Why Polygon’s [MATIC] struggles continue despite growing transaction fees

Polygon outperformed Arbitrum and Optimism in terms of transaction fees collected over the last 30 days. MATIC became the most traded token among top Ethereum whales. According to a 28 February tweet, Polygon [MATIC] collected more than $7 million in transaction fees in the year-to-date (YTD) period, which highlighted the Ethereum [ETH] sidechain’s growing network […]

Recent activity throws up challenges for Polygon

Though Polygon registered a decent run compared to the lows of 2022’s bear market, network revenue dipped considerably over the last week., the daily gas fees have plunged 30% since 21 February. Since the protocol’s revenue depends largely on the gas fees collected, it underwent a decline as well.One reason behind the dip in transaction fees could be the dwindling action on Polygon’s decentralized finance front. Its daily decentralized exchange trading volume plummeted 57% over the last 10 days.

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