Polygon DEX Volume Catapults to 8-Month High Amid 895% Surge

Polygon DEX volumes tap multi-month highs amid a significant spike in DeFi activity in the past 30 days.

A fast car in Cosmos in a Polygon Portal.
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  • DEX volumes on Polygon have surged to a multi-month high.
  • Aside from DEX Volumes, transactions on the network have also spiked.
  • The recent strength in on-chain metrics follows a significant price rally in the past 30 days.

Polygon has recorded several positives recently, and the good times are seemingly still rolling. Most recently, the network’s strong on-chain metrics have come into the limelight amid announcements of significant partnerships and a price rally.

Polygon DEX Volumes Explode

On Wednesday, November 15, Polygon news aggregator Today in Polygon highlighted that the Polygon network’s total decentralized exchange (DEX) volume had reached its highest point in eight months, sharing an Artemis chart based on DefiLlama data. Specifically, the metric reached $431.11 million on Tuesday, November 14, its highest level since March 2023.

Instead of a 200% rally suggested by Today In Polygon, the milestone represents an over 895% surge in the metric in the past 30 days, suggesting a significant spike in decentralized finance (DeFi) activity. As of October 14, the DEX volume was $43.32 million.

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Per DefiLlama data, DEXes like Uniswap V3, Balancer V2, and Curve have seen a 94.9%, 53.79%, and 25.71% gain in volume in the past seven days, respectively.

Meanwhile, DEX volume is not the only on-chain metric that is soaring. Daily transactions on the Polygon network also reached their highest point since April 2023 on Tuesday, with 2.89 million transactions.

All of these come as MATIC, Polygon’s native token, enjoys a significant rally driven by whale activity.

Polygon (MATIC) Eyes $1

MATIC has surged to consecutive multi-month highs in the past few days—trading as high as $0.98 on Tuesday, November 14, for the first time since May 2023. The asset has since pared these gains to trade at $0.89, according to CoinMarketCap data at the time of writing. Still, the asset is up over 68% in the past 30 days.

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The rally has been attributed to increased whale activity. This class of MATIC holders with holdings between 100k and 10 million MATIC have reportedly been aggressively accumulating the asset since October 24.

On the Flipside

  • The recent MATIC price correction suggests that the asset’s momentum may be slowing.

Why This Matters

The recent spike in DEX volumes suggests that Polygon’s DeFi ecosystem is thriving.

Read this to learn more about Polygon’s recent momentum:
Polygon (MATIC) Price Hits 4-Month High Amid Whale Frenzy

Find out why members of the XEN Crypto community are enraged by OKX’s Layer 2 venture:
Here’s Why OKX’s Polygon-Powered L2 Has Drawn Some Flak

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.