

Blockchain
Agglayer Testnet Launch Drives 30% Spike In POL Market Cap – Crypto News
In the fourth quarter of 2024, Polygon (formerly MATIC) experienced a significant mixed performance in key metrics, primarily driven by the testnet launch of its interoperability protocol, Agglayer.
This new initiative aims to facilitate cross-chain token transfers and message-passing, enhancing the functionality and integration of various blockchain networks.
Polygon Market Cap Rebounds To $3.8 Billion
According to market intelligence firm Messari, by leveraging zero-knowledge (ZK) proofs, Agglayer promises secure communication and asset transfers, positioning itself as an innovative development akin to the introduction of TCP/IP in the early days of the internet.
Agglayer is designed to unify disparate blockchain chains by aggregating proofs, verifying chain states, and settling transactions on Ethereum (ETH). Among its critical features are a unified bridge for seamless asset connectivity and a pessimistic proof mechanism that prioritizes safety.
These advancements enable low-latency coordination and safe interoperability, allowing developers to concentrate on project design without the burdens of liquidity concerns.
Related Reading
Despite these promising developments, POL’s journey in 2024 has been turbulent. After achieving an all-time high market capitalization of $12.9 billion in Q1, the subsequent quarters saw a sharp decline, with the market cap plummeting to $2.9 billion by the end of Q3, marking a 47.2% quarter-over-quarter (QoQ) drop.
This downturn was partly due to the ongoing transition from MATIC to POL, which temporarily split market capitalization between the two tokens.
However, as market conditions began to stabilize in Q4, the migration of MATIC tokens—1.38 billion in total—into POL resulted in a 31% QoQ increase in POL’s market capitalization, which reached $3.8 billion by the end of the quarter.
Notably, 88.1% of the total supply had transitioned to POL, solidifying its position as the largest Ethereum Layer-2 token by market cap.
DeFi And NFT Markets Struggle
The enactment of EIP-4844 on the Polygon PoS mainnet in Q1 2024 introduced blobs, leading to a significant alteration in the cost structure for users. This update resulted in lower transaction fees, which dropped to just $0.01 during Q4.
However, despite the reduced costs, total transactions on the Polygon network fell by 2% QoQ, and active addresses saw a sharp decline of 39.4%, averaging 523,000 daily users.
The decrease in activity can be largely attributed to a downturn in the gaming sector, which had previously been a significant driver of user engagement. Average daily gaming active addresses plummeted to 54,000, marking a 66.7% QoQ decline.
Related Reading
Polygon’s DeFi landscape also faced challenges, with total value locked (TVL) ending Q4 at $871.5 million—down 4.9% QoQ and 2.6% YoY. This decline saw Polygon slip from the tenth largest network by TVL to the twelfth.

Moreover, NFT activity on the platform suffered, with average daily trading volume falling to $822,500, down 38.4% QoQ. Average daily NFT sales dropped to 21,000, a staggering 41.5% decrease.
The gaming sector, previously the fastest-growing area within Polygon, continued to struggle in Q3 and Q4, largely due to a slowdown in popular titles.
POL’s price has also faced notable challenges, with the token recording a significant 67% drop year-to-date as it currently trades at $0.30.
Featured image from DALL-E, chart from TradingView.com
-
Technology1 week ago
Chip Designer Arm Plans to Become Chip Manufacturer – Crypto News
-
Cryptocurrency3 days ago
SUI eyes 24% rally as bullish price action gains strength – Crypto News
-
others6 days ago
Japanese Yen remains depressed amid modest USD strength; downside seems limited – Crypto News
-
Technology1 week ago
MacBook Air M3 15-inch model gets a ₹12,000 price drop on Amazon: Deal explained – Crypto News
-
Cryptocurrency2 days ago
Coinbase scores major win as SEC set to drop lawsuit – Crypto News
-
others1 week ago
Japan Foreign Investment in Japan Stocks declined to ¥-384.4B in February 7 from previous ¥-315.2B – Crypto News
-
Technology1 week ago
Perplexity takes on ChatGPT and Gemini with new Deep Research AI that completes most tasks in under 3 minutes – Crypto News
-
Technology1 week ago
Lava Pro Watch X with 1.44-inch AMOLED display, in-built GPS launched in India at ₹4,499 – Crypto News
