Polygon Bridge TVL Increases by 52% In a Single Day: Report
- According to Wann, this recent TVL spike is due to MATIC and Lido Staked MATIC (stMATIC).
- At press time, both MATIC and stMATIC experienced losses in the past 24 hours.
A crypto research analyst by the name of Tom Wann tweeted this morning that Polygon’s (MATIC) zkEVM has increased its Bridge’s Total Value Locked (TVL) by 52%. In his post, Wann added that this increase is estimated to be worth $3 million.
Wann also attributed this recent TVL spike to MATIC and Lido Staked MATIC (stMATIC), which added just over $2.1 million and $770K respectively. However, this increase in TVL was unable to positively affect both of the altcoin’s prices.
At press time, CoinMarketCap showed that both stMATIC and MATIC experienced price drops in the past 24 hours. MATIC was trading at $0.864 after its price dropped 1.47% during this period. Meanwhile, stMATIC’s 1.42% drop in price brought its price down to $0.929. Both altcoins were also down against the market leaders Bitcoin (BTC) and Ethereum (ETH).
Daily chart for MATIC/USDT (Source: TradingView)
The last week was not kind to MATIC, as its price entered into a downward spiral over the past 7 days. As a result, it lost the support of the $0.9465 support on Monday after it dropped more than 6% during the day’s trading session. In the two days that followed, bulls had attempted to defend the next key support level at $0.8593.
MATIC’s price dropped below this support level yesterday and reached a low of $0.8335. Fortunately, the bulls put up a good fight to close yesterday’s trading session back above the level at $0.8764. At press time, it seemed bears were attempting another stint at breaching this level, with MATIC’s price hanging on a thread above the support.
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