, the future of Polygon looks bright. .