Polygon Surges on Rising Network Activity and Crypto Market Sentiment

Polygon's [$POL] price surged by over 31% in the past 24 hours, but its gains have since eased to around 18%. The crypto market's risk-on sentiment and increased network activity are driving this rally.

The Transaction Count on Polygon rose from 407 to 2,606, a growth of more than 6 times. Active Addresses also doubled over the same period, reaching 286. DEX and Perps volumes have continued to rise sharply, with DEX volume increasing fivefold to $240 million and Perps by 8.6x.

Fundamentally, Polygon's stablecoin settlements have increased, particularly after integrating Frax's frxUSD-based FX pools. The chain fees have grown from $60K to over $90K as a result.