-
Blockchain6 days ago
XRP Set To Outshine Gold? Analyst Predicts 1,000% Surge – Crypto News
-
Cryptocurrency1 week ago
Advisers on crypto: Takeaways from another survey – Crypto News
-
others1 week ago
Remains subdued below 1.4200 near falling wedge’s lower threshold – Crypto News
-
Cryptocurrency1 week ago
0xLoky Introduces AI-powered Intel for Crypto Data & On-chain Insights – Crypto News
-
Technology1 week ago
Factbox-China’s AI firms take spotlight with deals, low-cost models – Crypto News
-
Technology1 week ago
Massive price drops on Samsung Galaxy devices: Up to ₹10000 discount on Watch Ultra, Tab S10 Plus, and more – Crypto News
-
Cryptocurrency1 week ago
Tether Acquires a Minority Stake in Italian Football Giant Juventus – Crypto News
-
Blockchain1 week ago
XRP To 3 Digits? The ‘Signs’ That Could Confirm It, Basketball Analyst Says – Crypto News
-
others1 week ago
Australian Dollar jumps to highs since December on USD weakness – Crypto News
-
Technology1 week ago
Weekly Tech Recap: JioHotstar launched, Sam Altman vs Elon Musk feud intensifies, Perplexity takes on ChatGPT and more – Crypto News
-
Technology1 week ago
What will it take for India to become a global data centre hub? – Crypto News
-
Technology1 week ago
ChatGPT vs Perplexity: Sam Altman praises Aravind Srinivas’ Deep Research AI; ‘Proud of you’ – Crypto News
-
Blockchain1 week ago
NEAR Breaks Below Parallel Channel: Key Levels To Watch – Crypto News
-
Blockchain7 days ago
Will BTC Rebound Or Drop To $76,000? – Crypto News
-
Blockchain7 days ago
XRP Price Settles After Gains—Is a Fresh Upside Move Coming? – Crypto News
-
Metaverse6 days ago
How AI will divide the best from the rest – Crypto News
-
Business6 days ago
What Will be KAITO Price At Launch? – Crypto News
-
Business6 days ago
Elon Musk’s DOGE Launches Probe into US SEC, Ripple Lawsuit To End? – Crypto News
-
Blockchain6 days ago
XRP Price Pulls Back From Highs—Are Bulls Still in Control? – Crypto News
-
Business5 days ago
Whales Move From Shiba Inu to FXGuys – Here’s Why – Crypto News
-
Technology1 week ago
Best phones under ₹20,000 in February 2025: Poco X7, Motorola Edge 50 Neo and more – Crypto News
-
Blockchain1 week ago
Popular Investor Says Memecoin More Superior With ‘World’s Best Chart’ – Crypto News
-
Cryptocurrency1 week ago
Who is Satoshi Nakamoto, The Creator of Bitcoin? – Crypto News
-
Technology1 week ago
Grok 3 is coming! Elon Musk announces launch date, promises ‘smartest AI on Earth’ – Crypto News
-
Technology7 days ago
Union Minister Ashwini Vaishnaw to launch India AI Mission portal soon, 10 companies set to provide 14,000 GPUs – Crypto News
-
Business6 days ago
These 3 Altcoins Will Help You Capitalize on Stellar’s Recent DIp – Crypto News
-
others6 days ago
Forex Today: What if the RBA…? – Crypto News
-
Cryptocurrency5 days ago
Hayden Davis crypto scandal deepens as LIBRA memecoin faces fraud allegations – Crypto News
-
Technology5 days ago
Luminious inverters for your home to never see darkness again – Crypto News
-
Technology3 days ago
Stellantis Debuts System to Handle ‘Routine Driving Tasks’ – Crypto News
-
Metaverse1 week ago
Strange Love: why people are falling for their AI companions – Crypto News
-
Technology1 week ago
Former Google CEO warns of ‘Bin Laden scenario’ for AI: ‘They could misuse it and do real harm’ – Crypto News
-
Cryptocurrency1 week ago
Yap-to-earn takes over Twitter – Blockworks – Crypto News
-
Cryptocurrency1 week ago
Someone Just Won $100K in Bitcoin From a $50 Pack of Trading Cards – Crypto News
-
Technology1 week ago
Cyber fraud alert: Doctor duped of ₹15.50 lakh via fake trading app; here’s what happened – Crypto News
-
Cryptocurrency1 week ago
Crypto narratives as we await next market move – Crypto News
-
Business1 week ago
How Will It Affect Pi Coin Price? – Crypto News
-
Cryptocurrency1 week ago
GameStop Stock Price Pumps After Report of Bitcoin Buying Plans – Crypto News
-
Blockchain1 week ago
XRP Bullish Pennant Targets $15-$17 But Confirmation Is Required – Crypto News
-
Business6 days ago
Why Ethereum (ETH) Price Revival Could Start Soon After Solana Mess? – Crypto News
-
Business6 days ago
Market Veteran Predicts XRP Price If Ripple Completes Cup and Handle Pattern – Crypto News
-
Cryptocurrency6 days ago
Bitcoin Sees $430M in Outflows as Market Responds to Fed’s Hawkish Stance – Crypto News