Polygon formerly known as Matic witnessed an all time high in its monthly comparison of Total Value Locked.
According to DappRadar, the total value locked on Polygon (MATIC) grew by 1,102% from the previous month of April, closing the month of May at $5.7 billion.
The increase in the total value locked started in mid-April and it is still increasing.
Total amount locked was valued at $5.7billion at the end of May while it is currently $7.33billion and still increasing.
Aside from an increase in the total value, the number of unique addresses on the blockchain grew by 4x.
The total unique addresses was 8,500 but during the month of May, it increased to 36,000 unique addresses.
“Many DeFi tracking sites use Total Locked Value (TVL) as a reference point. Simply put, TVL represents the amount of assets that are currently being staked in a specific protocol. This value is by no means meant to represent the amount of outstanding loans, but rather the total amount of underlying supply being secured by a specific application and/or by DeFi as a whole.” Fandom
Total value locked is a replica of market cap in the decentralized finance (Defi). It is used as a comparison between defi projects.
The comparison includes defi blockchain and decentralized exchanges.
Polygon is a fast growing blockchain which many have believed to be an alternative to Ethereum blockchain.
Ethereum blockchain is now facing a lot of competition as more and more projects are surfacing.
One of the key factors which other projects leveraged on is the exorbitant transaction fee on Ethereum blockchain.
Judging from the massive adoption of the blockchain in May, the price of Matic might be at the lowest.
The TVL increased and within a few days into June, it has done almost 50% increase from May.
Can the 1,102% be overthrown in June or will it remain the best incremental percentage?