Polygon Bridge TVL Increases 52% in One Day: Report
- Research analyst Tom Wan tweeted this morning that Polygon’s Bridge TVL is up 52%.
- According to Wann, this recent rise in TVL is due to MATIC and Lido Staked MATIC (stMATIC).
- At press time, both MATIC and stMATIC have posted losses over the past 24 hours.
A crypto research analyst named Tom Wan tweeted this morning that Polygon’s (MATIC) zkEVM has increased Bridge’s Total Value Locked (TVL) by 52%. Wan added in his post that this increase is estimated at about $3 million.
Wann also attributed this recent rise in TVL to MATIC and Lido Staked MATIC (stMATIC), which added just over $2.1 million and $770 thousand, respectively. However, this increase in TVL was not able to positively affect the prices of the altcoins.
At the time of publication, CoinMarketCap shows that both stMATIC and MATIC have seen a price drop over the past 24 hours. MATIC was trading at $0.864 after its price declined by 1.47% during the period. Meanwhile, stMATIC’s price drop of 1.42% sent its price down to $0.929. Both cryptocurrencies also fell against the market leaders (BTC) and (ETH).
MATIC/USDT daily chart (Source: TradingView)
The past week has not been kind to MATIC, as its price has entered a downward spiral for the past seven days. As a result, it lost support at $0.9465 on Monday after it fell by more than 6% during today’s trading session. In the next two days, the bulls tried to defend the next key support level at $0.8593.
MATIC price fell below this support level yesterday and reached as low as $0.8335. Fortunately, the bulls put up a good fight to close yesterday’s trading session back above the $0.8764 level. At the time of publication, it appears that the bears are attempting another mission to break this level, with MATIC price hanging on a thread above the support level.
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Polygon Bridge TVL Shares Increased 52% in One Day: The report appeared first in the Coin issue.