Polygon’s growth has been supported by DeFi implementations and new projects ported from Ethereum. Polygon (MATIC) experienced remarkable ecosystem growth during the month of May. Total value locked in Polygon (MATIC) closed May at $5.7 billion, up 112% from the previous April, according to a recent report by DappRadar.
Total Value Now $7.33 Billion
The 112% increase in total value locked was the largest increase in the history of Polygon (MATIC) on a monthly basis. At the time of writing, the total value locked into Polygon (MATIC) is $7.33 billion, as seen in the chart below.
It can be observed from the chart that the growth in the total value locked to Polygon started in mid-April and continued until the current June.
Furthermore, the report by DappRadar highlighted that during the month of May, the number of unique addresses interacting with Polygon (MATIC) increased by 4x. There were more than 36,000 addresses interacting with Polygon in May, compared to 8500 unique addresses in April.
The DappRadar team offered two explanations for what triggered Polygon’s growth last month. First, billionaire investor Mark Cuban was reportedly investing in Polygon, thus causing a new wave of interest that resulted in an increase in the overall value locked into the protocol. The second was reported as the migration of existing dapps on Ethereum to Polygon.